Happy Friyay, errbody!
It may be the end of the week but NZD/USD and CAD/CHF are presenting opportunities that could get you started on sweet swing trades.
Think you can make pips from these comdoll charts?
First up is a nice and simple range play on CAD/CHF’s 4-hour time frame.
As you can see, CAD has had a good week against CHF after bouncing from the .7200 psychological handle.The spotlight is on the bears today as CAD/CHF approaches the .7300 range resistance that the bulls haven’t breached in at least a month. Oh, and look at Stochastic waving the “overbought” signal!
Keep an eye on how CAD/CHF reacts to .7300 to see if there are shorting opportunities.
Selling at a rejection of .7300 or the first signs of bearish pressure would make for a good trade if CAD/CHF drops back down to the .7250 mid-range or .7200 range support levels.
If you see CAD/CHF start to consistently trade above .7300, though, then y’all better get ready to trade a breakout. Just make sure that you’re trading a breakout and not a fakeout!
Where my trend-trading friends at?NZD/USD’s months-long downtrend made new lows in January, but it looks like there was enough support to push NZD back up to the .6900 psychological level.
Think NZD/USD will extend its downtrend?
Note that .6900 is right around the 100 and 200 SMAs as well as the 50% Fibonacci retracement of the last big downswing.
Trend playas can short at current levels, place stops just above the trend line resistance, and aim for February’s lows for a good risk ratio.
If you REALLY want to buy comdolls, however, then you’ll want to do it only after NZD/USD clears the trend line resistance on the chart.
Good luck and good trading, errbody!