We’re looking at the dollar today, brothas. Check out these swing and long-trade forex opportunities on EUR/USD and AUD/USD!
Remember that downtrend that we spotted a couple of days back? Well, it looks like the bulls are getting more support these days!
AUD/USD has not only broken above the falling trend line, but it’s also currently finding support from the 200 SMA on the 4-hour chart.
With stochastic flashing an oversold signal, you can bet your pips that other bulls are already watching this one.
Think the Aussie is about to reverse on us? Buying at current levels could make for a good trade if you aim for the .7350 area of interest.
If you think we’re looking at a fakeout, though, then you could also wait for the Aussie to drop back into the falling channel and trade the downtrend instead.
Look who’s back! EUR/USD is back to trading near the 1.1750 area, which has been serving as support and resistance since last year.
Will today’s retest lead to another drop in the next few days?
The chart’s bearish divergence is currently tipping the odds in favor of the bears, but don’t discount an upside breakout to the 1.1950 psychological handle near the 200 SMA in case the bulls get momentum.
Whichever bias you choose to trade, remember to use wide stops, aight? Longer time frames like these see more volatility than their shorter-term counterparts, so y’all make sure you give your trade ideas enough wiggle room!