It’s the final countdown! At least for the last hours of November.
Just because the month is ending doesn’t mean existing forex trends will too.
Check out how AUD/USD and CAD/CHF may extend their existing trends!
Aussie bears had a GOOD month in November as they dragged AUD/USD all the way from .7550 to the .7150 zone.AUD/USD has stopped its sharp downswing, however, and is now trading in a possible tight range/rectangle.
Remember that a rectangle is an indecision candlestick pattern. Does this mean that AUD/USD is gearing up for a reversal? Or are the bears just taking a breather?
Short-term traders can take advantage of the overbought Stochastic signal and trade the tight range on the 1-hour time frame.
If you’re convinced that the range will lead to a breakout above the moving averages and the descending trend line resistance, then y’all can start plotting your breakout trading plans.
Here’s one for the currency cross traders out there!CAD/CHF saw a sharp downswing last week but it doesn’t look like the bulls are in the mood to recover the Loonie’s losses.
The pair is now forming a possible bearish pennant, which could lead to a retest of the .7100 lows back in August.
Before you short the Loonie like it’s running out of style, though, then you gotta pay attention to its current levels. As you can see, it lines up with a MAJOR support from July to August.
A bounce from the .7250 zone could mean a trip to the .7400 or even the .7500 highs back in October.
Watch this one closely, my dudes!