It’s Friyay and you know what that means! It’s your last chance to set up your charts before the week ends! Let’s take a look at USD/CHF’s uptrend and GBP/AUD’s range to see if you can make pips from their charts.
Those who have been watching USD/CHF’s long-term uptrend would know that the pair is now back around the .9850 – .9950 area.
As you can see, the area is around the 100 SMA on the daily chart and a rising trend line support that hasn’t been invalidated since February 2018. Talk about slow and steady!
Buying at current levels would yield a good reward-to-risk ratio especially if USD/CHF pops back up to its 1.0200 previous highs.
I’m not seeing bullish momentum yet, though, so y’all might want to take a chill pill and wait for some movement before you execute your trend plays.
Not a fan of the Greenback? No worries, you can also wait for the pair to break below the trend line and aim for a downside breakout play instead.
Good luck and good trading this one!
Here’s one for the range playas in the house! GBP/AUD looks like it’s about to bounce after chilling at the 100 SMA and 1.8100 major pyschological level near a range support on the daily chart.
Will the range support hold for another day? Stochastic is flashing an oversold signal, so you know that at least some bulls are already paying attention.
If you’re planning on trading a bounce, then you might want to look at the 1.8800 as a potential profit target.
If you’d rather short the pound, however, then you could also make a trading plan around a potential break below the 100 SMA and the range support.
Whichever bias you’re trading, make sure you’re using good risk management practices when you execute them trades, aight?