Whether you like trading comdolls or currency crosses, I got yo back with these short and swing trade opportunities on USD/CAD and EUR/GBP. Get ’em while they’re hot!
Remember that Fib retracement play that we checked out a couple of days back? Well, it looks like the bulls paid attention!
Right now USD/CAD is knocking on the 1.3000 major psychological handle, and it looks like it’s gearing up for another retest of the level.
What makes the resistance even more interesting it’s shaping up to be an ascending triangle resistance on the 1 and 4-hour time frames. The bulls have yet to force a retest, however, so y’all still have time to whip up your trading plans if you’re trading this one.
An upside break could push the pair by as much as 300 pips, while a downside breakout could drag it back to the 1.2775 levels or lower. Whichever bias you choose to trade, though, make sure you practice good risk management in your executions!
EUR/GBP is having trouble trading below the .8850 level, which isn’t surprising since it lines up with not only the 100 and 200 SMAs on the 4-hour time frame, but it’s also right above a rising channel support on the chart.
Stochastic has already left oversold territory, so you’ll need to watch out for a fresh bullish catalyst before you think about buying this one.
If you’re not a fan of the euro, though, then you could also wait for a break below the support levels that we identified and trade a downside breakout instead. Just make sure you’ve read up on trading breakouts before you actually trade ’em!