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Who’s ready to make more pips?

If you are, then you’ll want to see these short-term opportunities.

Check out what I’ve spotted on GBP/USD and EUR/AUD!

GBP/USD: 1-hour

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

GBP/USD looks like it’s bouncing from the 1.3020 handle, which isn’t surprising since the level has been keeping the bears in check since late July.

What makes the “bounce” interesting is not that Stochastic just taking off from the oversold region, but that the 100 SMA has just crossed below the 200 SMA on the 1-hour time frame.

Buying at current levels would give you a good reward-to-risk ratio especially if you place your stops just below 1.3000 and aim for the 1.3160 range resistance.

But what if we’re looking at a consolidation before a longer-term reversal?

If you’re on the GBP/USD bear camp, then you can start loading your positions as soon as Cable finds resistance at the SMAs.

If you’re one of them conservative traders, however, then you can also start shorting the pound as soon as GBP/USD breaks below the range support.

EUR/AUD: 1-hour

EUR/AUD 1-hour Forex Chart
EUR/AUD 1-hour Forex Chart

Breakout alert! EUR/AUD is now trading above a descending channel that had kept the bears contained since the start of the month.

The 1.6560 handle is a good initial target if you think that the euro will continue to see strength against the Aussie.

Not a fan of the common currency? That’s fine, you can also check out how the pair reacts to the big 1.6500 handle and then maybe start shorting the euro until it drops back to its downtrend.

Whichever direction you choose to trade, make sure you’re aware of EUR/AUD’s average volatility! You wouldn’t want to get stopped out just before the currency pair really moves, would you?

Forex Chart Settings:

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