Welcome to the last full week of September!
Cap your monthly trading on a strong note with AUD/JPY and Micron Technology’s (MU) trends and Cardano’s (ADA/USD) possible breakout.
Check these charts out!
ADA/USD: Daily
ADA/USD Daily Chart
In the crypto market, Cardano (ADA/USD) reached new lows in May but it looks like there are enough buyers around the .4270 – .4300 zone to keep the bears at bay.
In fact, ADA/USD is sporting a descending triangle consolidation on the daily time frame as it follows a trend line resistance while maintaining its support.The 100 and 200 SMAs are turning flat, however, which suggests that the downtrend may be losing its momentum.
How low can ADA go?
Watch out for a breakout above the triangle and 100 SMA resistance which could push ADA/USD above the .6000 mark.
If ADA/USD ends up making new 2022 lows, though, then bears better be ready to trade another downswing until it loses momentum!
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AUD/JPY: Daily
AUD/JPY Daily Forex Chart
Feel like trading trends? I gotchu!
AUD/JPY is testing the 100 SMA, which happens to be near an ascending channel support on the daily time frame.
Bulls who are looking at Stochastic‘s oversold signal can start scaling in positions at current levels or wait for bullish candlesticks closer to the 92.50 channel support area.
If you’d rather short AUD against JPY, then you’ll want to do it while the sellers have momentum on the shorter time frames.
Just make sure to use your top risk management moves so you don’t get stopped out on a high volatility scenario!
Micron Technology, Inc. (MU): Weekly
Micron Technology, Inc. (MU) Weekly Chart
Micron Technology, Inc. (MU) is breaking below its support levels!
MU just busted below its SMAs and a key trend line support on the weekly time frame.Is it time for even more sellers to step in?
Take note of the bullish divergence on the chart which could make it easy on the bulls to buy in case of risk-on situations in the U.S. equities markets.
If MU keeps on dropping, though, then you can watch out for a drop to the $34.00 – $36.00 levels.
After all, the levels coincide with the completion of the Double Top breakout on the chart and is in line with key support and resistance levels in the previous years.
