Whattup, forex friends! We’re lookin’ at a couple of hot currency cross trades today. Think you can make pips from CAD/JPY and GBP/AUD’s daily charts this week?
Range traders huddle up! As you can see, CAD/JPY is now about 100 pips from the 81.00 major psychological handle that marks the range support on the daily time frame.
Think the Loonie will ride this bullish momentum all the way to the 84.00 range resistance? Buying at current levels would give you a good reward-to-risk ratio especially if you place your stops just below the range.
Not a fan of the Loonie? That’s fine, too. Just wait for a break below the 81.00 range support and maybe a stronger break below the 80.00 MaPs before you execute any short orders.
Whichever bias you choose to trade this week, make sure you’re using good risk management practices, mmmkay? Y’all gotta make it through another trading day if you want to stay in the game!
Here’s one for the trend traders out there! GBP/AUD looks like it’s about to bounce from the 1.8500 handle, which is right smack at an ascending channel AND 100 SMA support on the daily time frame.
Buying at current levels is a great idea if you’re aiming for a good reward-to-risk ratio buying the pound.
If you’d rather sell GBP/AUD, though, then you might want to wait for at least a break below the channel and the SMAs before you think about hitting those short orders.
Watch this one closely in case it shows momentum in either direction!