Ready for more forex trading opportunities?
Traders of commodity-related currencies like AUD, CAD, and NZD are in for a treat today because we’re exploring not one, but TWO comdoll setups.
Would you rather trade NZD/JPY’s trend or AUD/CAD’s potential breakout?
NZD/JPY: Daily
If you missed NZD/JPY’s sharp upswing from September to November, then here’s your chance to jump in on the uptrend!
NZD/JPY got rejected at the 82.25 zone and now it’s trading about 200 pips lower than its October highs.
Bulls have a couple of chances to jump in as NZD/JPY approaches the 50% – 61.8% Fibonacci retracement levels.
See, the area is pretty close to the 100 and 200 SMAs on the daily chart as well as the trend line support that’s been containing the bears since mid-2020.
If NZD/JPY sees bullish pressure from its current levels, though, then you’ll want to have a trading plan for a continuation all the way to new 2021 highs.
What do you think? When will NZD/JPY find its next bullish momentum?
AUD/CAD: Daily
Support alert! AUD/CAD is about 50 pips away from a support zone that both forex bulls and bears have been minding since 2018.
This time around, the .9125 support lines up with the floor of a descending triangle on the daily time frame.
With Stochastic flirting with oversold conditions, it would be easier for the bulls to trade a bounce up to the triangle’s resistance.
I’m not discounting a downside breakout though!
A clear break below the .9125 support that we’ve marked could drag the Aussie back to the big .9000 or even the .8900 previous area of interest.
