Rise and shine, forex brothas! We’re talking comdolls today, so see if you can get pips from these setups on USD/CAD and NZD/USD!
USD/CAD recently bounced from the 1.3200 major psychological handle that happens to line up with an ascending channel and 100 SMA support on the 4-hour chart.
Think the dollar will maintain its uptrend against the Loonie? The 1.3300 previous resistance level is a good area to target if you’re one of them bulls, though the Greenback can also make new monthly highs if the momentum is strong enough.
If you’re not convinced of the dollar’s continued strength, then you could also watch for a break below the support levels that we just identified.
Whichever bias you choose to trade, make sure you use proper risk management when you execute your trades, aight?
Remember that long-term retracement that we saw a few days back? Well, it looks like the bears are getting their momentum!
As you can see, NZD/USD bounced from the .6850 mark that’s also near the 50% Fib and 200 SMA on the daily chart.
Who’s up for more Kiwi losses? The .6450 – .6500 previous support area is still hundreds of pips away, so y’all still have time to whip up a trading plan for a short.
If you don’t feel like shorting the Kiwi, though, then you could also wait for the first signs of bullish momentum above the resistance levels on the chart.