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AUD/NZD is having trouble making new lows below 1.0600, which isn’t surprising since the psychological level has served as support at least three times since mid-April.
This time around Stochastic is also sending an “oversold” vibe AND is forming a low key bullish divergence on the 1-hour time frame.Think Aussie bulls can defend 1.0600 one more time? Buying at the first signs of bullish momentum is a good idea if you think that the range support would hold.
The 1.0700 mid-range level is a good initial target though you can also aim for 1.0825 if you’re REALLY confident on the Aussie’s strength.
If you’d rather short the Aussie against Kiwi, then you can also wait for a clear break below 1.0600 and then aim for previous areas of interest near 1.0500.
Just make sure you’ve studied AUD/NZD’s average volatility so you’ll know where to place them stops and profit targets!
What’s better than starting from the bottom? How about starting from a double bottom?
Okay, that doesn’t make sense. This setup does, though!EUR/NZD is forming a potential double bottom at 1.7250 with a “neckline” around the 1.7600 – 1.7650 support and resistance area.
You can start buying at current levels if you’re confident that the reversal pattern will play out. Of course, you can also wait for a break above or even a retest of the neckline if you’d rather wait for confirmation of a bullish reversal.
Not convinced that EUR/NZD will bounce from the level? You’ll want to wait for a break below the recent consolidation and then target the 1.7000 or 1.6850 previous areas of interest.
Good luck and good trading this one!