Happy Friday the 13th, y’all! See if you can get lucky with these swing and long-term setups on AUD/JPY and GBP/CHF!
AUD/JPY is heading fast towards the 84.50 handle, which is right smack at a range resistance that hasn’t been broken since March.
Stochastic is already in overbought status, so you might want to take a chill pill if you’re planning on buying at current prices until the Aussie hits the resistance.
Shorting at the earliest signs of a bounce from the level would give you a good reward-to-risk ratio especially if you aim for the range support near 81.00.
AUD/JPY has some distance to travel yet, so y’all still have time to whip up your trading plans before you trade this one!
GBP/CHF is hitting the 1.3200 major psychological level, which lines up with a rising channel support that it had broken a couple of days back.
Are we looking at a break-and-retest situation over here? Or was the breakout just a fakeout after all?
The SMAs and the overbought stochastic signal could cramp on the bulls’ style for a while, but the next couple of candlesticks could tell us which direction GBP/CHF could go.
The previous highs near 1.3750 is a good level to aim for if you think that the pound will resume its uptrend against the franc. If you’re one of them pound bears, though, then you could also wait for the pair to drop below the channel and maybe wait for a retest of the 1.2850 area of interest.
Whichever bias you choose to trade, just make sure you practice good risk management, aight?