Who blinked and made it Friday already?!
Today we’re checking out AUD/USD and EUR/JPY trading above established resistance levels.
Think you can get yo last pips of the week with these setups?
AUD/USD: 1-hour
AUD/USD has been on a downtrend since late October to early November when we saw a moving average crossover.
But that was weeks ago. Just this week, AUD/USD has popped up and consistently traded above an established trend line resistance!Now that the 100 SMA has juuust crossed above the 200 SMA, I’m betting that more Aussie bulls will take notice.
Bulls who are confident that AUD/USD has broken out of its downtrend and is on its way to an uptrend can buy at current levels and aim for areas of interest like .7270 or .7360.
If you believe that AUD/USD is seeing a fakeout or is trading on top of a future range, then you can also wait for one or two red candlesticks before eyeing support zones like December’s lows.
EUR/JPY: 1-hour
Dollar trading not your thing? Here’s a similar setup on a yen cross!
EUR/JPY is not only trading above a trend line resistance, but it’s doing so while the 100 SMA is crossing above the 200 SMA on the 1-hour time frame.Is EUR/JPY due for a short-term reversal? A solid bounce from the current levels could lead to a retest of the 129.25 previous high or even the 130.00 inflection point.
Don’t discount further euro losses though! If EUR/JPY doesn’t get enough momentum to reach new December highs, then the pair could stay inside a range or even revisit last week’s lows near 127.50.