Welcome to mid-week trading, errbody!
Feel like looking at comdolls today?
I hope you are because AUD/NZD and GBP/AUD just hit possible pullback levels!
AUD bulls have been making pips rain since last week when AUD/NZD found support at 1.0975.
The pair is now trading closer to 1.1120 after bouncing from the 50% Fibonacci level of this week’s upswing.
As you can see, the 50% Fib is also conveniently close to the 100 SMA and a broken resistance zone on the 1-hour time frame.
Are we looking at uptrend continuation over here? AUD bulls can start scaling in at current levels and target the 1.1140 highs if not new weekly highs.
If you’d rather wait for more confirmation, though, then you can also wait for a bit of bullish momentum from the Fib bounce before jumping in.
SMA alert! GBP/AUD is flirting with the 1-hour chart’s 200 SMA right around the 1.0400 psychological level.
If that’s not exciting enough for ya, GBP/AUD’s current price also lines up with a trend line resistance and the 50% Fibonacci pullback of last week’s downtrend.
Watch how GBP/AUD bulls and bears handle the 1.0400 zone!
Momentum above current levels could drag GBP back down to its previous lows above 1.7200.
If GBP/AUD manages to break above its trend line resistance, though, then y’all better be ready for a possible trip to the 1.7450 or even the 1.7550 previous areas of interest!