We’re taking a closer look at some comdoll crosses today!
EUR/AUD just bounced from a previous support while CAD/JPY looks ready for a pullback.
What do you think of these setups?
EUR/AUD: 1-hour
EUR/AUD just bounced from the 1.5575 handle, which marks the third time since late December that the pair had found support at the level.
Are we looking at a range play over here?Euro bulls who take cues from oscillators would love that Stochastic has just left the oversold region right as EUR/AUD bounced from the previous support.
A long trade at current levels with stops just below December’s low while targeting the 1.5725 range resistance would make for a good reward-to-risk trade.
Not convinced that the euro will trade higher against the Aussie? Wait for a clear break below the 1.5575 zone, which could drag EUR/AUD all the way to the 1.5525 or even the 1.5460 previous areas of interest.
CAD/JPY: 1-hour
Here’s one for the trend warriors out there!
Loonie bulls who believe that CAD/JPY is just seeing a pullback can wait for more attractive entry levels closer to the 61.8% Fib retracement or the trend line support near the 100 simple moving average.
If you see CAD/JPY consistently trade below the trend line and moving averages, however, then you should also be ready to trade a possible short-term reversal for the pair.
