Whether you like trading short or long-term trend trades, I got yo back with these hot forex trade opportunities on GBP/USD and AUD/CAD!
Cable looks like it’s bouncing higher after failing to make new monthly lows below the 1.2850 psychological handle. As you can see, the bounce fits right into a falling channel that has been solid since the last days of June.
Countertrend traders can get a pip or two (or fifty) by buying at current levels and aiming for the channel resistance near the 1.2900 MaPs.
But since countertrend trading isn’t for everyone, you could also wait for the pair to hit the 1.2900 area that happens to line up with the channel’s resistance as well as the 100 SMA on the 1-hour chart.
Here’s one for position traders out there! AUD/CAD is bouncing from the .9800 psychological area, which is right smack at a rising channel support on the daily time frame.
What makes this setup even more interesting is that stochastic is chillin’ like a villain on the oversold area. Think the Loonie is about to eat the Aussie’s dust?
Buying at current levels could get you a sweet reward-to-risk ratio especially if you aim for the 1.0400 previous resistance or even the mid-channel area near 1.0100.
Just make sure you place wide stops on this one, aight? After all, currency crosses like this can show volatility like nobody’s business!