TGIF, brothas! Finish your trading week strong with these day and swing trade forex setups on AUD/USD, EUR/JPY, and EUR/GBP!
Remember that range setup that we were looking at yesterday? Well, it looks like the bulls have won that battle! If you’re looking to jump in on the Aussie’s uptrend, then y’all better check out the .7650 handle. It’s an area of interest for the pair, you see, and also lines up with a rising trend line and 100 SMA on the 1-hour chart. Not only that, but stochastic is almost in the oversold territory. Keep close tabs on this one!
Here’s another trend trade for ya! EUR/GBP is finding support at the .7950 levels, which is right smack at a 61.8% Fib, 100 SMA, and channel support on the 4-hour time frame. Think the pound is about to lose out some more to the euro? A long trade at current levels could get you a good reward-to-risk ratio especially if you aim for the previous highs. On the other hand, you could also wait for a downside break if you’re one of them euro bears.
Breakout alert! EUR/JPY is testing the 123.00 major psychological handle, which has been serving as support since late February. Meanwhile, a falling trend line is forcing a descending triangle pattern on the 4-hour chart. Will the pair break the support and make new 2016 lows or will the bulls succeed in defending the support level? Read up on trading breakouts and start writing your strategies on your trading plans if you haven’t done it yet!
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To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis. Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.