Trend warriors huddle up! I’ve spotted neat trend plays on AUD/USD and GBP/NZD’s charts that you wouldn’t want to miss. Check it!
First up is a nice and simple channel on AUD/USD. As you can see, the pair is lollygagging just below the .7800 handle. Not only that, but it seems like the channel resistance is holding on the 4-hour time frame!
Shorting at around current levels could give you a good reward-to-risk ratio especially if you believe that the Aussie would hit its previous lows near .7600.
If you’re one of them Aussie bulls, though, then you could also wait for the pair to break above the .7800 mark and aim for the next resistance levels near .7900 – .7950.
Whichever bias you choose to trade, make sure you practice good risk management when you execute your trading plans!
Here’s one for my currency cross-trading brothas out there! GBP/NZD is consolidating in a triangle after rising sharply in late 2017.
If the pair breaks below the triangle AND the 100 and 200 SMAs, however, then we could be looking at a change of trend that could drag the pair to as low as the 1.8800 support.
Watch this one closely, fellas!