Can you believe it’s already the middle of the week?!
It’s a comdoll-European currencies fiesta today with short and swing trade opportunities on EUR/AUD and GBP/NZD.
Get ’em while they’re hot!
EUR/AUD: 1-hour
First up is a nice and simple support trade. As you can see, the 1.6250 handle lines up with a mid-range level that’s also near the 100 SMA
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on the 1-hour time frame.
Is the current consolidation a sign that EUR/AUD is ready for a bullish reversal?
Buying at the first signs of bullish pressure would make for a good trade if you want to target the 1.6350 range resistance or the previous highs near 1.6400 or even 1.6600.
If you believe that the bears are just taking a breather, however, then you can also wait until EUR/AUD breaks below the mid-range lines so you can target the 1.6075 previous range support or even new monthly lows for the pair.
Good luck and good trading this one, folks!
GBP/NZD: 4-hour
The 2.0000 – 2.0075 area is a good level to watch as it lines up with not only the broken channel support but also the 38.2% Fib retracement and the 200 SMA on the 4-hour time frame.
Feelin’ like shorting the pound against the Kiwi instead? That’s alright, you can also wait until the currency pair breaks its current consolidation and makes new lows before aiming for previous support levels near 1.9250 and 1.9100.
Thursday, 7 February 2019