We’re taking a look at not one, however TWO Aussie setups at the moment!
That’s proper, we’re checkin’ out AUD/USD’s potential reversal and GBP/AUD’s vary play.
Get ’em whereas they’re scorching!
AUD/USD has labored its manner up from its .6850 lows in mid-Could to the .7300 space in early June.
Bulls should step up their sport in the event that they need to keep away from a draw back breakout of the Head and Shoulders sample on the 4-hour chart!
Candlesticks are staying above the sample’s “neckline” to this point, so it’s attainable to see AUD/USD shoot again as much as its .7300 earlier highs.
If AUD/USD dips under the neckline, nevertheless, or if it doesn’t discover assist from the 100 SMA crossing above the 200 SMA, then AUD may drop right down to the .7100, .7050, or .7000 earlier areas of curiosity.
GBP/AUD bounced from its 1.7300 vary assist to commerce nearer to the 1.7500 psychological deal with.
Will GBP discover resistance at mid-range ranges?
Stochastic is favoring some promoting because it hovers close to the overbought territory. The 100 SMA widening the hole under the 200 SMA may discourage bulls from extending GBP/AUD’s upswing.
Bearish momentum from the 1.7450 – 1.7500 zone may result in a retest of June’s lows or the .7250 vary assist.
If GBP/AUD extends its bullish momentum, nevertheless, then we may see GBP commerce close to .7600 earlier than encountering promoting strain.
Maintain shut tabs on the subsequent candlesticks for clues on GBP/AUD’s subsequent path!