Can you believe it’s the middle of the week?
If you haven’t bagged pips yet, then you’re gonna love that EUR/AUD and NZD/JPY are near key support levels.
Check them out!
EUR/AUD: 1-hour
EUR/AUD hit a ceiling at 1.6225 this week but it looks like the bulls have found friends around the 1-hour time frame’s 100 SMA.
Can EUR/AUD extend its September uptrend? Watch out for bullish candlesticks, which could lead to a retest of this week’s highs. Heck, the euro could even hit new September highs if there’s enough momentum!
Not confident in the euro’s chances against the Aussie? After all, EUR/AUD saw a topsy-turvy ride in August.
If you think that EUR/AUD will soon trade below the ascending channel and the moving averages, then you can place orders below the support levels and then aim for areas of interest like 1.6075 or 1.6000.
NZD/JPY: 4-hour
Here’s one for the range playas out there!
NZD/JPY just popped up some VERY bullish candlesticks after touching the 76.50 mid-range area on the 4-hour time frame.
Stochastic is still in the “oversold” camp so some Kiwi bulls can still push NZD/JPY back to the 78.50 range resistance zones.
Keep close tabs on the next candlesticks. If NZD/JPY sees more buying pressure, then you gotta be ready to trade a possible return to September’s highs.
But if NZD/JPY trades and stays below 76.50, or if the pair consolidates near its current levels, then you can start planning for a change in NZD/JPY’s short-term direction.
