It’s been a crazy week for us forex playas, but the fun’s not over yet! Check out where CAD/JPY and GBP/AUD are at and see if you can make pips from their price movements!
GBP/AUD: 4-hour
GBP/AUD is flirting with the 2.0000 major psychological handle, which is not far from the triangle support that the pair had broken earlier this month.
Buying at around the previous resistance would make for a good trade especially if GBP/AUD jumps back up to its 2.0700 March highs.
Just make sure that you’ve got your eyes on GBP/AUD’s average volatility so you’ll know where to place your stops and profit targets!
CAD/JPY: Daily
CAD/JPY looks ready to break above its consolidation after hitting support at the 74.50 area!
The 80.00 handle is the level to watch, as it lines up with a major support from bajillions of years ago (at least that’s how it feels).
The pair is still a couple of hundred pips away from an actual retest, though, so you still have time to whip up a trading plan if you’re planning on a break-and-retest trade for CAD/JPY.
Loonie bulls can buy at current levels and ride CAD/JPY’s upswing until it encounters a resistance.
If you’d rather short the Loonie against the yen, however, then you can also sit and wait until CAD/JPY sees some selling pressure or momentum.