We’re all about the comdolls today, yo!
Think you can make pips from these opportunities?
AUD/USD is chillin’ like a villain just above the .6925 area that has been serving as support for the Aussie since the start of the month.Think the bulls can pull off another short but solid upswing? A long trade at current levels with stops just below .6925 and a target at .6990 would give you the best reward-to-risk ratio if you’re into trading tight ranges.
Keep in mind that ranges can break in either direction, so you gotta be careful and really disciplined with your trading plan if you’re betting on a breakout play.
If trend trading is more your thing, then you’ll love what’s cooking on GBP/CAD’s chart!
The pair is poppin’ up interesting wicks around 1.7065, which is right smack at a channel support that’s also near a 200 SMA AND a previous resistance level.Can GBP/CAD sustain its uptrend? Buying at the first signs of bullish momentum would make for a good trade especially if the pound pops back up to its 1.7200 previous highs.
If you’re not confident about the pound extending its uptrend, then you can also wait for a breakout below the channel and 200 SMA support.
Whichever bias you choose to trade, make sure to consider GBP/CAD’s average daily volatility in calculating your entry and exit levels!