Ready to start catching pips this week?
I’ve got a treat for ya as we explore not one, but TWO swing trend plays today.
Check them out!
I know we literally just talked about GBP/JPY’s downtrend last Friday but I thought y’all might want to know that the pound has hit a key resistance zone.
I’m talkin’ about the channel resistance, yo! Guppy has seen its first bearish candlestick after consolidating at the 152.00 major psychological area and 100 SMA.
If the yen cross starts giving weird volatile moves, though, then you should be ready for a breakout that would take GBP/JPY to the 200 SMA or the 153.50 and 154.00 previous areas of interest.
Fib traders gather ’round! USD/CAD is consolidating around the 1.2575 zone that lines up with the 61.8% Fib retracement of July’s main upswing.
And if that’s not enough to get you writing trading plans, then you should know that USD/CAD’s current levels are also near the 4-hour chart’s 100 SMA and a trend line support that has been around since the start of June.
Is USD/CAD a good buy? Dollar bulls can buy at current levels and target July’s highs for a sweet risk ratio. Of course, the more conservative buyers can also load up on them longs as soon as we see a couple more bullish candlesticks.
If you’re not convinced that the dollar can extend its uptrend against the Loonie, then you can also wait for a clear break below the trend line support and then target previous areas of interest like 1.2440 or 1.2325.