It’s comdoll trading time!
Let me know if you’re trading any of these setups!
Trend playas unite! NZD/USD is trading around the 0.6625 levels, which lines up with July 23’s lows and is just above an ascending channel and 200 SMA support on the 1-hour time frame.Can Kiwi bulls extend the comdoll’s gains? Take note that the channel support hasn’t been broken since late June.
Buying at the channel support would yield the best reward-to-risk ratio if NZD/USD ends up making new 2020 highs in the next trading sessions.
Of course, you can also buy at current levels if you’re not confident that the bears can drag the pair back down to the channel support before the bulls take over again.
Feel like shorting Kiwi against the dollar instead? You should at least wait for a clear break below the channel before you target previous areas of interest closer to .6580 or .6530.
Touchdown! Last week I showed you guys how USD/CAD is nearing a key area of interest in the daily time frame.
Well, it’s time to put your orders in if you’re one of them dollar bulls!USD/CAD looks ready to bounce from a consolidation at the 1.3350 area while Stochastic is showing a low key bullish divergence.
Buying at the first signs of bullish momentum is a good bet if you believe that USD/CAD will pop back up to test its 1.3650 highs or even revisit its 2020 highs above 1.4000.
Think the Greenback will continue to lose pips on the Loonie instead? A break below June’s lows can inspire a trip down to the 1.3000 major psychological level.
Watch this one closely, yo!