Who’s up for trading trends and ranges today? I hope you are, because USD/CHF’s uptrend and AUD/JPY’s long-term range are too good to miss. Check them out!
USD/CHF is finding support at the .9370 level, which isn’t surprising since it lines up with an ascending channel AND the 200 SMA support on the 1-hour time frame.
With stochastic chillin’ like ice cream fillin’ in overbought territory, you can bet your pips (with proper risk management, of course) that other traders are already watching this one.
A long trade at current levels could get you a good reward-to-risk ratio especially if you aim for the previous highs below .9500. Time to whip up your trading plans, yo!
Range junkies huddle up! AUD/JPY is just hitting the 84.50 mark, which is right smack at an area that’s been holding as support since mid-June 2017.
This time around the support retest is accompanied by an oversold stochastic signal. But will it lead to an Aussie bounce against the yen?
Buying around current prices could get you a sweet deal especially if you set your sights on the 89.00 range resistance. Don’t place your stops too close to your entries, though, as yen crosses like these tend to be more volatility than the majors.
Good luck and good trading!