Chart Artwork: Brief-Time period Pattern Reversal Performs on AUD/USD and EUR/CAD

For those who’re on the lookout for short-term trades then you definitely’re in luck!

AUD/USD is hanging round an SMA crossover whereas EUR/CAD is testing a significant uptrend help.

What do you consider these setups?

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

After breaking above a weeks-long downtrend, AUD/USD bulls actually stated “bye!” after they encountered resistance on the .7450 deal with.

AUD/USD is now buying and selling at .7325, which is close to the 38.2% Fib pullback of the final upswing.

However wait, there’s extra! As you possibly can see, .7325 can be across the 100 SMA that has just crossed above the 200 SMA on the 1-hour timeframe.

Assume August’s upswing will lead to a longer-term uptrend? Bulls can begin shopping for the Aussie at present ranges after which add up as soon as AUD/USD surpasses September’s highs.

For those who imagine that AUD/USD will return to its downtrend, although, then you definitely’ll undoubtedly wish to wait till AUD/USD firmly trades beneath the SMAs earlier than you begin scaling in your brief positions.

EUR/CAD 1-hour Forex Chart
EUR/CAD 1-hour Foreign exchange Chart

Right here’s a easy one for the pattern warriors on the market!

EUR/CAD is consolidating at 1.4925, which isn’t shocking for the reason that stage has been a BFD for bulls and bears on the 1-hour chart.

This time round, 1.4925 traces up with an ascending channel help that hasn’t been damaged since late August.

Bulls can look ahead to momentum above the present ranges, which might push EUR/CAD to 1.5000 if not September’s highs close to 1.5030.

For those who’re not discounting a draw back breakout, although, then you definitely must also put together for when EUR/CAD drops beneath its trend line support.

1.4850 would make for a good revenue goal however you can even intention for 1.4800 for those who see sufficient bearish momentum.

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