It’s the 4th of May but I don’t think you’ll need Jedi mind tricks to make pips today!
Whether you like trading the majors or you prefer comdoll crosses, you’ll definitely want to see EUR/USD and GBP/AUD’s range opportunities.
Check them out!
I don’t know if you’ve noticed but EUR/USD had been on a steady-ish downtrend since finding resistance at 1.0925.EUR bulls showed up at the 1.0500 psychological level, though, and now EUR/USD is trading inside a 75-pip range on the 1-hour time frame.
If you don’t think that EUR/USD will break its short-term range any time soon, then you can play a possible bounce from the range support. Stochastic is already near its oversold levels and EUR/USD is closer to the range support than the resistance.
Not convinced that EUR will see any buying pressure?
You can also take advantage of the 100 SMA resistance and short at current levels, or you can wait for EUR/USD to break the 1.0500 support before jumping in the downtrend.
Here’s another one for the range playas in da haus!
GBP/AUD is 50 pips away from the 1.7500 psychological level that supported GBP at least twice since April.With Stochastic hovering just above oversold levels and the 100 SMA crossing above the 200 SMA, you can bet that at least some GBP bulls are paying attention.
Watch out for bullish momentum around 1.7500, which could take GBP/AUD to the 1.7700 mid-range levels or the 1.7850 previous highs.
Of course, it’s also possible that GBP/AUD won’t hit the support zone before seeing buyers.
Make sure you’re glued to the tube for the earliest signs of sustained bullish pressure!