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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

GBP/USD 4-hour Forex Chart
GBP/USD 4-hour Forex Chart

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

AUD/USD Daily Forex Chart
AUD/USD Daily Forex Chart

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.