Whattup, forex brothas!
Ready for more swing trading?
Check out AUD/CAD’s range and EUR/GBP’s downtrend and see if you can sneak in more pips!
First up is a nice and simple range play. See, AUD/CAD is about 30 pips from the .9400 handle that marks a resistance that hasn’t been broken since mid-May.Bears are likely on the alert today Stochastic hits the overbought area.
If you see the Aussie finding resistance at the .9400 psychological handle, then you gotta be ready for a possible trip back to the .9330 mid-range or .9260 range support levels.
If the bulls manage to break above the consolidation, though, then AUD/CAD could be gearing up for a reversal that could take AUD/CAD to the .9460 or .9530 previous inflection points.
If trend-trading is more your thing, then you’re gonna love that EUR/GBP is having trouble making new highs above the .8550 psychological handle.And why not? Not only is it at the 38.2% Fib retracement of the last downswing, but it also lines up with June and July’s broken lows.
Euro bears who are confident that the euro will extend its losses against the pound right now can short at current levels and aim for this week’s lows. The more conservative bears can also wait for a retest of the trend line closer to the 61.8% Fib for a better reward-to-risk ratio.
Meanwhile, euro bulls who believe that the current upswing still has legs can buy at current levels, place stops near this week’s lows, and then aim for at least the trend line resistance on the chart.