Last trading day of the week, last chance to make pips! Check out these hot setups on EUR/GBP and AUD/CHF’s daily time frames.
Remember that itty bitty range that we spotted on EUR/GBP a couple of days back? Well, judging by today’s candle, it looks like the bulls are gunning for an upside breakout!
The pair has already hit a high of .8822 today, just a couple of pips under the .8853 high in January. Still, with a strong resistance level and a bearish divergence on its side, the bears are fighting to keep their hold.
.8850 is the level to watch here, as a break above the level could propel the pair to the .9050 – .9150 previous resistance. On the other hand, a trip below the .8660 levels could pave the way for a drop back to the .8350 long-term range support.
If comdoll trading is more your thing, then this one’s for ya. After breaking below a rising channel and a trip to .7150 in May, AUD/CHF is now clawing its way back up.The .7400 and .7450 handles are areas to watch, as they line up with the 38.2% and 50% Fibs on the daily chart. .7450, in particular, lines up with the SMAs as well as the previous channel support.
Of course, the pair could always turn around at .7300 and not even hit the Fibs before returning to its downtrend.
Think the Aussie will get enough momentum to hit its retracement areas? Or will the bears take note of the almost overbought signal and step in at current prices? Watch this one closely, brothas!