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Comdoll warriors huddle up!

Today we’re looking at AUD/USD possibly turning lower from a range resistance while GBP/NZD bounces from a key support area.

Don’t even think of missing these charts!

AUD/USD: 4-hour

AUD/USD 4-hour Forex Chart
AUD/USD 4-hour Forex Chart

AUD/USD is having trouble making new highs above .7330, which isn’t surprising since the level has held as resistance back in August AND September.

Can the bears defend the level for another day?

Shorting at current prices would yield a high reward-to-risk ratio especially if you place your stops just above August’s highs and the Aussie drops back down to the .7025 range support area.

Feelin’ like buying the Aussie against the dollar instead? You’ll want to wait until AUD/USD makes new November highs and consistently trades above the range resistance so you’ll know you’re looking at a breakout and not a fakeout.

Whichever bias you end up trading, make sure to stick to your trading plan like vaccine makers are sticking to a Monday schedule for their major updates!

GBP/NZD: 4-hour

GBP/NZD 4-hour Forex Chart
GBP/NZD 4-hour Forex Chart

No, you’re not looking at the 2020 Rockefeller Christmas tree finally giving up. That’s just GBP/NZD forming a symmetrical triangle!

What makes the pattern more interesting is that it popped up just above the 1.9100 support that had held in July and September.

While it’s tempting to buy near the support area, keep in mind that triangles reflect indecision and that they could still break in either direction.

That means y’all gotta wait for an actual breakout in case the bears are just taking a breather! Don’t worry, breakouts tend to be as strong as the height of the base of the triangle, which should give us about 200 pips or so in case GBP/NZD breaks out of the pattern.

Forex Chart Settings:

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