Welcome to NFP Friday, yo!
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.
Buying at current levels presents the best reward-to-risk opportunity especially if GBP/CAD bounces back up to 1.7650.
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.
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!