Who is Ready to Trade the Australian Dollar?
Hopefully AUD/JPY and AUD/NZD are at key support and resistance levels!
Check out the 1 hour chart:
Exploring opportunities for trend continuation with your eyes!
AUD/JPY has corrected just below the 92.00 sentiment level, which coincides with the top of the descending channel that has been going on all week.
In this case, AUD/JPY is also near the 50% Fibonacci retracement of yesterday’s downswing, a key support zone from last week.
The moving averages show a more bearish move as the 100 SMA has broken below the 200 SMA.
Watch out for AUD selling that could drive AUD/JPY to intra-week lows.
Not confident that AUD/JPY will soon face bearish pressure? We could retest the actual channel resistance or wait for a few more bearish candlesticks before trading this week’s trend. .
Breakout Alert! This week, AUD/NZD has broken out of the trendline that has served as his February support.
With the price bouncing off the broken trendline and the 100 SMA breaking below the 200 SMA, there is no doubt that at least some AUD bears are riding this setup.
Before you sell AUD/NZD like the cheapest Beyonce concert ticket, be aware that the Stochastic is showing a bullish divergence to the price of the pair.
If the AUD/NZD is trading near intra-week lows, the pair may become easier to buy if traders find market themes favorable to the AUD.
Once the AUD/NZD starts picking up momentum from the 1.0925 support, it should be ready to return to yesterday’s highs of 1.0960.