Happy Hump Day, yo! We’re lookin’ at comdolls today because AUD/USD is poppin’ up a neat resistance play while GBP/NZD is getting closer to a support level.
GBP/NZD looks ready for a retracement after breaking above an ascending channel on the 4-hour time frame.
The pair is only a couple of pips away from the level, so you better make sure you got your trading plans mapped out if you’re also anticipating a bounce from any of the Fib retracement levels.
Not convinced that the pound will pull back low enough to hit some Fibs? That’s fine, you can also just watch out for signs of a bullish momentum and then place small positions so you don’t miss out.
Good luck and good trading this one, brothas!
Let’s kick it old school with a simple S&R play on the daily!
AUD/USD is having trouble making new highs above the .6875 mark, which isn’t surprising since the level has been serving as support and resistance for the pair since mid-May.
Are we looking at another resistance play in the making? The odds are currently favoring the bears as the .6875 mark is also in line with the 100 SMA on the daily time frame.
Shorting at current levels would give you a good reward-to-risk ratio especially if you place your stops just above the 100 SMA and aim for the .6700 previous support or even new 2019 lows for AUD/USD.
Not feelin’ like shorting the Aussie these days? You could also wait for a break above the .6900 mark and aim for possible retests of the .6950 or .7200 previous areas of interest.
Whichever bias you choose to trade, take care to use wider stops than when you’re trading shorter-term time frames. Check out AUD/USD’s average volatility if you don’t have a clue how much this comdoll pair moves in a week!