We’re talking currency crosses today, brothas. Check out these swing trade opportunities on EUR/AUD and GBP/CHF and see if you can make pips over the next couple of days!
After finding resistance at the 1.6350 area, EUR/AUD is back to trading around the 1.6250 zone.
If the pair finds support from the level as the consolidation and stochastic’s oversold signal suggest, then we might see another retest (and maybe a breakout?) of the 1.6350 resistance.
If EUR/AUD continues to drop, however, then look for possible support near the 1.6150 MiPs near the SMAs or 1.6100 MaPs closer to the rising trend line that marks the triangle support on the chart.
Which way will EUR/AUD go? Whichever bias you choose to trade, make sure you practice good risk management when you execute your trading plans!
If you’re not comfortable trading the short-term uptrend that we spotted a few hours ago, then you’ll want to take a look at this one.
GBP/CHF is hanging around the 1.3000 major psychological handle, which is also near the 100 and 200 SMAs as well as a retest of a trend line that the pair broke back in August.
Is this a break-and-retest setup in the making? Look out for bearish pressure around the 1.3000 handle, which would point to a trip back down to the 1.2450 lows.
If the pair pops back up above the trend line, however, then we might see a trip back to the 1.3270 or even the 1.3750 areas of interest.