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Calling all range playas!

We’ve got ourselves a range parade today as we explore short-term support and resistance levels on NZD/USD and EUR/CAD.

Check them out, yo!

NZD/USD: 1-hour

NZD/USD 1-Hour Forex Chart
NZD/USD 1-Hour Forex Chart

Kiwi bulls are making pips rain after NZD/USD found support at the .6400 major psychological level. And why not? As you can see, the MaPs also lines up with a range support that has held at least thrice more in the last two weeks.

Buying at current levels would still give you a bit more than a 1:1 reward-to-risk ratio if you aim for the .6500 range resistance and place your stops just under the .6400 zone.

If you think that the party will stop around the mid-range level, though, then you can also wait to see how NZD/USD reacts to the level and then make shorter-term plays for either the range resistance or support.

Whichever direction you choose to trade, make sure you’re keeping an eye on your risk ratios and your trade execution to see if you’re still following them trading plans!

EUR/CAD: 1-hour

EUR/CAD 1-Hour Forex Chart
EUR/CAD 1-Hour Forex Chart

Not a fan of the U.S. dollar? That’s fine, I still got your back!

EUR/CAD just broke below a consolidation near 1.5350, which is a level that the bears have defended at least four times since late May.

Can bears push for another trip down to the major support levels?

Shorting at the first signs of momentum is a good trade idea especially if you aim for the 1.5100 range support. Heck, even the mid-range levels near 1.5225 would still yield decent pips!

If you’re not convinced that the euro can fall one more time against the Loonie, then you can also wait for EUR/CAD to see a clear break above the 1.5350 resistance and then aim for areas of interest closer to 1.5500.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line