Who’s pumped and ready to hit the ground running in the last trading week of the quarter?
If you are, then you’ll definitely want to check out WTI, GBP/JPY, and ZRX/USD’s charts today!
Which among these setups will you most likely trade?
WTI crude oil futures has actually been on an uptrend since November 2020 but I gotta point out what I’ve spotted on the 4-hour time frame.See, the Black Crack broke below a key trend line support and now the bears are using the broken trend line as resistance. Not only that, but they’ve also been taking cues from the 200 SMA for direction.
With Stochastic flashing an overbought signal, I know some bears have already pounced at the chance to short until WTI hits the 57.00 – 58.00 support.
If WTI ends up trading above the 200 SMA, though, then you’ll want to see if the commodity can keep trading above the broken trend line and extend its longer-term uptrend.
Where my crypto-trading brothas at?
0x is hitting a ceiling at 1.4700, which is right around a trend line resistance on the daily time frame.
Bears who are already short on the coin can aim for the 1.2650 zone that marks the support for the descending triangle pattern on the chart.
Meanwhile, bulls can either buy at the triangle support or watch out for a break above the trend line resistance that could propel ZRX all the way to 1.7000 against the dollar.
Here’s an old-school range for the fiat traders out there!GBP/JPY bulls have run out of steam 150 pips away from the 153.50 range resistance that the bears have been defending since mid-2016.
Is the pound ready for a reversal against the yen? Shorting at current levels would yield a good enough risk ratio now that Stochastic is in overbought territory and that the ultimate target is waaaaay down at 127.50. That’s a lot of potential movement!
If you think that the pound isn’t done rising against the yen just yet, then you can look to the lower time frames for momentum and then aim for the extra 150-pip move to the 153.50 resistance.