A new trading week means new chances to bag pips.
Hit the ground running by taking advantage of GBP/USD and AUD/USD’s chart patterns.
Let’s goooo!!!
GBP/USD: 1-hour
Cable just got rejected at the 1.3875 zone, which lines up with the 1-hour chart’s 200 SMA AND a descending channel resistance that’s been solid since late July.
Trend playas can play the downtrend by shorting at current levels and placing stops just above last week’s highs.
If you’d rather buy the pound against the dollar, though, then you’ll want to wait for a clear break above the 200 SMA and then target previous resistance levels close to 1.3930 or even 1.4000.
Good luck and good trading this one!
AUD/USD: 1-hour
A couple of days ago we were looking at AUD/USD’s range support bounce for opportunities.
Those who bet on a retest of the .7330 bounce probably took home a pip or two because AUD/USD played around the mid-range levels before dropping back down.
AUD/USD is now flirting with the range support again while Stochastic is chillin’ in the oversold territory.
Think .7330 will hold again this week? Bulls can start loading up long positions around the current levels and then aim for last week’s highs or the .7400 range resistance depending on the strength of the bounce.
If you see AUD/USD trading below the weeks-long range, however, then you should be ready to trade a possible trip to the .7290 July lows.
