Who’s ready for some hot trends? I hope you are, because these forex trade opportunities on GBP/USD and AUD/NZD are too good to miss!
First up is a nice and simple uptrend on Cable. The pair is finding support around the 1.3050 area, which is right smack at a rising channel support on the 4-hour time frame.
A long trade at current levels would give you a good reward-to-risk ratio especially if you aim for the previous highs near 1.3275.
If you’re one of them pound bears, though, then you could also wait for a break below the support level we’ve identified and trade a downside breakout instead.
Whichever bias you choose to trade, make sure you practice good risk management when you execute your orders, aight?
Remember that long-term support that we spotted a while back? Well, it looks like AUD/NZD is finally ready for some movement!
The pair looks like it’s bouncing from the 1.0900 major psychological handle, which lines up with a rising channel support on the daily time frame.
Buying at current levels could get you serious pips especially if the pair does end up bouncing back to its August highs near 1.1150 and you place your stops just below the channel and the SMAs on the chart.
Don’t place your stops too close to the support areas, though. Remember that currency crosses like these can see volatility like nobody’s business!