Welcome to the last trading day of the week, forex friends!
Whether you’re looking for a dollar play or you’re more into currency crosses, I got yo back with setups on EUR/USD and AUD/NZD.
Don’t even think of missing these charts!
First up is a nice and simple trend play as EUR/USD revisits a trend line support that’s been around since mid-March.In this case, EUR/USD’s current levels also line up with the 50% Fibonacci pullback of this week’s upswing.
Can EUR/USD extend its weeks-long uptrend?
A long trade at current levels would set you up nicely in case EUR/USD makes new monthly highs in the next trading sessions.
If you’d rather sell EUR against USD, however, then you can also wait until EUR/USD breaks its trend line support and consistently trades below the 100 SMA.
The 1.0680 range support did it again!
AUD/NZD found buyers around the range support zone that had held at least three times since mid-March.AUD buyers can take advantage of AUD/NZD’s bullish momentum and aim for the mid-range resistance near the SMAs and 1.0750 psychological handle.
And, if you see enough momentum, you can even aim for the 1.0800 range resistance zone!
Don’t bet the farm on further upside action though! Aside from AUD/NZD nearing its mid-range levels, Stochastic is also hinting that the pair’s current prices may be “overbought.”
If AUD/NZD finds resistance at the 1.0750 area, then you can plan trades around a return to the 1.0680 support.