We’ve got a comdoll special today, brothas! Check out this short-term trend on NZD/USD and a long-term triangle on AUD/USD!
Trend playas huddle up! If you missed the bus when we spotted a rising channel last week, then this is your chance to get in on the trade!NZD/USD is trading around the .7280 handle, which is right smack at a rising channel support that hasn’t been broken since mid-June. What’s more, it also lines up with the 200 SMA!
But before you buy the Kiwi like there’s no tomorrow, take note that stochastic isn’t in the oversold area like last week. In fact, it looks like Kiwi bulls are now having a hard time pushing the pair above the 100 SMA.
You could probably get in with small positions if you think that NZD/USD will stage another bounce to test its June resistance near .7350. But if you think that the uptrend is near its end, then y’all might want to whip out your breakout strategies!
“Resist!” is probably the battle cry for Aussie bears who have been defending the .7700 – .7725 area for the first half of the year. Looks like we’re about to see more action, though, with AUD/USD once again approaching the limits of its ascending triangle on the daily time frame.
That’s right! The pair looks like it’s gunning for .7700, a level that has been serving as resistance since June last year. What makes the setup more interesting is that stochastic is chillin’ like a villain in the overbought territory.
Will Aussie bears defend the level once again? Or will the bulls finally succeed in pushing for new 2017 highs for AUD/USD? Watch this one closely, brothas!