US500: A further correction towards 5192 before resuming purchases.
Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
AUD and NZD: brothers in arms
2020-12-07 • Updated
Visibly, AUD/USD and NZD/USD follow quite similar trajectories, with the exception that AUD is now still within the 3-week uptrend’s lower baseline, and the NZD has already dropped out of the channel. See below.
On the H4 chart, the Australian dollar has been staying in the uptrend since the middle of November. Recently, it climbed to 0.7450, then bounced off that high and got down to 0.7380. This low is right at the lower side of the channel. That means there is a high likelihood that the price will bounce from it and aim upwards to the other side of the channel. Crossing 0.74 on the way up there would mean that we are probably right with this prediction.
NZD/USD has been following a very similar uptrend for the last three weeks. It reached 0.7080 and reversed to the downside dropping to 0.7010. It appears that the bearish gravity is stronger with the NZD – therefore, watch the support of 0.7000 to check any further downswing. Otherwise, keep in mind that the dropdown from the uptrend may not be necessarily a start of a new one, so getting back on track is a possibility. For this scenario, 0.7050 would be the resistance to watch before bulls take it further up to 0.7080.
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WTT: Currency Pairs To Trade In April
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
EURUSD: Seeking liquidity in weekly selling zones. Key intraday levels.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
