Welcome to the last trading day of the week! Get your last-minute pips with these short and swing-term forex trade opportunities on GBP/CAD and AUD/JPY!
First up is a nice and simple trend play on GBP/CAD. As you can see, the pair is lollygagging around the 1.7200 major psychological handle, which is right around the 100 and 200 SMAs AND is a hair’s breadth away from a falling channel resistance.
Will the pound extend its losses against the Loonie? Selling at current prices could get you a pretty good reward-to-risk ratio if the pound does end up making new monthly lows against the comdoll.
If you’re one of them pound bulls, though, then you could also wait until the pair is finding support from the SMAs or breaks above the channel resistance that we spotted and trade an upside breakout instead.
Whichever bias you choose to trade, make sure you stick to your trading plans, aight?
Trend-trading not your thing? Here’s a range play for ya! AUD/JPY bears are holding the fort at 82.50, which isn’t surprising since it’s also near a mid-range resistance as well as the 100 and 200 SMAs on the 4-hour time frame.
Stochastic is chillin’ like ice cream fillin’ in overbought territory, so some bears might already be on the lookout for a momentum.
The 81.25 is a good area to target if you are planning on shorting this setup. Just don’t place your stops too close to your entries, aight?
Currency crosses like these tend to be more volatile than the majors, so y’all better watch out for any spikes in volatility that could take out your tight stops!