I hope you’re within the temper to commerce the Aussie as a result of we’ve acquired not one however TWO Aussie setups as we speak!
AUD/USD seems to be prepared for an SMA crossover whereas EUR/AUD is having bother printing new highs.
Which pair do you assume will lengthen its pattern?
If you happen to’ve been watching AUD/USD’s 1-hour chart, then you definately’ll know that the 100 SMA crossing over the 200 SMA has accurately referred to as the final three short-term reversals for the Aussie.
And take a look at that! The 100 SMA seems to be able to cross above the 200 SMA once more! What’s extra attention-grabbing is that it’s occurring simply as AUD/USD is forming a possible Rounding Backside sample below the .7300 zone.
Is AUD/USD prepared for an uptrend? If the Aussie trades and stays above .7300 within the subsequent couple of trading sessions, then you definately gotta be able to commerce a potential upswing that might take AUD/USD all the best way to .7450.
If Aussie bears handle to maintain the shenanigans under the .7300 psychological degree, although, then you definately also needs to plan for a range-type worth motion that might drag AUD/USD again to its September lows.
If pattern continuation is extra your factor then you must…flip away.
EUR/AUD should be supported by a trend line support however the euro bears are kicking foreign exchange butt across the 1.6200 – 1.6400 zone.
Now that there’s a Head and Shoulders motion occurring within the every day chart, you may wager that at the least some extra euro bears are watching.
If you happen to see EUR/AUD commerce under 1.5900, it signifies that the euro has damaged under its pattern line, 100 SMA, and Head and Shoulders “neckline” assist on the every day. Yikes!
EUR/AUD might drop all the best way all the way down to the 1.5600 ranges.
If euro bulls resolve to reap the benefits of the pattern line assist, nonetheless, then you may as well plan for trades that might revenue if EUR/AUD reaches its August highs.
What do you assume? Which means will EUR/AUD go?