I hope you’re in the mood to trade the comdolls today, because I’ve got hot ones on USD/CAD and AUD/NZD that you’ll definitely want to look at!
A couple of days ago we identified a possible mid-channel play on USD/CAD’s 4-hour time frame. Well, it looks like the bears weren’t done attacking then!
The pair is now nearer to the 1.3150 area, which is a couple of pips away from the rising channel support and the 200 SMA on the chart.
The dollar has yet to see bullish momentum, however, so y’all still have time to whip up your trading plans if you’re planning on taking a trend trade.
The 1.3400 handle is a good target if you’re thinking of buying USD/CAD anytime soon. If you’re one of them bears, though, then you could also wait for a break below the 200 SMA before you place your short trades.
Good luck and good trading!
Here’s one for countertrend traders out there! AUD/NZD is having trouble breaking above the 1.0900 psychological handle, which isn’t surprising since it also lines up with a mid-channel resistance.
With stochastic flashing an overbought signal, you can bet your pips (with proper risk management, of course) that other traders are also watching this one.
Will the Aussie retest its June lows against the Kiwi? Or will the bulls break above the resistance and revisit highs near 1.1300?
Countertrend trading isn’t for everyone, so make sure you manage your risks if you’re planning on shorting this one!