Happy Friyay, forex warriors!
Check them out!
In case you were too busy petitioning Justin Bieber’s “Changes” to be included in the Grammy’s R&B list, then you’ll know that GBP/USD has been steadily rising along with an ascending triangle on the 1-hour time frame.What makes the setup more interesting is that GBP/USD keeps bumping against (and getting rejected at) the 1.3400 psychological handle.
Will we see an upside breakout this week? A long trade at the first signs of a bullish momentum above 1.3400 could mean a retest of the 1.3500 August resistance.
A downside break, on the other hand, could drag the pound all the way to the 1.3300 or even the 1.3200 previous inflection points.
Keep close tabs on this one, will ya?
AUD/CHF is having trouble making new highs above the .6700 major psychological handle. Thing is, .6700 has also been holding as resistance since early May.The cherry on top of this sweet opportunity is a low key bearish divergence on the daily time frame.
If you’re an Aussie bear who’s seeing “BARGAINNNN!” signs on the chart, then you can short at current levels and place your stops just above the range resistance to get the best reward-to-risk ratios.
Feel like buying the comdoll instead? That’s fine, too. Just make sure to wait for a legit breakout so that you won’t be caught in a fakeout when AUD/CHF does see some upside action!