Three Trade Setups for today: GBPCAD ABCD potential reversal zone rebound. AUDNZD bullish breakout and Crude Oil cluster of moving averages form resistance.
Trade Setup 1: GBPCAD Rebounding
I mentioned this Weekly ABCD potential reversal zone several times before in my chart watch posts. The price started the rebound and today, it completed a head and shoulders bottom formation on the daily chart.
I look for further upside and willing to long any downside pullback towards the broken neckline of the head and shoulders pattern at 1.6230. Targeting 1.6430 swing high followed by the 38.2 retracement level, which also resides near main weekly horizontal resistance around 1.6600 area.
Trade Setup 2: AUDNZD Breaking Out
AUDNZD has completed a multiple breakout recently. Starting from the falling wedge pattern , I mentioned earlier. Followed by the 200-days simple moving average and finally a long term falling trend line.
I am looking to long on any downside pullback. Key levels I will be watching to long at if we get a pullback at 1.0580 and 1.0545. Targeting 1.0700 areas.
Trade Setup 3: Crude Oil at Confluence
Crude Oil tested the confluence of 200 and 50 days simple moving averages, in addition to the near term falling trend line and was rejected. The price formed a shooting star candlestick pattern at that resistance cluster.
I will be betting on a downside move towards 53.77 as a first target, and ultimately the main support level at 50.60.