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Welcome to NFP Friday, yo!

Whether you’re planning on trading the dollar or if you’re staying “safe” with crosses today, I got yo back with swing trade opportunities on AUD/USD and GBP/CAD.

Check it!

GBP/CAD: 4-hour

GBP/CAD 4-hour Forex Chart
GBP/CAD 4-hour Forex Chart

About a week ago we talked about 1.7650 maybe holding as resistance for GBP/CAD.

Well, I hope you took notes and made pips! Not only has GBP/CAD bounced from the resistance, but it’s also currently presenting another way to trade the range.

See, the pair is having trouble trading below 1.7300, which is near the range support that we identified. In addition to that, there’s a low key bullish divergence forming on the chart!

Buying at current levels presents the best reward-to-risk opportunity especially if GBP/CAD bounces back up to 1.7650.

Think pound bears can finally break below the range today? You can also short at a clear break below (or even a retest of) 1.7300 and then aim for previous areas of interest near 1.7100 or 1.6980.

AUD/USD: Daily

AUD/USD Daily Forex Chart
AUD/USD Daily Forex Chart

Here’s one for the forex trend playas out there!

AUD/USD is flirting with the 100 SMA, which is almost at a descending trend line that has been holding as resistance since November 2018. Talk about commitment!

I’m not seeing any bearish momentum yet, so you can still design a trading plan around a possible trend play.

You can choose to enter at current levels, or you can wait for potential retests of the trend line or 200 SMAs on the daily time frame.

If you’d rather buy the Aussie against the dollar, however, then you might want to wait for a clear break above the resistance areas that we’re watching.

Whichever bias you choose to trade, make sure to keep an eye on AUD/USD’s average volatility so you know where to place your stops!

Forex Chart Settings:

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