Whether you like trading the majors or the comdolls, I got yo back with these swing trade opportunities on EUR/USD and AUD/USD. Check it out!
Remember that falling channel resistance that we worked on a week ago? Well, it seems like the bears took notice!
The pair is now trading just below the .7600 major psychological handle, which lines up with the channel’s support on the 4-hour time frame. Not only that, but stochastic has already hit oversold status!
Think the Aussie is about to gain pips on the dollar? Buying at current levels could give you a solid reward-to-risk ratio especially if you aim for the previous highs near .7800.
Take note that countertrend trading isn’t for everyone, though. Make sure you’re mentally prepared to trade against the trend!
I spy with my Ray-B-covered eyes a major support retest! EUR/USD is flirting with the 1.2200 psychological handle, which has been serving as support for the pair since the start of the year.
This time around the 100 SMA is adding weight for a possible bullish bounce. But does the euro have enough juice to pull off said bounce?
You could buy at current levels if you’re confident that the euro will go back up to its resistance level near 1.2300. If you’re not a euro fan, though, then you could also wait for a break below the 1.2200 handle AND the 100 SMA on the chart.
Watch this one closely, fellas!