For those of you who trade the Loonie, here’s a possible range play for you. USD/CAD has been bouncing up and down between support at the .9750 level and resistance around .9825. It looks like it’s having a tough time heading any higher than .9825 again and could be poised to head back to .9700. But is that a bullish flag I see? Although stochastic is in the overbought area, it hasn’t crossed down yet, which means that buyers could still have enough energy to push for an upside breakout.
All aboard, pirates! This ship looks about ready to set sail! Last week, we witnessed AUD/USD break a key resistance level at 1.0200 to forge a new all-time high. When this happens, price usually continues rising, so you may want to consider riding this pair’s upward momentum. But beware, mates! Danger may lie ahead! Stochastic is already signaling overbuying, so the pair may just be moments away from turning back down.
Y’all lookin’ to play the Kiwi this week? Well look no further! NZD/USD has just approached a minor resistance level! If Stochastic has anything to say about it, it could by time for the pair to head back down. But I’d be careful around this pair! It still has a bit of room to rise before it reaches the top of the channel that has formed on the daily chart. If you want to play it safe, then you ought to wait until it reaches the channel’s falling resistance, somewhere in the area of .7700.