Got Friday the 13th vibes? Don’t worry.
The only way you’ll lose pips today is if you aren’t prepared with your setups and your risk management.
Tilt the odds in your favor by marking AUD/USD’s channel and GBP/USD’s potential reversal!
It looks like AUD bulls are stepping up their game as AUD/USD accelerates its uptrend on the 1-hour time frame.As you can see, the pair busted above an ascending channel to form another ascending channel above the previous one.
Even the simple moving averages showed the uptrend acceleration with the 100 SMA widening its gap against the 200 SMA!
AUD buyers may have a chance to jump in if AUD/USD dips to the .6950 mid-channel zone or the .6890 channel resistance levels.
If you’d rather short the dollar, you could take advantage of the current rejection at the channel resistance and take profits as soon as you see renewed AUD demand.
Is Cable ready to return to its more “usual” range?GBP/USD is forming a Reverse Head and Shoulders pattern on the weekly time frame and it’s using the 1.2100 – 1.2200 area of interest as its “neckline.”
An upside breakout would take GBP/USD to the bottom of a multi thousand-pip range that bulls and bears had respected between March 2016 and June 2022.
If GBP gets rejected at the pattern’s resistance, however, then GBP/USD could drop back down to 1.1850, 1.1600, or the 1.0400 lows.
What do you think?