Who’s up for trading comdolls today?
If you are, then you better not miss CAD/JPY’s downtrend and EUR/AUD’s break-and-retest situation!
Check out their charts:
CAD/JPY has been locked inside a descending channel for about ten days now and it looks like the bears are still in control.
Feeling FOMO over trading the downtrend? Here’s your chance to jump in!The pair can’t seem to get past the 99.50 handle that lines up with the channel resistance and the 100 SMA on the 1-hour time frame.
Stochastic has also just left the overbought territory and is making its way lower.
Shorting at the first signs of bearish momentum would make a good trade especially if CAD/JPY drops back to its 98.25 or 97.80 lows.
Before you place any orders, make sure to check CAD/JPY’s average volatility so you’ll have better odds of marking legit entry and exit levels!
EUR/AUD is making slow but steady progress in recovering from breaking the 1.5300 support back in March.The pair found support around 1.4350 and is now trading closer to the 1.5100 levels.
Can EUR bulls maintain their momentum?
First, they have to get past the daily chart’s 100 SMA as well as the 50% Fibonacci retracement of 2022’s downswing.
Then, they have to bust EUR/AUD through the broken 1.5300 support and the 200 SMA if they want EUR/AUD to see the 1.6000 – 1.6200 highs again.
What do you think? Will there be enough buyers to push EUR/AUD back to 1.6000? Or will EUR/AUD sooner revisit its 2022 lows?