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Welcome to mid-week trading, forex brothas!

We’re all about the Aussie today as we check out AUD/JPY‘s triangle and a range setup on AUD/CHF.

Which one are you trading this week?

AUD/JPY: 4-hour

AUD/JPY 4-hour Forex Chart
AUD/JPY 4-hour Forex Chart

Breakout alert! AUD/JPY looks like it’s breaking above an ascending triangle resistance area that has kept the bulls in check since early November.

Can the Aussie extend its uptrend against the yen?

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: Daily

AUD/CHF Daily Forex Chart
AUD/CHF Daily Forex Chart

Who traded AUD/CHF’s bearish divergence that we talked about a few days back? If you did, then congrats! You’re up by a few pips!

Those who are feelin’ the FOMO 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!