I’m keeping close tabs on Aussie pairs this week with these potential range or breakout plays. Check ’em while they’re fresh!
First up is this simple short-term range that’s still holding for GBP/AUD. Price just bounced off the floor and might make its way up to the ceiling around the 1.7950 minor psychological mark.
However, bears look ready to jump in as stochastic is starting to turn lower from overbought levels. The pair could make another test of the range support and if it breaks, price could tumble by roughly the same height as the rectangle.
Here’s another short-term range for EUR/AUD, but this one looks a bit more like a triple top reversal pattern. Now this doesn’t happen very often, like spotting a rare Pokémon on the charts!
Price appears to be making an attempt to break below the neckline around the 1.5725 level. If that pushes through, the pair could fall by around 150 pips or the same height as the chart pattern.
Stochastic is already moving south, so EUR/AUD might follow suit. But if bulls continue to defend support, another bounce to the top at 1.5875 could take place.
Lastly, I’ve go this AUD/CHF daily triangle update for the longer-term traders out there! Support at the bottom of the formation held like the defense of the French football team (Allez les bleus!) and the pair might be setting its sights on the opposite barrier.
Stochastic is also heading higher to show that buyers are in control of price action and could push for a climb to the top around the .7600 major psychological mark. However, the oscillator is also closing in on overbought territory and might be due to turn lower soon.
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