Any Aussie bears out there?
Don’t miss out on these sweet pullback setups on the 4-hour charts of EUR/AUD and GBP/AUD!
EUR/AUD: 4-hour
I know I’ve already shown y’all a retracement play on EUR/AUD yesterday, but here’s another perspective on the bullish setup.
The pair previously busted through the ceiling of its symmetrical triangle on the 4-hour time frame and seems to be making a retest.
Euro bulls could jump in to defend the floor since it lines up nicely with the 50% Fib and 100 SMA dynamic inflection point. A larger correction could still reach the 61.8% level at 1.5823, which coincides with the 200 SMA.
The 100 SMA is still safely above the 200 SMA to suggest that the climb could carry on. Heck, EUR/AUD could rally by the same height as the triangle pattern or roughly 700 pips!
If you’re planning on staying in this potential long-term trend, just make sure you adjust your risk once price tests the resistance level at the swing high.
GBP/AUD: 4-hour
Not really in the mood to buy the euro? How about this pound setup instead?
GBP/AUD has formed higher lows and higher highs to trade inside an ascending channel that’s been holding since November last year. Another test of the channel bottom seems to be in the cards, so I’m on the lookout for a bounce.
If support around the 1.8800 area of interest holds, the pair could make its way back up to the resistance levels at the channel top or the mid-channel area of interest around 1.9150.
Technical indicators are giving the green light for a continuation of the uptrend. The 100 SMA is above the 200 SMA to reflect the presence of bullish pressure while Stochastic is indicating exhaustion among sellers.
