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Happy six-o de Mayo, forex friends!

We’re looking at swing trades on the crosses today, as GBP/JPY breaks out of a range and AUD/CAD looks ready to retest a broken long-term trend line.

Let me know what you think!

GBP/JPY: 4-hour

GBP/JPY 4-hour Forex Chart
GBP/JPY 4-hour Forex Chart

Breakout alert! Guppy is about 50 pips away from 132.00, which lines up with an area of interest that can be considered range support on the 4-hour time frame.

130.60 and 129.30 are levels to watch if the bears continue to make pips rain in the next couple of hours.

If you believe that we’re only looking at a fakeout, though, then you can also wait until GBP/JPY trades above the 132.00 mark and then target areas near 133.50 or even the 135.20 range resistance.

Good luck and good trading this one!

AUD/CAD: Daily

AUD/CAD Daily Forex Chart
AUD/CAD Daily Forex Chart

In case you missed it, AUD/CAD recently broke above the 100 and 200 SMAs on the daily time frame.

Not only that, but it has also busted through a descending trend line that has been checking AUD/CAD’s gains since late 2018!

The pair has found resistance at .9100, however, and it looks ready to retest the trend line and the SMAs.

Think the Aussie will extend its gains against the Loonie then? Or will Aussie bears dismiss the breakout and extend AUD/CAD’s long-term downtrend?

Forex Chart Settings:

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