Who’s up for mid-week comdoll trades?
If you are, then you better not miss EUR/AUD bouncing from a previous support and NZD/JPY approaching a triangle resistance!
Check out their daily charts:
NZD/JPY has been making higher highs and higher lows since the start of the year when the pair bounced from the 75.00 psychological handle.
Can NZD/JPY maintain its uptrend?Technicals favor the bears as NZD approaches the 86.50 zone that serves as an ascending triangle resistance on the daily time frame.
Don’t discount short-term momentum though!
Look out for a clear break above the triangle resistance before you target areas of interest like 90.00.
You can also wait for a break-and-retest scenario if you’re not confident in buying NZD above its current levels.
Of course, you can also trade a rejection at the triangle resistance and aim for a dip towards the 100 SMA or the trend line support.
Who else missed EUR/AUD’s bounce from the 1.4300 previous support?
If you did, don’t worry. We can still take advantage of the setup if it turns out to be a Double Bottom pattern on the daily time frame.I’m looking at the 1.5300 handle as the pattern’s “neckline.”
A break above the level could push EUR/AUD to the 1.5800 or 1.6000 previous areas of interest.
Of course, the “Double Bottom” that we’re seeing could also turn out to be the start of a range setup.
If this is the case, we should be ready to trade inflection points like the 1.4800 mid-range and 100 SMA zone and the 1.5300 range resistance level.
What do you think? Is EUR/AUD in for a reversal? Or are we seeing the start of a daily time frame range?