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Yo, who’s ready to catch some pips?

Today we’re lookin’ at not one, but TWO major comdoll pairs.

Did you know that AUD/USD and USD/CAD are testing key inflection points rn?

USD/CAD: 1-hour

USD/CAD 1-hour Forex Chart
USD/CAD 1-hour Forex Chart

Party time! USD/CAD bulls and bears are getting busy at the 1.2750 minor psychological handle that lines up with a descending channel resistance on the 1-hour time frame.

As you can see, the dollar popped above the resistance for a while but is now back juuust inside the channel.

So, did we see a breakout? A fakeout? A stakeout? Cookout?

We will soon find out!

Bears who are paying attention to the bearish divergence can load up as soon as USD/CAD starts getting bearish momentum below the 1.2730 inflection point.

But if you believe that it’s time for USD/CAD to change its longer-term direction, then you can also wait for a clear break above the trend line resistance (which hasn’t been broken since January 11) and then try to aim for January’s or even mid-December’s highs.

AUD/USD: 4-hour

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

What’s better than a triangle support play? Bell-bottom pants going mainstream again, of course!

Oh, and AUD/USD’s triangle support lining up with the 200 SMA on the 4-hour time frame. You gotta admit, it’s not as feel-good news as the Bell Bottom bit but it’s definitely a positive sign for Aussie bulls.

Buying at current levels or the first signs of bullish momentum means that you’re getting a good risk ratio in case AUD/USD pops above its ascending triangle consolidation and extends its uptrend.

But what if AUD/USD trades below the triangle? If the Aussie drops (and stays) below the triangle and 200 SMA support area, then you should consider the possibility of a reversal that could drag AUD/USD to the .7570 or .7500 previous areas of interest.