Whether you’re into trend-following or range trading, I got yo back today!
We’re checkin’ out AUD/USD‘s uptrend and EUR/GBP‘s potential range support on the 1-hour time frames.
Which setup will you most likely trade today?
AUD/USD: 1-hour
AUD/USD looks ready for another retest of its trend line support after bouncing higher at the start of the month.
Buying as soon as the bearish pressure eases and you see some demand can give you decent pips especially if you aim for April’s highs just under .6600.
Think we’ll see a downside breakout instead? You can wait for AUD/USD to trade below the ascending channel or maybe even catch a break-and-retest setup and then target areas of interest near .6350 or .6300.
EUR/GBP: 1-hour
Geronimoooo! EUR/GBP broke below its mid-range support earlier today and it looks like it’s headed for the 1-hour support near .8690.
Feel like the euro bears mean to force a downside breakout this time? You can also short at current levels, place your stops above the mid-range line, and then lighten your positions as soon as EUR/GBP hits its range support.
Whichever bias you choose to trade, make sure you’ve done your EUR/GBP volatility analysis and that you stick to your stops like white on rice!