A brand new week means a fresh chance to get some swing and long-term trades on!
We’re looking at several markets today because Cardano is hitting a major support, AUD/JPY is close to a trend line, and WTI looks ready for a reversal.
Check these daily and weekly charts, errbody!
Let’s start with the crypto market. First up is a nice and simple support play on Cardano’s daily time frame. See, ADA/USD is hanging out around the 1.160000 area that the bulls have been minding since April.
Stochastic is already signaling ADA’s “oversold” levels and I’m spotting a lowkey bullish divergence so the odds of an upside move are a bit higher.
Watch out for a revisit of the 1.500000 July highs if we do see a bounce. If the bears manage to break below June’s lows AND the 200 SMA support, though, then you should also prepare to see a longer-term downtrend for ADA/USD.
I know you like them comdolls so I’m giving you a heads up that AUD/JPY is near the 81.00 psychological level that lines up with a trend line support that hasn’t been broken since April 2020.
With the 200 SMA and 38.2% Fib line chillin’ near the Aussie’s current levels, you can bet that at least some bulls are already making trading plans.
A bounce from the trend line could take AUD/JPY back to the 84.00 zone near the 100 SMA. A downside break, on the other hand, could drag AUD/JPY to the 79.50 or 78.50 previous areas of interest.
I don’t know if you’ve noticed, but the bears sold crude oil at the $75.00 level like their momma told them to do it!
WTI is now trading under the $71.00 mark after seeing a strong red candlestick last week.
The $66.00 handle is a level to watch as it lines up with a previous resistance on the weekly time frame. Of course, with a bearish divergence on the chart, it’s also possible that we’ll see a stronger pullback from the commodity.