Swifties huddle up! Taylor Swift is no Drake or Lil Nas X but that girl know how to build hype around an album release!
She even got me making a folklore-inspired image around today’s charts.
What do you think? Good enough for Betty With The Good Hair? Oh, wait, wrong album.
Will Aussie bulls take profits before AUD/NZD hits 1.0750? The pair hasn’t hit the level yet, so y’all still have time to whip up trading plans around a range resistance play.
A short trade at the first signs of bearish momentum would yield a decent reward-to-risk ratio especially if you place your stops just above 1.0750 and aim for the 1.0600 range support.
But what if the Aussie pops above the range resistance? A bullish breakout could lead to a retest of the 1.0820 or 1.0950 previous areas of interest so make sure you have those levels marked if you’re buying the Aussie!
AUD/CHF is chillin’ like a villain around the .6600 handle, which is understandable since the psychological level is near a descending trend line that has been keeping sellers in line since mid-2018. Talk about commitment!Thing is, AUD/CHF is poppin’ up higher lows often enough to form a low key symmetrical triangle on the daily chart.
This suggests indecision, which means AUD/CHF could still break in EITHER direction.
Will the Aussie extend its long-term downtrend against the franc? Shorting at current levels is a good bet if you believe that the pair will eventually return to its 2020 lows.
If you’re in the “We’re in for a longer-term reversal!” camp, however, then you can also wait for a clear break above the triangle or even an SMA crossover before you aim for previous areas of interest closer to .6900 or .7250.