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Swing and position traders huddle up!

Whether you like trading the majors or you prefer them currency crosses, we’re havin’ a party today with these simple support and resistance plays on GBP/USD and EUR/AUD.

Check them out, yo!

GBP/USD: Daily

GBP/USD Daily Forex Chart
GBP/USD Daily Forex Chart

What’s more exciting than watching Princess Di on Netflix?

Nothing.

If you also like your trades with a British flair, though, then you’ll love that Cable is knocking on the 1.3400 major psychological handle that has been successfully keeping the bulls in check since mid-2018.

Can the bulls finally force an upside breakout? A clear break above the 1.3400 MaPs could lead to retests of the 1.3620 or 1.3750 previous areas of interest.

If 1.3400 does hold, however, then the pound could drop back down to 1.3200, 1.3000, or even the 1.2700 previous inflection points.

Watch this one, errbody! Or, you know, the next episode of The Crown. Same thrill and all that.

EUR/AUD: Daily

EUR/AUD Daily Forex Chart
EUR/AUD Daily Forex Chart

Not feelin’ like trading the dollar these days?

No worries, EUR/AUD is sporting a decent opportunity as it hangs out at the range support that hasn’t been broken since the start of June.

What makes the setup more interesting today is that Stochastic is telling us that the euro is “oversold” against the Aussie on the daily time frame.

Buying at current levels would give you the best risk ratio in case EUR/AUD bounces back up to the 1.6350 mid-range or 1.6550 range resistance levels.

Meanwhile, a break below the support that we’re watching could drag the common currency to the 1.5975 levels that had supported EUR/AUD in the second half of 2018.

Forex Chart Settings:

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