Welcome to the third week of March, yo!
Looking for setups to watch this week?
Check out AUD/NZD and ETH/USD’s triangles and a pretty solid Fib bounce for NASDAQ and see if you can make them work for you in the next few days.
AUD/NZD: DailyIn case you missed it, AUD/NZD got rejected at the 1.0800 zone for a THIRD time this year.
If the Aussie continues to lose pips against the Kiwi, then we could see AUD/NZD retest the trend line support that hasn’t been broken since December 2020. That’s still about 60 or so pips away!
If Aussie bulls hustle like there’s no tomorrow, though, then we could see another retest of the 1.0800 resistance as soon as this week. Watch out for an upside breakout, which could boost AUD/NZD all the way to the 1.0900 or even the 1.1050 previous areas of interest.
Who’s up for some crypto trading? If you are, then you’re gonna love that ETH/USD is headed for the big $2,000 resistance on the daily.
If $2,000 holds as resistance, though, then you gotta watch out for dips to the $1,800 levels or even the trend line support on the daily. The last green candles look pretty determined to me, so better make them trading plans if you’re planning on trading the $2,000 retest!
NASDAQ100 found resistance just under the 14,000 mark and has dropped to the 12,250 zone before finding support at a 50% Fib retracement.
Bulls who think that the index will retest its February highs can buy at current levels and place stops just under March’s lows and still get pretty decent risk ratios.
If NASDAQ100 doesn’t make higher highs, though, then the bears could take over and drag it firmly below the 100 SMA to retest the 12,250 lows.