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Anyone up for short-term trades today?

I’m seeing this simple trend pullback on AUD/NZD, plus a potential triangle breakout on the S&P 500 index.

Better keep your eyes on these levels!

AUD/NZD: 1-hour

AUD/NZD 1-hour Forex Chart

AUD/NZD 1-hour Forex Chart from TradingView

Here’s one for the trend traders out there!

AUD/NZD has been cruising with higher lows connected by a rising trend line that’s been holding since mid-December.

Another test of support seems to be in the cards, as the pair is stalling just below the 1.0900 major psychological mark.

Applying the handy-dandy Fib tool shows that the 38.2% to 50% levels are near the trend line right around the 1.0750 to 1.0800 zone. Will buyers return here?

Technical indicators are reflecting the presence of bullish vibes, as the 100 SMA is safely above the 200 SMA while Stochastic is on the move up.

In addition, the 200 SMA dynamic support is right smack in line with the trend line to add to its strength as a floor.

If any of these support levels are enough to keep losses in check, AUD/NZD could set its sights back on the swing high and beyond!

S&P 500 Index: 1-hour

S&P 500 Index (SPX500) 1-hour Chart from TradingView

S&P 500 Index (SPX500) 1-hour Chart from TradingView

Hoping to catch a breakout instead?

Here’s a neat one brewing on the hourly chart of the S&P 500.

The equity index has formed higher lows and lower highs inside a symmetrical triangle pattern, and a test of support is currently taking place.

Technical indicators seem to be hinting at another bounce, as Stochastic looks ready to climb out of the oversold area. This suggests that buyers could be taking over while sellers are exhausted.

Also, the 100 SMA just crossed above the 200 SMA to indicate that the path of least resistance is to the upside. In other words, the bottom of the triangle is more likely to hold than to break.

In that case, the index could move back up to the resistance at 3,850.00 from here.

Just stay on the lookout for a surge in risk-off flows that could spur a break below the 3,800-3,820.00 zone, though. This might just lead to a drop that’s the same height as the chart pattern!