Yo. Able to commerce currencies for the primary full week of October?
Right now we’re taking a look at development continuation performs on GBP/USD and USD/CAD.
Verify them out and see if you can also make pips from their charts!
In case you missed it, the pound had a VERY weak couple of weeks in opposition to the greenback. Pound bears legit dragged GBP/USD 500 pips decrease earlier than the bulls took discover!
Cable is now buying and selling slightly below 1.3550, which is a stone’s throw away from the 1.3600 psychological deal with that strains up with a damaged assist and the 38.2% Fib pullback of the final downswing.
Pattern playas who’re assured that the bearish divergence will play out can brief at present ranges and goal September’s lows. In fact, you may also watch for a pullback to 1.3600 for those who imagine that no less than some bulls can push the pound as much as the extent.
Really feel just like the draw back “breakout” is a fakeout and that GBP/USD will quickly commerce above 1.3600? Look out for constant buying and selling above the SMAs, which may result in retests of the 1.3900 earlier resistance areas.
A couple of weeks in the past, we noticed USD/CAD trade near a trend line support on the 4-hour chart.
The greenback has clocked in positive aspects in opposition to the Loonie since then, however USD/CAD bears additionally dragged the pair again all the way down to the development line that we marked.
Are we taking a look at one other good entry level for USD/CAD’s longer-term uptrend? Pattern warriors can begin scaling in at present ranges and add positions as quickly as we see bullish momentum.
Whichever bias you find yourself buying and selling, be sure to’re working towards your greatest risk management strikes while you pull the set off in your trades!