Looking for trends to start your week?
Delta Airlines (DAL) and NZD/USD are showing trend continuation setups while Cardano (ADA/USD) is on a break and retest path.
What do you think of these setups?
Delta Airlines, Inc.: Daily
Fasten your seatbelts because Delta Airlines, Inc. (DAL) may see another downswing!
DAL has been on a downtrend since March 2021 but it wasn’t until October 2021 when it traded inside an observable descending channel.
Will traders see another downswing? Not only has DAL been rejected (again!) from the channel’s resistance but the asset has also bounced from the 100 and 200 SMAs on the daily.
Consistent trading below $40 opens DAL to a move down to $35 or $30. Make sure you’re around in case DAL sees bearish momentum!
ADA/USD: Daily
I spy with my eye a break-and-retest opportunity!
Cardano (ADA/USD) is retesting the 1.0200 area, which lines up with not only a broken trend line resistance but also the 50% Fibonacci retracement of March’s upswing.
ADA/USD bulls have a chance to start an uptrend now that Stochastic is showing an “oversold” signal.
Buyers can start buying Cardano as soon as there’s momentum above the broken trend line resistance. You can wait for consistent trading above April’s highs if you’re not sure about ADA’s next direction.
If you think that ADA/USD will retest its March lows, however, then you’ll want to place your trades below the trend line “support” on the daily time frame.
NZD/USD: Daily
Comdoll traders huddle up!
NZD/USD has just bounced from a trend line resistance that has been limiting the bulls’ game since February 2021.
What makes the pair interesting today is that it’s poppin’ up red candlesticks after being rejected at the trend line and 200 SMA area.
Will NZD see more losses against USD? A short trade at current levels would yield a good risk ratio if NZD/USD dips back to its 2022 lows.
If you’d rather buy NZD/USD, then you can wait until it breaks above its trend line resistance and maybe head for areas of interest like .7050 or .7200.
