We’re taking a step back to look at daily charts today, fellas! See if you can make pips from EUR/GBP and AUD/NZD’s forex setups!
It’s go time, brothas! Last week we talked about EUR/GBP finding resistance at the .9300 major psychological area and how it could turn into a break-and-retest situation for us.
Well, the bears have done their job! The pair is now back at the .9050 zone, which is right smack at a 61.8% Fib retracement AND the resistance level that the pair had broken in late July.
Are we looking at a break-and-retest play in the making? Buying at the earliest signs of bullish momentum could get you hundreds of pips especially if EUR/GBP pops back up to its .9300 previous highs.
Not convinced that the pair is on its way up just yet? That’s okay, you can just stay in the sideline until you see some buying pressure.
Whatever strategy you choose to play this one out, just make sure you use wide stops! Currency crosses like these tend to see crazy volatility, so y’all better protect yo accounts by placing stops!
Remember that mid-range resistance that we spotted a few days back? Well, it looks like the bulls still had enough mojo to push it back up to the resistance level!Question is, can the 1.0640 – 1.0650 zone keep the bulls in check? The pair is still a pip or two away from the resistance area, so y’all still have time to wait and see how the pair reacts to the resistance and whip up a trading plan before AUD/NZD either drops back to the range or breaks above 1.0650.
The 1.0300 major psychological handle and range support is your best target if you’re planning on shorting AUD/NZD. A break above 1.0650, on the other hand, could lead to the 1.0850 – 1.0950 previous areas of interest.
Good luck and good trading this one!