Sup? Ready to trade charts today? I have a double bottom pattern and a triangle resistance play waiting for ya. Check ’em out!
I spy with my cool, brown eyes a double bottom pattern in the making! See, AUD/CAD looks like it’s bouncing from the .9380 area, which has supported the pair earlier this month.
If AUD/CAD breaks above the “neckline” near .9450, then we could be looking at an upside break to the tune of 400 pips or more.
If you’re not sold on a possible upside break, however, then you could also wait for the pair to break below the support level that we’re watching and trade a potential continuation of the downtrend instead.
Y’all still have some time to whip up your trading plans, so you have no excuse to NOT apply risk management practices to your execution!
Remember that long-term triangle resistance that we spotted a couple of days back? Well, it looks like the bears held on for another day last Friday!
USD/CHF closed juuuust below the 1.0050 handle, a level that hasn’t been broken since March 2017. What’s more, the pair is sporting a bearish divergence on the daily time frame!
Does this mean that the dollar is in for a bearish run against the franc? Not necessarily. After all, it’s really just the first retest of the level since mid-November.
Keep close tabs on this setup to see if more bears jump in or if the bulls force another retest of the major triangle resistance level!