Welcome to a brand spankin’ new trading month!
Hit the ground running with not one, but TWO comdoll trades today.
Check out what’s happening on USD/CAD and NZD/CHF’s longer-term charts!
I don’t know if you’ve noticed but NZD/CHF has been trading inside a 150ish-pip rectangle pattern since July.
The range is more interesting because it’s happening at the bottom of a descending channel on the daily time frame.This means that an upside breakout could take NZD/CHF back to the .6100 zone near the mid-channel levels where the 100 and 200 SMAs are also hanging out.
On the other hand, a downside breakout exposes NZD/CHF to a steeper downtrend that could drag NZD to the .5750 or even the .5550 previous support zones.
Not feelin’ like holding a NZD/CHF trade for long?
You can also take advantage of the pair’s still-intact range and trade the established support and resistance zones.
Yo, USD/CAD just broke above 1.3000! Will this lead to more gains for USD?
I’m looking at the 1.3350 level that lines up with a mid-range resistance on the weekly time frame.Stochastic is still in middle-ish ground so USD bulls can still maintain a momentum until USD/CAD hits bigger areas of interest.
Shorting at the resistance zone could make for a good trade if you’re confident that USD/CAD will drop back to its 1.2050 range support.
If you think that USD/CAD will bust through the mid-range resistance without any problems, then you can also take advantage of the current momentum and buy USD until the upswing loses momentum.
Good luck and good trading this one!