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Who’s ready to trade the U.S. dollar?

I hope you are because GBP/USD and AUD/USD are presenting swing trade opportunities that you wouldn’t want to miss!

Check these out:

AUD/USD: 4-hour

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

AUD/USD has reached the .7560 zone, which is right around a trend line AND 100 SMA retest on the 4-hour time frame.

If those aren’t enough to get you planning trade plays, then you should know that there’s also a hidden bearish divergence on the chart.

Will AUD/USD extend its downtrend? Shorting at current levels is your best bet if you believe that the trend line would keep the bulls at bay. June’s lows is a good initial target though you can also aim for inflection points like 1.3680.

If you’re more comfortable buying the comdoll against the dollar, then you can also wait for a clear break above the 100 SMA and June 25’s highs before thinking about targeting the .7700 area of interest.

GBP/USD: Daily

GBP/USD Daily Forex Chart
GBP/USD Daily Forex Chart

Where my range-trading brothas at? GBP/USD just bounced from the 1.3725 range zone that hasn’t been broken since the start of the year.

This time around, Cable is also sporting a bullish divergence with the oscillator sporting higher lows while price makes lower lows.

Buying at current prices would still give you a good risk ratio especially if you place your stops just under the 200 SMA and you aim for the range resistance near the 1.4200 MaPs.

Meanwhile, pound bears would have to wait for a break below the range to short the currency. Make sure there’s momentum in the breakout so you don’t get stuck in a fakeout!