Welcome to a brand-new trading month, errbody!
Jumpstart February with a look at these trend continuation setups on Netflix (NFLX) and EUR/AUD.
Better keep your eyes on these pullback levels.
EUR/AUD 4-hour Forex Chart by TradingView
Don’t look now, but EUR/AUD already looks ready to resume its slide!
The pair has been cruising lower inside a descending channel on the 4-hour time frame and is currently hitting a ceiling at the 38.2% Fib.
A higher pullback could still reach the 61.8% level closer to the channel resistance near the 1.5600 handle, but Stochastic is suggesting that bears are returning.
In that case, EUR/AUD could make its way back down to the swing low near the 1.5250 minor psychological mark or the channel bottom closer to 1.5200.
Moving averages also confirm the presence of bearish vibes, as the 100 SMA is below the 200 SMA and is also holding as dynamic resistance.
Netflix (NFLX): 4-hour
Netflix (NFLX) 4-hour Chart by TradingView
Missed these earlier pullback opportunities on Netflix?
It might be time to stop binge-watching and start paying closer attention to this uptrend on NFLX instead!
The stock price looks prime for another correction to its rising trend line that’s been holding steady since July last year.
Using the handy-dandy Fib retracement tool shows that this area of interest is around the 50% level, 100 SMA dynamic inflection point, and the $325 mark.
The 100 SMA is safely above the 200 SMA to suggest that there’s a strong chance the uptrend could carry on. Just be careful since Stochastic is still heading south for now, which means that the correction could keep going until oversold conditions are met.
If any of the Fib levels are able to keep losses in check, Netflix shares could soon climb back to the swing high and beyond.
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