We’re taking on the comdolls today, brothas!
USD/CAD looks ready to follow a descending channel while NZD/CHF is slowly but surely climbing a trend line support.
What do you think of these setups?
USD/CAD: 1-hour
USD/CAD is about 30 pips from the 1.2670 area, which lines up with a trend line resistance that has been limiting the pair’s gains since the start of the month.
Meanwhile, a bearish divergence is forming on the 1-hour time frame and the last few candlesticks are hinting at a bearish momentum.Shorting at current prices would still give you a decent reward-to-risk ratio especially if you aim for March’s lows near 1.2600.
If USD/CAD finds support at the SMAs, though, and breaks above the trend line resistance, then we could see the pair retest the 1.2750 highs.
NZD/CHF: 1-hour
NZD/CHF is riding a low and slow uptrend!
Its trend line support remains solid as the pair approaches its March highs.Can the bulls extend their gains? Buying at market prices won’t be a bad deal if NZD/CHF extends its upswing all the way to its February highs near .6760.
If the Kiwi’s uptrend loses steam, though, then you gotta wait for a trend line breakout.
If you see NZD/CHF trading below the trend line AND the 100 and 200 SMAs, then you gotta be ready for a trip to key inflection points like .6620 and .6570.
