Whattup, trading buddies!
Whether you’re into the majors or you’d rather focus on the comdolls, I got your back with short and swing trade opportunities on EUR/USD and AUD/CAD.
Check them out!
AUD/CAD has been trading in a 70-ish pip range after ending a downtrend in late September and now the bulls are partying at the .9200 range resistance.Will the pair maintain its range? This week’s upswing is pretty strong if you do a lil’ candlestick pattern analysis but it also looks like there’s at least some resistance at the .9200 psychological handle. Not only that, but Stochastic is also giving us “overbought” vibes on the 1-hour time frame.
Aussie bears who are confident in the range can start shorting at current levels and targeting the .9140 range support.
Not convinced that the Aussie will drop against the Loonie just yet? You can also wait for some momentum before you pull the trigger on your short trading plans.
Here’s one for reversal fans out there!
EUR/USD just broke above what looks like the neckline of a Reverse Head and Shoulders pattern on the 4-hour time frame.The distance between the bottom of the reverse head and the “neckline” is around 100 pips so y’all probably have about 70 pips more to go if you’re planning on trading the upside breakout.
Watch out for the 200 SMA though! Unless EUR/USD clears the 200 SMA or sustains its sharp upswing, then the euro will probably extend its weeks-long downtrend.
October’s lows is a good area to target if you’re shorting EUR/USD while the 1.1750 zone is a good bet if you’d rather buy the common currency.
Whichever bias you end up trading, make sure to practice your best risk management decisions when trading your plans!