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Sup, forex playas!

We’re all about the comdolls today as we play around with NZD/USD‘s range and a potential breakout on AUD/CAD.

Get ’em while they’re hot!

NZD/USD: 4-hour

NZD/USD 4-hour Forex Chart
NZD/USD 4-hour Forex Chart

NZD/USD bulls are making a play for an upside breakout as they retest the .6700 major psychological handle. As you can see, the MaPs lines up with a range resistance.

What makes the setup interesting today is that there’s a possible bearish divergence on the 4-hour time frame.

If .6700 holds as resistance and Kiwi bears play the divergence game, then NZD/USD could drop back down to its .6625 mid-range levels or even the .6540 range support zone.

An upside breakout, on the other hand, could take the Kiwi iup to the .6780 previous highs.

Good luck and good trading this one!

AUD/CAD: 4-hour

AUD/CAD 4-hour Forex Chart
AUD/CAD 4-hour Forex Chart

Breakout alert! It looks like the bulls have won the tug-o-pips around the 100 SMA and descending channel resistance level.

Already in on this “breakout”? If you are, then you’ll want to watch how the Aussie reacts to the .9470 handle that lines up with October 8’s highs and the 200 SMA on the chart.

If AUD/CAD breaks above the 200 SMA, then the Aussie could hit the .9560 area of interest.

But if AUD/CAD drops below its late October consolidation, however, then the bears can make a play for an extension of AUD/CAD’s downtrend.

Forex Chart Settings:

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