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We’re checking out not one, but TWO comdoll swing trades today, yo!

USD/CAD looks ready for a reversal while AUD/NZD may be dealing with a fakeout.

What do you think?

AUD/NZD: 4-hour

AUD/NZD 4-hour Forex Chart
AUD/NZD 4-hour Forex Chart

A few weeks ago we talked about AUD/NZD hitting a channel support on the daily.

Well, it looks like the bears had more members in their club than we thought! AUD/NZD had extended a short-term downtrend and hit the 1.0720 zone before the bulls stepped in.

Is AUD/NZD ready to return to its longer-term uptrend? Not only has the pair broken above its descending channel resistance, but it’s also trading above the 100 SMA on the 4-hour time frame. In fact, it’s currently knocking on the trend line support it had broken in April!

Aussie bulls can wait until AUD/NZD trades above the longer-term trend line support before aiming for inflection points like 1.0870 and 1.0950.

Meanwhile, bears should watch out for a possible rejection at the trend line. If AUD/NZD sees new bearish pressure, then you gotta be ready to trade the Aussie all the way to 1.0720 or even 1.0650.

USD/CAD: 4-hour

USD/CAD 4-hour Forex Chart
USD/CAD 4-hour Forex Chart

I spy with my eye a possible reversal!

USD/CAD is sporting a possible double bottom after hitting support at the 1.2270 zone twice in the last few days.

A break above the 1.2300 “neckline” could lead to a trip to the 1.2385 previous support level.

But what if USD/CAD goes back to its downswing without seeing a legit retracement?

Look out for new May lows, which could drag USD/CAD to its long-term support near 1.2250 and 1.2100.