Who’s ready to trade comdolls? I hope you are, because these long-term forex trade opportunities on GBP/AUD and NZD/CAD are too good to miss!
GBP/AUD looks like it’s bouncing from the 1.7900 handle, which is right smack at a rising channel resistance, 100 SMA, and previous area of interest on the daily time frame.
With stochastic chillin’ like a villain on the overbought territory, you can bet your pips that other bears are already watching this one.
Shorting at current levels could still get you a decent reward-to-risk ratio especially if the pound ends up back to its June lows near 1.7400.
If you’re not confident on the Aussie’s strength, though, then you could also wait for a bit more momentum before jumping in. Of course, you could also wait for the pair to break above the channel and aim for its previous highs near 1.8400.
Earlier this month we checked out a possible mid-channel trade on NZD/CAD. Well, it looks like the bears went out to play!
The pair is now on its way to the .8800 handle, which is near a channel support that hasn’t been broken since late October 2017. Take note that stochastic is about to hit oversold status, so there’s a chance that the bulls will step in sooner than we think.
Think the Kiwi will soon gain pips against the Loonie and extend its uptrend? Watch this one closely, brothas!