Chart Art: Range Support Plays for AUD/USD and GBP/CAD

National Financial Solution > Forex Trading > Chart Art: Range Support Plays for AUD/USD and GBP/CAD

Yo! You up for comdoll setups today?

If you are, then you can check out not one, but TWO range plays.

I’m talkin’ about AUD/USD and GBP/CAD‘s charts!

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Forex Chart

AUD/USD is giving us reverse head and shoulders vibes after hitting support at the .7700 major psychological handle on the 1-hour time frame.

A break above the “neckline” could lead to a retest of the .7750 mid-range levels. And if the upside breakout has momentum, we could see AUD/USD pop back up to the .7810 range resistance levels.

But wait! If you see the Aussie turning lower from the “neckline,” then you also gotta consider that AUD/USD could drop back to the .7700 support.

Whichever bias you end up trading today, make sure to use your best risk management strategy!

GBP/CAD: Daily

GBP/CAD Daily Forex Chart
GBP/CAD Daily Forex Chart

No, you’re not seeing double! Like in AUD/USD, GBP/CAD has also recently bounced from a range support, this time on a daily chart.

Think the pound bulls have enough momentum to push the pair to the .7180 mid-range levels? Stochastic hasn’t hit overbought status yet, so I’m thinking there’s a bit of buying opportunity left.

Buyers can wait for a break above the mid-range levels and then target the 1.7550 major resistance on the chart.

Not a fan of the pound? That’s alright, you can also wait and see if the consolidation that we’re seeing results in the pound going back down to its May lows in the next couple of days.

Bears can short at the first signs of bearish momentum and then aim for the 1.6880 previous low or the 1.6830 range lows.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *