My dudes! Are you ready for another round of short and swing-term trading opportunities?
Today we’re looking at AUD/USD’s downtrend and USD/CHF’s possible break and retest situation.
What do you think of their charts?
Did you know that the Aussie has been on a downtrend against the Greenback since the first week of the month? AUD/USD is now back at .7280 after dipping to the .7230 levels.If you’re thinking “trend pullback!” then you’re on to something. See, .7230 lines up with not only the 50% Fib of the last downswing but also the 100 SMA and the channel resistance on the 1-hour time frame.
Trend playas who believe that the bears still have tricks up their furs can start selling at current levels and aiming for the monthly lows.
If you’re one of them bulls who think that .7230 will be AUD/USD’s lows for a while, however, then you can also consider a possible upside breakout to areas of interest like .7350 or .7400.
Whichever bias you end up trading, make sure you know how to trade trends and have the solid discipline to push through with your trading plans!
Breakout alert! USD/CHF broke above a months-long range last week and hit .9350 before the bears pounced.The dollar is now about 50 pips away from the .9225 broken range resistance levels, which lines up with the 61.8% Fib of the recent upswing.
Are we looking at a break-and-retest opportunity here? A pullback to .9225 would provide better risk ratios for the bulls but don’t discount the possibility of seeing shallower pullbacks before the bulls get back in the game.
If you’d rather sell the dollar against the franc, then you can consider entries above September’s highs. The .9380 and .9450 inflection points look legit as profit targets depending on the momentum we see if or when USD/CHF makes new monthly highs.