Some of your favorite assets have had a bearish couple of days, and now they’re approaching potential support levels.
Will we see AAPL, BTC/USD, and NZD/USD bounce soon?
Here are the daily charts that I’m looking at:
Apple Inc. (APPL): Daily
Apple Inc. (AAPL) found resistance at $180.00 and is heading fast towards the $160.00 area.
A bounce from the marked trend line means that the 200 simple moving average has also held as support. A move back to $180.00 or new 2022 highs could be on the table.
If AAPL breaks below the trend line, however, then it would mark the first time since mid-2019 that the asset is trading below the daily chart’s 200 SMA.
The $150.00 range support could probably stall some sellers but it really depends on the selling momentum once the 200 SMA support is broken.
Keep close tabs on this make-or-break situation!
BTC/USD: Daily
Where my HODLer friends at?!
BTC/USD is finding support at the $40K zone even as it continues to hang around sub-100 SMA levels on the daily.
What makes Bitcoin’s chart interesting today is that price is testing the bottom of an ascending channel just as the daily chart is showing a bullish divergence.
Will we see BTC/USD moon in the next couple of days? Keep an eye out for bullish momentum that would take the pair back above 100 SMA levels.
The $44K area would make for a good initial target but you can also aim for the $48K levels near the 200 SMA if you don’t see a promising momentum.
NZD/USD: Daily
NZD/USD has been struggling all month, falling from its .7030 highs to trade at its current levels closer to .6600. Yikes!
Bulls can find friends at the .6540 area that marks 2022’s support and a major area of interest in the third quarter of 2020.
Stochastic is also in favor of the bulls as it stays in “oversold” territory.
Momentum traders can take advantage of the (very) red candlesticks and play NZD/USD’s downtrend until it sees some support.
If you’re comfortable (and capable) of making countertrend trades, though, then you can also start building long positions as soon as NZD/USD hits the descending channel support.
