Welcome to the last trading day of the week! See if you can get your last-minute pips from a trend play on EUR/CHF and a range setup on AUD/JPY. Check it!
Missed the mid-channel opportunity that we spotted last week? Well, here’s another chance to jump in on EUR/CHF’s downtrend!
The pair is trading around the 1.1350 levels, which is near a 50% Fibonacci retracement, the mid-channel area of interest, and the 100 SMA on the 4-hour chart.
Think the euro is in for more losses against the franc? EUR/CHF hasn’t popped up any bearish candlestick just yet, so the bulls could still push for more pips before the bears start to attack. Heck, it could even retest the top of the channel near 1.1400!
Once you start to see some bearish momentum, though, then y’all might want to target the previous lows near 1.2700. Just make sure you don’t use tight stops on currency crosses like these!
Time to bust out your range and breakout strategies!
AUD/JPY is having trouble making more gains above the 83.00 major psychological handle, which isn’t surprising since the area lines up with a range resistance that first started holding last July.
Will the bears step in again and drag the Aussie back to the 80.00 mid-range level or the 79.00 support? Or will the bulls finally force an upside breakout?
Whichever bias you choose to trade, make sure you practice good risk management decisions when you execute your plays, aight?