Who’s ready to mark some charts?
A new week means a fresh chance to snag profits off of juicy technical setups!
Lemme show you what I spotted on BTC/USD, AUD/CAD, and Brent crude oil.
Brent Crude: DailyU.K.’s crude oil is consolidating in a $10 range after hitting resistance at the $70.00 area.
This week the daily chart is giving us head and shoulders vibes with its neckline just above the daily 200 SMA.
Watch the current consolidation for a downside breakout, which could drag the Black Crack to the 200 SMA near the $57.75 levels.
An upside breakout, on the other hand, would lead to a retest of the $70.00 highs that we saw back in early March.
I know y’all are watching Bitcoin right now so you gotta know that BTC/USD is trading in a possible rising wedge on the daily time frame.
Rising wedges pop up when the higher lows are steeper than the higher highs. They also often hint that a big splash is coming.
In which direction should you be looking at? $60,000 remains a big hurdle for the bulls but it doesn’t look like the bears have much game either.
Look for a clear break above $60,000, which could yeet BTC to its $62,670 highs or even new 2021 highs. If the bears manage to break the trend line support, however, then we could see our OG crypto test the 100 SMA or even the $43,400 support.
If you feel like trading the comdolls, then you’re gonna love that AUD/CAD is hitting an ascending channel support.But wait, there’s more! As you can see, the .9550 zone is a BFD for the weekly traders. It’s also near the 200 SMA at a time when Stochastic just landed in the oversold territory.
I’m not seeing any bullish momentum at the moment so y’all still have time to wait and see if AUD/CAD will respect the channel support.
Get ready to target parity if see a strong enough bullish pressure, but you can also aim for the 100 SMA or the .9100 levels if the bears manage to maintain their momentum in the next couple of weeks.