A brand new day means another chance to load up on them comdoll trades!
Can’t get enough of short-term comdoll setups?
Earlier this week, we identified AUD/USD’s potential break and retest setup after hitting resistance at 0.7850. Well, it looks like the range traders have taken over!AUD/USD is about 20 pips from the 0.7700 major psychological handle that’s now looking a lot like a range support on the 1-hour time frame.
Buying at current levels would still give you a good risk ratio especially if AUD/USD pops back up to the 0.7830 March resistance.
A clear break below 0.7700, however, can bring enough bears to the Aussie’s yard and drag AUD/USD back down to 0.7650 or even 0.7580.
Breakout alert! Kiwi bears have gained enough momentum to break below an ascending channel support that’s been propping up the comdoll since the start of the month.Market bulls are giving the bears a run for their money with them green candles on the 1-hour chart, but they have a pretty tall hurdle to jump over with the broken trend line support AND the 100 SMA keeping the selling pressure alive.
You can short at current levels if you’re one of them breakout playas who believe that the Kiwi will extend its downtrend against the yen.
Think the downside “breakout” is actually a fakeout? Look for momentum above the 100 and 200 SMAs, which could turn into NZD/JPY’s opportunity to get back to its more obvious uptrend.