Any Aussie bears on the market?
Don’t miss out on these candy pullback setups on the 4-hour charts of EUR/AUD and GBP/AUD!
I do know I’ve already proven y’all a retracement play on EUR/AUD yesterday, however right here’s one other perspective on the bullish setup.
The pair beforehand busted by the ceiling of its symmetrical triangle on the 4-hour timeframe and appears to be making a retest.
Euro bulls may leap in to defend the ground because it strains up properly with the 50% Fib and 100 SMA dynamic inflection level. A bigger correction may nonetheless attain the 61.8% degree at 1.5823, which coincides with the 200 SMA.
The 100 SMA remains to be safely above the 200 SMA to counsel that the climb may keep it up. Heck, EUR/AUD may rally by the identical top because the triangle sample or roughly 700 pips!
In case you’re planning on staying on this potential long-term development, simply ensure you alter your danger as soon as value checks the resistance degree on the swing excessive.
Probably not within the temper to purchase the euro? How about this pound setup as a substitute?
GBP/AUD has shaped larger lows and better highs to commerce inside an ascending channel that’s been holding since November final 12 months. One other take a look at of the channel backside appears to be within the playing cards, so I’m looking out for a bounce.
If help across the 1.8800 space of curiosity holds, the pair may make its approach again as much as the resistance ranges on the channel prime or the mid-channel space of curiosity round 1.9150.
Technical indicators are giving the inexperienced mild for a continuation of the uptrend. The 100 SMA is above the 200 SMA to mirror the presence of bullish stress whereas Stochastic is indicating exhaustion amongst sellers.