USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
Stock market: pay attention to Disney
BUY 121.00; TP 130.00; SL 119.00
BUY 114.00; TP 120.00; SL 112.00
Here’s a more fundamental trade idea that may take some time to unfold. Yet, it’s worth considering.
Disney had an investor day on Thursday, April 11. The company unveiled a new video streaming service, Disney+. It aims to invest plenty of money into making original content and compete with Netflix. In particular, Disney will soon pull its existing Marvel and Pixar shows and movies out of Netflix and the new service will be the only platform to watch them. Disney+ subscription will cost $6.99 a month, far less than Netflix's $13. This new development makes us bullish on Disney in the longer term.
The key resistance level for Disney lies at 120.00. This area has been holding the price advance since 2015. If the stock gets above it, it will be able to resume the uptrend on a big scale.
Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
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