Welcome to mid-week trading, forex friends!
Whether you like trading the majors or if comdoll crosses are more your thing, I got your back with swing and long-term setups on EUR/AUD and USD/CHF.
Check out their latest patterns!
USD/CHF: 4-hour
Just over a week ago, we talked about USD/CHF hanging out near a range support on the 4-hour time frame.
Well, I hope you traded the range because the dollar is now back on top!
If you missed the opportunity, don’t worry. We got another opportunity as USD/CHF consolidates at the range resistance near the .9300 psychological handle.
Bears who want to take advantage of Stochastic’s overbought signal can short at current levels or ride the first waves of bearish selling pressure.
Feel like trading an upside breakout instead? You might want to wait for a clear break above .9300 and maybe consistent trading above February’s highs before you aim for previous areas of interest like .9375.
EUR/AUD: Daily
EUR had a weak couple of weeks against AUD, falling from its 1.6200 highs all the way to the 1.4600 zone.
What’s up with that?!
Luckily for the bulls, EUR/AUD has not only found support at the 1.4550 area but has also formed a Morning Star-like pattern after showing a Hammer candlestick.
Will the reversal pattern lead to more gains for EUR/AUD? Keep tabs on the 1.5350 area that lines up with an established inflection point and the 50% Fibonacci retracement of February’s downtrend.
Euro buyers can take cues from the daily chart’s bullish pattern and buy EUR/AUD until it shows sustained bearish pressure.
Just make sure that you have your stops established before you place any orders! You can check out EUR/AUD’s average volatility to get clues on where to place those stops.
