Whattup, forex brothas! If you’re not feelin’ the love for the Greenback today, then these trend and range setups on GBP/JPY and AUD/CAD should set you up. Check it out!
Guppy has fallen by around 600 pips from the 155.00 area, and it looks like it could head for the long-term channel support near 148.00.
Before you short like there’s no tomorrow, though, you should know that the bulls are holding the 149.00 support so far. After all, the psychological mark lines up with the 200 SMA support on the daily time frame. And check out stochastic’s oversold signal!
Buying at current levels could get you a pip or two (or hundreds) especially if you aim for the previous highs near 155.00 and place your stops just below the channel support.
Just remember to place wide stops and practice good risk management on volatile pairs such as long-term charts of currency crosses!
If range-trading is more your speed, then this one is for you! AUD/CAD just reached the .9650 area, which is right smack at a support level that hasn’t been invalidated since December 2017.
With stochastic flashing a potential divergence, you can bet your pips (with proper risk management, of course) that other bulls are already watching this one.
Think the Aussie will soon fly against the Loonie? Buying at current levels could give you a good reward-to-risk ratio especially if the pair pops back up to the 1.0200 previous highs.
If you’re not an Aussie fan, though, or if you think that the Loonie will continue its domination, then you could wait for the pair to break below the major support and trade a downside break instead.
Whichever direction you choose to trade, make sure you follow your trading plan closely!