We’re starting this week’s batch of charts with a range bounce on EUR/USD and a sweet triangle pattern on AUD/JPY.
Check them out, yo!
EUR/USD: 1-hour
Unless you’ve been too busy growing your own produce, then you’ll know that EUR/USD has been trading on a 200-pip range since late June.
The bulls are in play today as EUR/USD looks like it’s bouncing from the 1.1720 range support.
If you’d rather short the common currency against the Greenback, however, then you can also wait until EUR/USD pauses from its current momentum and then pounce as soon as you think the currency pair will drop back down to the 1.1700 area.
Whichever bias you end up trading this week, make sure to mind your reward-to-risk ratios and risk management habits when executing them trading plans!
AUD/JPY: 4-hour
Triangle alert! AUD/JPY is poppin’ up higher lows while maintaining 76.75 as resistance on the 4-hour time frame.
Are we in for an ascending triangle breakout?
But price action is not usually that simple. Remember that triangles represent indecision, which means that AUD/JPY can still break in either
If AUD/JPY traders choose the not so “basic” route, then we could see the Aussie break below the trend line AND the 100 and 200 SMA support on the chart.
What do you think? Which way will AUD/JPY go?