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We’re checking out not one but TWO daily charts today.

Think you can make pips from EUR/CAD and AUD/JPY’s setups?

Check out which of the two you opportunities you would most likely trade!

AUD/JPY: Daily

AUD/JPY Daily Forex Chart
AUD/JPY Daily Forex Chart

First up is a nice and simple range trade. AUD/JPY just got rejected ahead of retesting the 84.50 range resistance on the daily!

If Aussie bears take cues from the rejection and Stochastic’s overbought signal, then we could see AUD/JPY drop to the 82.00 mid-range or even the 79.00 range support levels.

Don’t discount an upside breakout though! While further weakness is the path of least resistance for the Aussie, a burst of risk-taking or yen weakness could still propel AUD/JPY to the 85.00 or 88.00 previous highs.

Not sure where to place your entry and exit targets? Check out MarketMilk’s AUD/JPY volatility tool for clues!

EUR/CAD: Daily

EUR/CAD Daily Forex Chart
EUR/CAD Daily Forex Chart

Is EUR/CAD bouncing or retracing? The euro looks like it bounced from an ascending channel support on the 1-hour and 4-hour time frames.

A quick look at the daily time frame, however, shows that EUR/CAD’s downtrend remains intact. In fact, it has previously traded (and broken) and ascending channel!

Euro bulls can take advantage of EUR/CAD’s momentum and oversold Stochastic signal and trade a short-term uptrend until the pair reacts to resistance levels like December’s highs or the daily chart’s simple moving averages.

Meanwhile, bears can wait until EUR/CAD gets knocked from key inflection points and gains bearish momentum.

The SMAs would make for good trend entry points but the trend line resistance that’s been around since mid-2021 would also yield a good risk ratio if you’re aiming for new 2022 lows for the euro.