Got any comdoll traders in da house?
Aussie bulls are having trouble pushing AUD/USD above the .7625 zone so far this month.And why not? Not only are they looking at the 100 and 200 SMAs, but they’re also dealing with a descending channel resistance that hasn’t been broken since the second half of March.
Aussie bears can still get a decent risk ratio by shorting at current levels and aiming for April 1’s lows near .7540.
If buying comdolls is more your thing, though, then you’ll have to wait for a clear break above the trend line resistance. You can even wait for an SMA crossover if you’re not sure about buying AUD/USD!
The .7665 inflection point looks like a good initial target for the bulls but you can also aim for .7700 if AUD/USD ever gets momentum above its current trend line resistance.
Not feelin’ the dollar these days? That’s aight, you can also check out GBP/AUD’s uptrend on the 1-hour time frame.As you can see, GBP/AUD is chillin’ around the 38.2% Fib retracement just above the 100 SMA and a trend line support that’s been around since mid-March.
You can start placing them long trades if you’re confident that the pound will keep on gaining pips against the Aussie.
The 1.8280 zone can be a good target but you can also keep some of your long positions around in case GBP/AUD makes new 2021 highs in the next coupla days.
Convinced that GBP/AUD is due for a reversal? The pound has some way to go before breaking below the 100 and 200 SMAs as well as the trend line support but you can still look out for strong bearish momentum that would break the pound’s uptrend.
Watch this one closely!