FOREXDOJO TRADE # 63

I took profit on yesterday's trade before the U.S data was released around 8:30 EST @ 128.10 for +115 pips. Tonight I am looking to GBP/AUD for retracement back to the 1.58 zone. I am selling @1.5890 with a TP 1.5790 and SL 1.5945 with a 50 pip trail.

The reasons for this trade are:

The 1.5900- 1.5920 zone has some tough resistance on the daily chart in the form of trendline reaching back to 2010 Oct-Nov lows as well as the 76.4 fib. level from the 1.6160-1.5150 fall, A clean break above 1.5950 could bring 1.6160 in a heartbeat.  4 hour and 1 hour charts are looking a bit exhausted and RSI's itching to come down, a test of support around 1.5800 looks likely. Since this somewhat of a countertrend trade based on intraday charts on a Friday a trail is being used.

the 5 & 15 minute charts are looking bullish but I'm hoping 1.5920 can keep a lid on this weeks rally for now. We'll see.

FOREXDOJO TRADE # 62

Tonight I am eying the break of 1.2725 in the EUR/CHF. This level holds key resistance and is the only real barrier until the 1.29's. I have bought EUR/CHF @ 1.2695 with a target TP of  1.2895 and SL 1.2635.

The reasons for this trade are as follows.

Daily chart is showing good upward momentum on the RSI and there is a triple bottom formation around 1.2430. A break of 1.27.25 which has the 23.6 fib level from the drop from the 138 level, and important trend line resistance looks imminent. Hourly chart is also looking progressive with 1.2670-1.2680 holding up fairly well and RSI bottoming out. We also sit about 80-100 pips above the 100 & 200 EMA's.

The 15 & 5 minute charts are mildly bearish but holding up well above suport around 1.2680.