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 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?
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 has found resistance at the 91.50 minor psychological level and it looks like the bears are gaining momentum.
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.