If you like swing trades using comdoll crosses then you’re gonna love what’s on the lineup today!
AUD/CHF is at the bottom of an ascending channel while NZD/JPY looks ready to bust out of a consolidation.
Check their charts out!
AUD/CHF: 4-hour
AUD/CHF is consolidating just above the .6900 psychological handle, yo!
As you can see, the area lines up with a trend line that bulls and bears have been minding since March.
With Stochastic chillin’ in the “oversold” zone, you can bet that at least some AUD bulls are paying attention.
A long trade at the earliest signs of a bullish momentum would make for a good trade if you believe that AUD/CHF will pop back up to .7000 or the .7100 previous highs.
A clear break below the trend line support, on the other hand, could drag AUD/CHF down to the 200 SMA levels closer to the .6800 – .6850 area.
NZD/JPY: 4-hour
Who’s up for breakout trades today?
If you are, then y’all better pay attention to NZD/JPY forming a possible bullish pennant on the 4-hour time frame.
Triangles like pennants can technically break in either direction but, based on the chart’s moving averages, it looks like NZD/JPY traders aren’t done with the uptrend just yet.
Look out for a break above the 87.00 March highs, which could push NZD/JPY to highs not seen since 2015.
Before you buy NZD/JPY like there’s no tomorrow, though, you also gotta prepare for a possible downside breakout!
If NZD/JPY breaks below the pattern and consistently trades below the 100 SMA, then we might see a move back down to the 82.00 – 82.50 previous resistance area.
