Welcome to mid-week trading, forex brothas!
Which one are you trading this week?
Forex bulls who are confident of the upside breakout can buy at current levels and aim for a possible retest of the 77.50 or 78.30 previous highs.
If you’re one of them Aussie bears, though, or if you believe that the “breakout” is actually a fakeout, then you can also wait for a trip below the resistance zone and then watch out for a dip to the 100 SMA area.
AUD/JPY has an average volatility of around 70 pips on Wednesdays so make sure you’re keeping your eyes peeled in case we see easy trade setups today!
AUD/CHF: DailyFOMO can still get a pretty sweet risk ratio if the Aussie drops back down to the .6560 mid-range or even the .6400 range support levels.
Not convinced that the Aussie can keep falling against the franc? Watch out for a short-term bullish momentum or a break above the big .6700 resistance and then try to make a play for the .6800 or .6850 previous areas of interest.
Good luck and good trading, errbody!