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I hope you’re in the mood to trade the comdolls today because I’ve spotted not one, but TWO short-term setups that you might like.

AUD/USD is testing a broken support while CAD/JPY looks ready to extend a trend.

What do you think of these setups?

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart

AUD/USD 1-hour Forex Chart

A short selloff earlier today stopped at the .7100 psychological handle, and now AUD/USD is trading closer to the .7200 zone.

Thing is, .7200 lines up with a broken trend line support that the pair had recently broken. What’s more, current prices also near the 50% Fibonacci retracement of the last downswing and the 100 and 200 SMAs on the 1-hour time frame!

Are we looking at a break and retest situation? A bounce from the Fib levels would hint that AUD/USD is about ready for a short-term trend change.

Sustained trading above the trend line, on the other hand, would mean that yesterday’s selloff didn’t take and that AUD/USD could still extend its uptrend.

CAD/JPY: 1-hour

CAD/JPY 1-hour Chart

CAD/JPY 1-hour Chart

Are trend continuation plays more your thing?

CAD/JPY is consolidating around the 100 SMA, which isn’t surprising since it’s near the 90.00 psychological handle and the top of a descending channel that’s been around since mid-February.

Trend warriors who are betting on CAD losing more pips to JPY can short at current levels or the first signs of bearish momentum. The 89.75 inflection point is a good place to start taking profits though you can also aim for the 89.25 previous lows or new monthly lows.

But what if CAD/JPY’s consolidation results in an upside breakout? Look out for strong candlesticks above the channel and the 200 SMA to see if CAD/JPY can revisit previous areas of interest like 91.00 or 91.50.