It’s Friyay, yo! Time to get your last-minute pips with these hot forex trade opportunities on AUD/USD and GBP/JPY. Get ’em while they’re hot!
Is it me, or is AUD/USD sportin’ a double bottom on the 1-hour chart? The School of Pipsology tells us that a break above the “neckline” could be as strong as the distance between the bottoms and the neckline.
In this case, the “neckline” is the .7400 major psychological handle that’s also conveniently near the 100 SMA. This means that we’re looking at about a 50-pip move if the pair does break higher. Not bad for a day trade, eh?
Of course, the bears could also hold the fort and push for a new monthly low instead. Make sure you’re prepared in case you’re planning on buying this one!
Bulls and bears are having a tug-o-pips as they force a symmetrical triangle on the 4-hour chart.
The bulls are about to get their chance to win as the pound approaches the triangle resistance near the 100 and 200 SMAs. Will they get enough support to force an upside breakout? Or will the bears defend the SMAs for another day?
Keep close tabs on this one and have your trading plans ready in case we see a breakout over the next couple of trading sessions!