Chart Art: USD/CHF’s Range Support And AUD/USD’s AUD/USD’s AUD/USD’s AUD/USD’s Downtrend
Looking for swing trades but can’t decide if you’d rather trade trends or ranges?
I got you covered with AUD/USD’s downtrend pullback and USD/CHF’s range setup.
Check out and see which chart you’d rather trade!
AUD/USD AUD/USD AUD/USD AUD/USD : 4-hour
Did you know that AUD/USD has been on a downtrend since February?That’s right, the pair hasn’t broken a descending channel on the 4-hour time frame!
Trend warriors have another chance to jump on the trend as AUD/USD retests the channel’s resistance. This time around, the pullback lines up with the 50% Fibonacci retracement of March’s downswing.
Shorting at current levels would yield a decent risk ratio especially if you place your stops just above last week’s highs and target March’s lows.
Not convinced that AUD/USD can keep making new monthly lows? You can also make trading plans around an upside breakout. Just make sure that you place a wide enough stop so you don’t get stopped out by fakeouts!
USD/CHF USD/CHF USD/CHF USD/CHF : 4-hour
USD/CHF is turning higher from the .9100 psychological handle, which is a big enough deal before you see that the level had supported the pair at least twice more since the start of the year.
Oh, and have I mentioned that Stochastic is in “oversold” territory and is pointed higher?
Watch the next candlesticks to see if the .9100 area will hold as support for another day.
Buying at current levels would sound good especially if you believe that USD/CHF will pop back up to the .9250 mid-range resistance or maybe even the .9435 March highs.
If USD/CHF starts trading consistently below the range support zone, though, then you gotta be ready with your range breakout trading plans!
Some people develop a wish bone where their back bone should be.
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