Sup, guys. We’re lookin’ at EUR/CHF and AUD/CAD today, so I hope you’re in the mood for them currency crosses. Check it!
AUD/CAD looks like it’s bouncing from the 0.9500 major psychological handle, which is right around a 38.2% Fib retracement that’s also above a rising trend line and the 100 and 200 SMA on the 4-hour time frame.
Think the Aussie will maintain its bullish momentum against the Loonie?
Buying at current levels is still a good idea especially if you believe that AUD/CAD will hit new 2019 highs in the next few trading sessions.
Keep close tabs on this one in case the bulls get their momentum!
Support alert! EUR/CHF is flirting with the 1.1200 major psychological handle, which has served as a solid support level at least twice since September.
What makes the setup more interesting is that stochastic is also flashing an oversold signal.
Who’s betting on another bounce for the euro? A long trade at current levels would give you a good reward-to-risk ratio especially with a stop just below the support and a profit target around the 1.1430 area.
If you’re one of them euro bears, however, then you could also wait for a convincing break below the 1.1200 MaPs before you execute them short trades.
Just make sure that you’re not looking at a fakeout, aight?