Currency cross traders huddle up!
EUR/GBP is about 20 pips away from the .9050 minor psychological handle, which lines up with a range resistance that hasn’t been broken since late July.Think the euro will drop all the way down to the .8985 range support? Shorting at current levels will still give you a decent enough reward-to-risk ratio especially if you place your stops just above this week’s highs.
Not confident in shorting the euro? That’s aight, you can also wait for tests of the .9015 area near the SMAs, the .8985 range support, or a break above the .9050 zone for buying opportunities.
Whichever direction you choose to trade, make sure you’re practicing your best risk management moves like it’s the last thing you have to do to earn a good weekend!
AUD/JPY is flirting with the 100 SMA on the 1-hour chart, which isn’t too far from the 200 SMA and a channel support near 76.00.
Think the Aussie is about to extend its uptrend against the yen?The pair is still about 25 pips from a retest of the trend line, so y’all still have time to whip up trading plans if you’re looking to buy the Aussie.
A long entry near the SMAs would make for a good trade especially if AUD/JPY pops back up to the 76.60 previous high.
If you’d rather short the Aussie against the yen, however, then you can either wait for a clear break below the channel or wait for AUD/JPY to pop back up and see another countertrend momentum.
Watch this one closely, yo!