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Third time’s the charm! EUR/CAD recently broke above the 1.5350 but has found resistance at the 1.5450 zone.What makes the setup interesting today is that it’s retesting the broken range resistance. This could lead to a nice break and retest situation if we play it right!
Think the euro will bounce back up against the Loonie? Buying at the first signs of bullish pressure would make for a good entry if the upside breakout is legit and EUR/CAD ends up making new June highs.
What if the breakout is just a fakeout? If EUR/CAD makes a clear play for a return to its range, then you can aim for the mid-range levels near 1.5250 and then place your stops above this week’s highs.
Whichever bias you end up trading, make sure you practice your best risk management moves so you can live to trade another day!
GBP/AUD found resistance at the 1.8450 handle and is now in Fibsville territory inside an ascending channel.The 61.8% Fib retracement near 1.8250 is a good bet for a potential bounce since it’s closest to the channel support and the 100 and 200 SMAs on the 1-hour time frame.
Of course, you don’t have to wait for an actual retest. If you see GBP/AUD finding support at the 38.2% or 50% Fib retracements, then you better start buying the pound like it’s the last toilet paper!
Feel like selling the pound instead? That’s still an alright plan as long as the bearish momentum is alive and well.