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Ready to start catching pips this week?

I’ve got a treat for ya as we explore not one, but TWO swing trend plays today.

Check them out!

GBP/JPY: 4-hour

GBP/JPY 4-Hour Forex Chart
GBP/JPY 4-Hour Forex Chart

I know we literally just talked about GBP/JPY’s downtrend last Friday but I thought y’all might want to know that the pound has hit a key resistance zone.

I’m talkin’ about the channel resistance, yo! Guppy has seen its first bearish candlestick after consolidating at the 152.00 major psychological area and 100 SMA.

Is a GBP/JPY a sell? Selling at current prices is a good bet if you think that the bearish divergence on the 4-hour chart will lead to GBP/JPY extending its months-long downtrend.

If the yen cross starts giving weird volatile moves, though, then you should be ready for a breakout that would take GBP/JPY to the 200 SMA or the 153.50 and 154.00 previous areas of interest.

USD/CAD: 4-hour

USD/CAD 4-Hour Forex Chart
USD/CAD 4-Hour Forex Chart

Fib traders gather ’round! USD/CAD is consolidating around the 1.2575 zone that lines up with the 61.8% Fib retracement of July’s main upswing.

And if that’s not enough to get you writing trading plans, then you should know that USD/CAD’s current levels are also near the 4-hour chart’s 100 SMA and a trend line support that has been around since the start of June.

Is USD/CAD a good buy? Dollar bulls can buy at current levels and target July’s highs for a sweet risk ratio. Of course, the more conservative buyers can also load up on them longs as soon as we see a couple more bullish candlesticks.

If you’re not convinced that the dollar can extend its uptrend against the Loonie, then you can also wait for a clear break below the trend line support and then target previous areas of interest like 1.2440 or 1.2325.