Comdoll traders huddle up!
Check them out, yo!
Earlier this week we clocked in AUD/USD’s rise to its descending channel resistance on the 1-hour time frame.Turned out, the bulls weren’t done partying just yet! AUD/USD not only hit its channel resistance, but it also traded ABOVE the limit!
What makes the pair interesting today is it’s back at the trend line, which is also right smack at a 38.2% Fib retracement AND a support and resistance zone on the chart.
Buying at current prices is the way to go if you think that the Aussie will extend its upswing against the dollar in the next few trading sessions.
Targeting this week’s highs would make for a good play, but aiming for April’s highs would give you a better reward-to-risk ratio.
Meanwhile, bears would might want to wait for AUD/USD to trade firmly below the channel resistance AND the 100 and 200 SMAs before betting on a downtrend extension.
Here’s one for the range playas out there!GBP/NZD is having trouble trading below the 2.0500 handle, which isn’t surprising since it’s right around a mid-range support on the 4-hour time frame.
If that’s not exciting enough for ya, then you should also note that Stochastic is juuust above the oversold territory.
Buying at current levels is a good bet if you think that GBP/NZD will bounce back to the 2.1000 range resistance.
Not sure about the pound’s strength against the Kiwi? That’s fine, you can also wait below the 2.0500 mark and make a play for a trip to the big 2.0000.
Good luck and good trading this one!