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March 19, 2021

Trade Ideas for AUD/CAD, DOGE/USD, & SPX500

Frank Cabibi

AC Tests Resistance, Long Setup on Dogecoin
3/19/2021

AUD/CAD Analysis
Canada saw some better than expected core retail sales news, but the pair is still in the green today and struggles to break that falling trend line on the daily chart. If price doesn't break resistance today, it may find support on the 200 DMA again and set up another potential long position.
DOGE/USD Analysis
As Elon Musk has his fun with the meme cryptocurrency, its price continues to hold itself above 5 cents. Looking at Doge from a technical standpoint, it seems like this pair keeps following a pattern of making considerable spikes followed by longer time periods of consolidation and wedge-forming. Now it looks like Doge is back in another wedge on the daily chart as it hits the rising trend line, and a possible long play could be made here.
SPX500 Analysis
SPX500 on the daily chart bounces off mild support after a heavy tech sell off. If the day can end in a long wick showing rejection on the lows, it could be a good sign for the market's outlook going into next week. Futures on Sunday evening will be something to watch as volatility recedes.

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