Partner Center Find a Broker

This week I’ve got an area of interest on AUD/USD, a triangle pattern on Tesla, and upside ETH targets on my radar.

Don’t miss out on these potentially big moves!

ETH/USD: Daily

ETH/USD Daily Chart
ETH/USD Daily Chart

Ethereum (ETH/USD) HODLers might be seeing some light at the end of the tunnel, as support around the $4,100 mark continues to hold like a boss.

If bulls are strong enough, they could charge towards the upside targets marked by the Fibonacci extension tool. The 50% level seems to have held as a ceiling recently, but stronger upside momentum might still lead to a test of the 61.8% level near the swing high.

Sustained rallies could even take ETH up to the 76.4% level at $5,189 or all the way up to the full extension at $5,714.

Technical indicators are showing promise, with the 100 SMA increasing its lead over the 200 SMA and Stochastic still heading north.

AUD/USD: Daily

AUD/USD Daily Forex Chart
AUD/USD Daily Forex Chart

Don’t look now, but this pair is already hovering at a long-term area of interest visible on the daily time frame!

Where my Aussie bears at?

Price is closing in on the 38.2% Fib that’s right smack in line with a former support at the .7200 major psychological mark. A larger pullback could still take it up to the 50% level at .7276 or the 61.8% Fib near the .7350 minor psychological mark.

Stochastic is still on the move up after all, so AUD/USD could follow suit while bullish pressure is in play. The oscillator has some room to climb before reflecting overbought conditions.

Just keep in mind that the 100 SMA is below the 200 SMA, which suggests that resistance levels are more likely to hold than to break.

TSLA: Daily

TSLA (Tesla) Daily Chart
TSLA (Tesla) Daily Chart

Word on Wall Street is that my buddy Elon recently dumped more than $12 billion worth of shares in the past month!

Now his plans are looking as vague as his cryptic tweets, but what’s pretty clear on the daily chart of TSLA is that a descending triangle is forming.

Which way will it break out?

Technical indicators seem to be hinting at a bullish move.

The 100 SMA is safely above the 200 SMA to suggest that the path of least resistance is to the upside. Meanwhile, Stochastic appears to be pulling higher after hanging out around the oversold region recently.

Better keep close tabs on the triangle top around $1,100 or the support at $975 to gauge if a breakout is happening!