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Where the swing traders at?

Today we’re revisiting previous setups on EUR/USD and AUD/USD to see if we can gain pips from today’s price levels.

Check them out, yo!

EUR/USD: 4-hour

EUR/USD 4-hour Forex Chart
EUR/USD 4-hour Forex Chart

About a month ago we identified EUR/USD’s range and speculated on a possible bounce to the 1.0970 range resistance.

Well, EUR/USD ended up (temporarily) breaking below the 1.0800 support but the bulls managed to keep the range relevant for EUR/USD’s trading.

Today EUR/USD is chillin’ like a villain at the 1.0970 zone that lines up with the 4-hour range resistance.

Oh, and check out Stochastic suggesting a bearish divergence on the 4-hour time frame!

Shorting at the first signs of bearish momentum offers the best reward-to-risk ratio if you believe that the euro will fall back down to its 1.0800 range support.

If you think that the euro is due for an upside breakout against the dollar though, then you can also wait for a clear break above 1.0970 and then aim for previous highs near 1.1030 or 1.1060.

Watch this one closely, yo!

AUD/USD: 4-hour

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

Breakout alert! Earlier this week we saw AUD/USD hitting its .6550 range resistance on the 4-hour chart.

Looks like the bulls are hungrier than we thought! AUD/USD is now trading just a few pips above the level after reaching a high above .6600 after the breakout.

Buying at current levels would get you in at a good price if you think we’re looking at a break-and-retest situation that would push AUD/USD to previous areas of interest near .6630 or .6660.

Think we’re seeing a fakeout? You can also wait for AUD/USD to clearly trade below the .6550 previous support before you entertain the possibility of the pair dropping back inside the range.

Whichever bias you choose to trade, make sure you HAVE a trading plan and that you follow it like yo mommma told you to do it!

Forex Chart Settings:

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