Welcome to the last trading day of the week!
Check them out!
Cable is finding support at the 1.2600 major psychological handle, which is just above the 100 SMA and an ascending channel support that has been keeping the bears at bay since the start of the month.Can pound bulls keep up GBP/USD’s uptrend? Buying at current levels is your best bet if you’re confident that that pound can still steal a few pips from the dollar.
Feeling like shorting the pound instead? You can also wait for a clear break below the 100 SMA and then aim for potential tests of the 200 SMA or 1.2500 support levels.
Whichever bias you end up trading, make sure you follow your trading plan like your new indoor plants’ lives depend on it!
Here’s one for the range playas out there!
CAD/JPY’s strong downswing hit a pause around 78.40, an area that has been supporting the Loonie since mid-June.What makes the setup interesting today is that Stochastic is flashing an oversold signal on the 1-hour time frame.
Think CAD/JPY will see another bounce at the level? Buying at the first signs of bullish momentum would give you a legit reward-to-risk ratio especially if the Loonie pops back up to the 79.50 range resistance.
If you’re one of them breakout traders, however, then you can also watch out for a clear break below 78.40, place your stops just above the broken support, and then aim for areas of interest like 77.80 or even 77.50 or 77.20.
Good luck and good trading, errbody!