Welcome to a brand spankin’ new trading month!
Let’s set you up for wins with not one, but TWO comdoll swing trades.
Check out what’s up on EUR/AUD and CAD/CHF’s charts!
First up is a nice and simple trend trade for the euro.
EUR/AUD is finding support at the 4-hour chart’s 200 SMA. That’s also right around an ascending channel support that hasn’t been broken since April!
Can EUR extend its gains against AUD?
Buying at current levels or the first signs of bullish momentum would yield a good risk ratio especially if EUR/AUD jumps back up to its 1.5300 May highs.
Not a fan of the euro? You can also wait to trade a downside breakout. NGL, though, a downswing ain’t gonna happen unless EUR/AUD firmly breaks its channel and 200 SMA support.
Whichever bias you choose to trade, make sure to practice good risk management moves like yo momma depends on it!
Here’s one for breakout fans out there!
CAD/CHF traded below a trend line support last week but has also found support at the .7475 area.
The pair is now trading closer to .7600, which lines up with the 38.2% Fibonacci retracement of the last downswing as well as the broken trend line that we’re seeing.
Are we looking at a break-and-retest opportunity here?
Look out for selling pressure below the trend line or the 100 SMA crossing below the 200 SMA.
If the CAD/CHF sees bearish momentum, then y’all can probably target the .7475 previous support or even the .7370 area of interest.
But if you see CAD/CHF trading back above the trend line, then it’s possible that last week’s “breakout” was a fakeout and that CAD/CHF’s uptrend is still a go.
What do you think?