Welcome to mid-week trading, errbody!
I’ve got my eyes on not one, but TWO comdoll trades today.
What do you think of these swing trade opportunities on NZD/USD and AUD/JPY?
NZD/USD has been on an uptrend since finding a bottom at the start of February.NZD buyers better pay attention because there may be an opportunity to jump on the uptrend!
See, the divergence between the 100 and 200 SMAs suggests that the swing-term uptrend remains intact. But NZD/USD is almost at the .6915 level that lines up with the bottom of an ascending channel AND the 100 SMA on the 4-hour time frame.
Bearish candlesticks have started hinting at hesitation but I’m not seeing bullish pressure yet so NZD/USD could still retest the 100 SMA before trading higher.
Whether or not NZD/USD dips to the support zone, make sure to stick around and trade a possible trend continuation!
What’s better than spotting a resistance level?If you said “a resistance level that factors in a chart pattern,” then you might take home pips today!
AUD/JPY is forming a possible Double Top pattern as it consolidates tightly at the 94.00 psychological handle. Stochastic is also on the bears’ side with an overbought signal on the 4-hour chart.
A rejection at 94.00 could drag AUD/JPY down to the “neckline” of the pattern near 91.00.
A downswing is not guaranteed though. If AUD/JPY breaks its consolidation to the upside, then we could see AUD revisit its 2015 highs near 96.00 and 97.00.