Welcome to mid-month trading, my dudes!
This week we’re taking a closer look at Walmart’s broken range support as well as Ether (ETH/USD) and AUD/NZD’s support and resistance levels.
Check them out!
AUD/NZD: 4-hour
AUD/NZD 4-hour Forex Chart
AUD/NZD has been in a low-key uptrend since mid-May when the pair started poppin’ up higher lows and higher highs.
Feel like jumping in? AUD bulls have a chance today as the pair hangs out near its 4-hour ascending channel support.Even Stochastic is on the bulls’ side with an oversold signal. Don’t discount a downside breakout though!
If you see AUD/NZD break (and stay) below its trend line support, then you gotta be ready for the pair to revisit previous inflection points like 1.0950 or 1.0900.
Ether (ETH/USD): Daily
Ether (ETH/USD) Daily Chart
Where my ETH HODLing friends at?
Ether (ETH/USD) has almost doubled in value a month after bouncing from the $1,000 mark!
Think ETH/USD is done with its long-term downtrend? Or are we looking at a bull trap?
While a trip to the moon is not impossible, you should watch out for the $2,300 zone that lines up with the (a) 50% Fibonacci retracement of April’s downswing, (b) daily chart’s 200 SMA, and (c) a trend line resistance that hasn’t been broken since late 2021.
A downswing that has legs could drag ETH/USD back to the $1,600 levels, if not the $1,200 previous inflection point.
If ETH/USD manages to bust above its trend line resistance, however, then the crypto could target areas of interest like $3,200 or even $4,000!
Walmart (WMT): Daily
Walmart (WMT) Daily Chart
Equities traders huddle up!
Walmart (WMT) looks set to test the $134.00 psychological handle that also lines up with a broken range support that has since served as resistance at least twice.
Stochastic isn’t any help in the middle zone right now, but the 100 and 200 SMA just above the $134.00 mark could keep bulls from gaining momentum above an established resistance.Keep close tabs on how WMT reacts to its resistance zone.
A bounce lower could drag it down to $124 or $120 while an upside breakout could push it up to $140 or $144.
