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If you’re feeling like trading the dollar today, then you’ll definitely like what’s brewing on EUR/USD and AUD/USD‘s 1-hour charts!

Let’s get this (sourdough) bread, yo. Check it!

EUR/USD: 1-hour

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

EUR/USD is trading just above 1.0850, which is right around an area of interest that has been supporting the bulls since early April.

Think the support will hold for another day? Buying at current levels would still yield you a good reward-to-risk ratio especially if the euro bounces back up to the 1.0950 range resistance.

If you’re keeping your fingers crossed for a downside break, however, then you’ll want to at least wait for a clear break below the 1.0835 handle or even April’s lows before you pull the trigger.

Whichever bias you end up trading, make sure you’ve done your EUR/USD volatility analysis and that you’re prepped for whatever catalyst comes at ya!

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Forex Chart

Here’s one for the trend warriors out there!

AUD/USD is about to hit the .6370 zone, which is right smack at a descending channel resistance that lines up with the pair’s recent lower highs.

The pair hasn’t quite touched the resistance yet but it’s already hesitating near the SMAs.

That means y’all have limited time to draft your trading plans if you want to trade this setup!

Shorting at the first signs of bearish momentum would make for a good trade especially if you target April’s lows near .6270 or lower.

If you’re one of them Aussie bulls, though, then you can also wait for AUD/USD to break above the pattern and maybe aim for a trip back to the .6440 previous highs.

What do you think? Which direction will AUD/USD go?

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line