Can’t get enough of comdolls?
Don’t even think of missing these opportunities!
Aussie bulls and bears are having tug-o-pips around the .9650 psychological handle that lines up with a trend line support that hasn’t been broken since the start of the month.Adding spice to the setup are the 100 and 200 SMAs hanging around the current prices.
If you see AUD/CAD bouncing from the channel support, or if the 100 SMA crosses above the 200 SMA, then you can start thinkin’ about jumping on the Aussie’s uptrend. The .9700 MaPs is a good initial target though you can also set your sights on the .9750 previous high.
In case you missed it, NZD/USD has broken below a trend line support that the bulls had been relying on since April 2020.NZD had found support at the .6950 zone, however, and has received enough support to retest the broken trend line.
Are we looking at a break-and-retest scenario over here? Take note that NZD/USD is also trading near the 100 SMA and the 50% Fib retracement of the latest downswing.
Shorting at the first signs of bearish momentum is a good play if you believe that the Kiwi would see more losses against the Greenback.
If you believe that NZD/USD would return to its long-term uptrend, though, then you can also wait for the pair to trade back above the trend line support and then aim for possible retests of the .7275 and .7450 previous areas of interest.