Can you believe we’re already into the middle of the week? Get your mid-week pips with a short-term trend on EUR/USD and a long-term range on AUD/JPY!
Trend traders huddle up! EUR/USD is consolidating around the 1.1350 area, which is right smack at a rising trend line retest, 50% Fib retracement, and the SMAs on the 1-hour time frame.
Think the euro will extend its gains against the dollar? Buying at current levels could get you a good reward-to-risk ratio especially if the pair pops up to the 1.1450 previous resistance area.
If you’re one of them euro bears, though, then you might want to wait for a break below the trend line support before executing your sell orders.
Whichever bias you choose, make sure you use good risk management in your trading decision, aight?
Here’s one for my range-trading brothas out there! AUD/JPY looks like it’s headed fast for the 81.00 major psychological handle that marks a mid-range support on the daily chart.
Stochastic has just left overbought territory, though, so there’s still a chance that AUD/JPY will retest its 79.00 support before seeing bullish momentum.
Where will the Aussie bulls attack? Will they defend the 81.00 mid-range support? Or will the bears drag it to 79.00 before we see some buying interest?
Watch this one closely, brothas!