Sup, guys! Today we’re looking at not one, but TWO comdoll cross opportunities that could just get you your trade of the week. Let’s get this bread, yo!
After turning from the 73.00 psychological level, NZD/JPY is now knocking on the 72.00 handle that had served as a range resistance for about two months.
Will NZD/JPY go back to its range? Or are we looking at the first signs of a longer-term reversal for the pair?
The odds are currently favoring the bulls as stochastic flashes an oversold signal while the 100 SMA looks ready to cross above the 200 SMA.
Buying at current levels would get you in at a good spot if you’re betting on the Kiwi making a long-term U-turn against the yen.
If you think that the trip to 73.00 is just a fakeout, however, then you could also wait for NZD/JPY to dip back to its range before you target the 70.50 previous range lows.
Here’s one for the trend warriors out there! AUD/CHF is hanging at the .6900 psychological level, which is right smack at a previous support level for the pair.
Think the bulls will stop at .6900 before the bears take over again? Keep in mind that the .7050 handle also looks like a pretty solid area of interest AND it’s closer to the SMAs and the channel resistance.
If you’re planning on jumping on the downtrend but you’re not sure where you should enter, then waiting for a bit of momentum might help.
Planning on making a countertrend trade instead? You can enter at current levels, bail at the first sign of bearish momentum, and then maybe flip your biases at the first signs of bearish pressure.