Ready to trade charts today? Check out EUR/USD and AUD/USD’s medium-term charts and see if you can make pips from their setups!
Guess who’s back, back again? EUR/USD is back to testing the 4-hour descending channel resistance! This time we’re also talking 100 and 200 SMA potential resistance levels.
Think the euro will extend its downtrend against the dollar? Shorting at current levels would give you a good reward-to-risk ratio especially if EUR/USD drops back to its previous lows just above 1.1100.
If you’d rather buy the euro, however, then you could also wait for the pair to break above the resistance levels that we’re watching and trade an upside breakout instead.
Just make sure that you’re on top of your breakout and trend plays, aight? You gotta execute according to your trading plans if you want to trade for another day!
Range traders huddle up! AUD/USD bulls just got busy rejecting the pair at the .7000 major psychological level, which is also right smack at a range support that hasn’t been broken since the start of the year.
Buying at market prices could still make for a good trade especially if AUD/USD jumps back up to the .7250 range resistance level.
Meanwhile, you could also wait for a retest of the SMAs, mid-range level, or the range resistance or even a break below the .7000 MaPs if you’re planning on shorting the Aussie.
Whichever bias you choose to trade this week, make sure you’re practicing good risk management practices!