It’s Friyay, brothas! I hope you’re in the mood for comdoll plays today because I’m serving up hot long-term opportunities on AUD/CAD and AUD/NZD. Check it!
First up is a lil’ somethin’ for the trend playas out there. AUD/CAD just bounced from the .9780 area, which lines up with a mid-channel support on the daily time frame.
Is it headed for the channel resistance near the .9900 levels? Shorting at the MaPs would make sense especially since it’s also near the 100 SMA on the daily time frame.
The pair has some distance to travel before reaching the channel resistance, though, so y’all have time to whip up your trading plans if you’re planning on jumping on this downtrend.
Don’t forget to set wide stops, aight? Currency crosses can see volatility like nobody’s business!
It’s almost make-or-break time for AUD/NZD! As you can see, it’s about to hit the 1.13000 major psychological handle, which has been protected by the bears since 2013. That’s about the time Miley Cyrus first came out with “Wrecking Ball!”
Will Aussie bears successfully defend the level for another day? Stochastic is almost at the overbought territory, so some bears might come out of the woodwork after all.
Shorting at the earliest signs of a bounce is a good idea if you’re betting on Kiwi bulls waking up and hustling for their pips today. But if you think that forex bulls will break above the resistance faster than the Night King has broken the Wall, then y’all might want to get your breakout plays ready.
In any case, make sure you practice good risk management when executing your trading plans!