Rise and shine, forex brothas! Time to earn some pips with these simple support and resistance opportunities on USD/CAD and GBP/AUD. Check out these setups!
First up is a nice range play on USD/CAD. The pair just bounced from the 1.3350 previous resistance area, and it looks like it’s headed for the 1.3100 mid-range levels.
Stochastic is showing lower highs at the moment, so the low key divergence action could bring more dollar bears out in the open over the next couple of trading sessions.
Will the dollar see support anytime soon? The 1.3100 psychological handle near the mid-range and 100 SMA levels is the easiest bet for a bounce, but you could also wait for a retest of the 1.2800 range support if you believe that the bears can drag USD/CAD to the level before the bears step in.
Watch this one closely!
Dollar-trading not your thing? Here’s a currency cross for ya!
GBP/AUD might have gapped lower yesterday, but the pair is still trading around the 1.7350 level that has been serving as support and resistance for the pair since last year.
A bounce from the area could take GBP/AUD to the 1.7800 or even 1.8200 areas of interest. On the other hand, a break below the level could take the pound to the 1.6900 or 1.6700 previous support levels.
Whichever bias you choose to trade, make sure you practice good risk management when you execute your plans, aight?