Whether you’re into trend-following or range trading, I got yo back today!
Which setup will you most likely trade today?
AUD/USD looks ready for another retest of its trend line support after bouncing higher at the start of the month.Can the bulls extend the pair’s uptrend? Take note that AUD/USD is currently trading a yuuuuge red candle.
Buying as soon as the bearish pressure eases and you see some demand can give you decent pips especially if you aim for April’s highs just under .6600.
Think we’ll see a downside breakout instead? You can wait for AUD/USD to trade below the ascending channel or maybe even catch a break-and-retest setup and then target areas of interest near .6350 or .6300.
Geronimoooo! EUR/GBP broke below its mid-range support earlier today and it looks like it’s headed for the 1-hour support near .8690.The pair is still 30 pips or so from the level, so y’all still have time to design a trading plan if you’re betting on the support holding for another day.
Feel like the euro bears mean to force a downside breakout this time? You can also short at current levels, place your stops above the mid-range line, and then lighten your positions as soon as EUR/GBP hits its range support.
Whichever bias you choose to trade, make sure you’ve done your EUR/GBP volatility analysis and that you stick to your stops like white on rice!