Where my pip brothas at?
Whether you’re into trading major dollar pairs or you’re one of them currency cross playas, I got yo back with trend continuation opportunities on AUD/USD and GBP/CHF.
Check them out!
AUD/USD is having trouble making new lows below .7520, which isn’t surprising since it lines up with not only a 38.2% Fib retracement but also the 100 SMA on the 1-hour time frame.Are Aussie bulls gearing up for another upswing?
Buying at current levels is a good idea if you believe that AUD/USD won’t hit the lower Fibs before finding another bullish momentum all the way to new December highs.
If you’d rather sell the Aussie against the dollar, then you’ll want to at least wait for AUD/USD to break below the 200 SMA and the trend line support that’s been holding since mid-November.
Watch this one closely, yo!
Here’s one for the European currency traders out there!GBP/CHF looks ready for another downswing after bouncing from a descending channel resistance that the bears have been holding since the start of the month.
You can still short at current levels if you believe that GBP/CHF will make new December lows before the year ends.
Thinking about buying the pound instead? Watch out for the 100 and 200 SMAs around the channel resistance level. Once GBP/CHF breaks above the significant resistance zones, then you’ll know the bulls are g for a reversal party!