Whether you’re into taking short-term trades or you prefer trading them longer-term charts, I got you covered with these hot forex trade setups on AUD/USD and AUD/CHF. Check it!
After falling from its highs just below the .6900 mark, AUD/USD is now taking a breather around the .6800 handle.
What makes .6800 relevant today is that it lines up with a 50% Fibonacci retracement on the 1-hour chart. What’s more, it’s also around a previous resistance level for the pair!
Are we looking at a Fib bounce in the next couple of hours? I’m not seeing any bullish momentum yet, so it’s also possible that Aussie bears are just taking a chill pill and will attack again later.
Once you see some buying momentum, then you might want to target the previous highs near .6900, or until it hits one of the SMAs on the chart.
If you’d rather bet on further Aussie weakness, then you could also wait for a legit break below the pair’s current consolidation and make a play for AUD/USD’s previous lows closer to .6700.
Whichever bias you’re trading today, make sure you follow your trading plan like your account balance depends on it! Cause, you know, IT DOES. No pressure.
Here’s one for the long-term trend-traders out there! AUD/CHF looks ready to resume its downtrend after lollygagging around the mid-channel and 100 SMA resistance on the daily chart. Oh, and look at that bearish divergence just waving at us!
Planning on jumping on the downtrend? Shorting at current levels would still give you a good reward-to-risk ratio especially if you place your stops just above September’s highs or the 100 SMA area.
If you think that the Aussie will bounce higher than its current levels before it resumes its downtrend, then you could also wait AUD/USD to make new September highs before you eye the pair’s higher levels.