Who’s ready to end the week with pips? If you are, then y’all better check out these hot setups on USD/CHF and EUR/AUD and see if you can take advantage of the support and resistance levels that we’ve spotted!
USD/CHF is fast approaching the .9800 major psychological handle, which is right around an ascending triangle support on the daily time frame. In the meantime, it looks like the 100 and 200 SMAs are doing a good job of holding off the bears.
Will the dollar see a bounce around the trend line support? A long trade at the earliest signs of bullish momentum could get you in on a good spot if the pair does end up breaking above the 1.0050 triangle resistance.
If you’re one of them dollar bears, however, then you could also wait for a break below the trend line that hasn’t been broken for most of 2018 and trade a downside breakout instead.
Whichever bias you choose to trade, make sure you practice good risk management when you execute your trades, aight?
Here’s one for the range playas out there! EUR/AUD is about to hit the 1.6200 major psychological handle, which has held as resistance back in March and for most of Q3 2018.
With stochastic chillin’ like a villain on the overbought territory, you can bet your pips that other bears are already waiting for a bounce.
Shorting at 1.6200 would get you a good reward-to-risk ratio especially if you aim for the range support near 1.5350 and place your stops just above the range resistance.
If you’re not convinced that the euro will see bearish momentum against the Aussie, however, then you could also wait for the pair to break above its 2018 highs and trade an upside breakout instead.