Whattup, foreign exchange buddies!
We’ve received two alternatives to commerce comdoll retracements right this moment as a result of AUD/CAD and EUR/NZD are poppin’ up REALLY comparable setups.
Get ’em whereas they’re sizzling!
Inflection level alert! EUR/NZD is hanging out on the 1.6700 zone that traces up with a trend line resistance that’s been round since August.
However wait, there’s extra! As you may see, the present ranges are additionally close to a MAJOR space of curiosity on the each day timeframe. It’s additionally the place the 50% Fib pullback and the SMAs are at!
Euro bears who plan on buying and selling the bearish divergence can brief at present ranges and goal for November’s lows close to 1.6100.
Not a fan of euro shorts? You possibly can nonetheless make performs for purchasing euros however you’ll need to do it after EUR/NZD clearly breaks above the development line resistance on the each day.
Watch this setup carefully so that you don’t miss out on a development continuation or an upside breakout!
No, you’re not seeing double. AUD/CAD’s downswing is seeing a retracement to the 38.2% Fibonacci stage, which conveniently traces up with an space of curiosity on the each day timeframe.
Will the .9100 damaged assist flip right into a resistance?
AUD/CAD is consolidating on the zone however that doesn’t imply that the bulls can’t push it to the .9200 MaPs close to the 100 SMA or .9250 space nearer to the development line resistance.
Aussie bears can brief at present ranges however the extra conservative merchants can promote as quickly as there’s bearish momentum. The .9000 lows is a legit preliminary goal however you may as well design trading plans round new month-to-month lows as your targets.
In the meantime, Aussie bulls must await bullish candlestick patterns or a minimum of some momentum earlier than shopping for AUD.
The development line resistance is the primary hurdle however a breakout past the 200 SMA would additionally improve the percentages of a bullish momentum!