Welcome to a brand-spankin’ new trading week, forex friends!
Today we’re loading up on daily chart setups.
Buckle up and take note of what’s happening on WTI, ETH/USD, and GBP/AUD’s charts!
Resistance alert! GBP/AUD is about to hit the 1.8375 zone that has been serving as range resistance since June 2020.
Can the bears successfully defend the area again? Stochastic is already giving us “overbought” vibes on the daily so y’all be careful if you’re thinking about buying the pound against the Aussie.
Watch out for a bounce from the resistance, which could drag GBP/AUD back to the 1.8000 mid-range levels or even the 1.7550 range support zone. The pair looks like it’s pretty chill about its range so I’m sure you’ll have time to whip up a trading plan whether or not the range resistance holds this week.
WTI Crude Oil: Daily
Take note that the $57.50 psychological level marks the “neckline” for this pattern. That’s below the 200 SMA on the daily!
A break below the 200 SMA and the neckline will tell us that the bears are pretty determined to drag oil prices lower. But if WTI holds the 200 SMA support and pushes for another retest of the $66.50 resistance, then you gotta be ready for an upside breakout that could take the commodity to the $75.00 levels.
Are you ready to see a tight game of tug-o-pips? Ethereum bulls worked hard to close the last candle above a trend line support that bulls and bears have been respecting since November 2020.
If the trend line support continues to hold and ETH/USD eventually trades above the 100 SMA, then the pair can make a play for the 2,780 area of interest.
But if ETH/USD closes a candlestick below the trend line, then you should be ready for a potential test of the $1,580 zone near the 200 SMA.