Who’s ready for comdoll setups?
I hope you are because AUD/JPY looks set to extend its downtrend while GBP/NZD could see a reversal!
Check out their charts:
AUD/JPY: 4-hour
First up is a nice and simple descending channel pattern for ya.
AUD/JPY recently bounced from the 82.00 psychological handle that was also around the 100 SMA and the descending channel resistance on the 4-hour time frame.
If you think that AUD/JPY can still extend its downtrend, then you can start scaling in at current levels while aiming for January’s lows if not new 2022 lows.
Feel like AUD will soon break above its downtrend?
Look out for consistent trading above the channel and the SMAs to see if AUD/JPY can reach previous areas of interest like 83.00 or 83.50.
GBP/NZD: 4-hour
Tired of trading trends? Here’s a reversal opportunity!
GBP/NZD got rejected at the 2.0500 zone for a second time in less than a week and now the pair is forming what looks like a Double Top pattern on the 4-hour time frame.
Pound bears who are betting on GBP/NZD seeing a deep retracement can sell at current levels or the break below the pattern’s “neckline.”
If the pound doesn’t get downside momentum, though, then you should also be ready to trade another possible upswing for the pair. A break above 2.0500 could inspire trips to the 2.0700 or ecn the 2.1000 previous areas of interest.
