Yo! You lookin’ for new setups to trade this week?
I got your back with a legit trend continuation play on AUD/USD and a possible trend reversal for GBP/USD.
Check them out!
GBP/USD: 4-hour
In case you were too busy dancing to Lil Nas X’s MONTERO, then you’ll know that Cable’s 100 SMA has just crossed below the 200 SMA on the 4-hour time frame.
The pair is more interesting these days because it’s also respecting a descending channel on the chart.For now, pound bulls are determined to defend the 1.3700 major psychological handle so it’s possible that we could see a retest of the channel resistance near the 100 and 200 SMAs.
If GBP/USD dips below March’s highs in the next few days, though, then you gotta be ready to target previous areas of interest like 1.3570 or 1.3440.
AUD/USD: Daily
Here’s one for the comdoll traders out there!
AUD/USD is consolidating at .7600, which is right smack at the 100 SMA, a 38.2% Fib, and a trend line support that hasn’t been broken since April 2020.A break above the consolidation could energize the bulls into pushing AUD/USD to the .8000 February highs.
But if the bears group together and say “huurh aarrragghuuhw huurh uughghhhgh!” (translation: “Time to short the Aussie!”) then AUD/USD could break below its trend line support and test the 200 SMA close to .7400 or even the .7000 major support zone.
