Comdoll traders gather ’round!
Whether you like short-term trading trades or you’re more into longer-term charts, I got yo back with buying opportunities on NZD/USD and GBP/CAD.
Check their charts out!
NZD/USD: 1-hour
NZD/USD has been making higher highs since finding support at .6250 but it wasn’t until the 100 SMA crossed above the 200 SMA when the bulls really upped their game.
NZD/USD is now trading just under .6450, which is near a trend line support and the 50% Fibonacci retracement of this week’s upswing.
Can NZD/USD extend its gains? The odds (read: technicals) favor further gains as Stochastic hangs out in the oversold territory while the 100 SMA diverges farther from the 200 SMA and hints at faster upswings.
A bounce from the trend line could bump NZD/USD up to this week’s highs near .6500 or even to new monthly highs.
A clear break below the trend line and 50% Fib, however, sets NZD/USD up for a retest of the 100 or 200 SMAs on the 1-hour time frame.
GBP/CAD: Weekly
Not a fan of trading shorter time frames? Check out GBP/CAD’s weekly chart!
The pair just popped up a green candlestick after finding support at the 1.5800 psychological handle.
As you can see, 1.5800 lines up with support levels that held in October 2016, February 2017, August 2017, and August 2019.
Are we looking at a range bounce in the making?
Stochastic is on the bulls’ side with an oversold signal while the current weekly candle also supports a possible upswing.
Buying at current levels would yield a legit risk ratio especially if GBP/CAD pops up to the 1.6750 mid-range levels.
Not convinced that GBP/CAD will see enough buying pressure? You can also wait for a bit more momentum or set up downside breakout orders below the 1.5800 long-term support.
