Partner Center Find a Broker

Where my comdoll-trading friends at?

AUD/USD is seeing a pullback from its strong uptrend while GBP/NZD may be finding support at an area of interest.

Check them out, yo!

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart
AUD/USD 1-hour Forex Chart

Last week we saw AUD/USD forming a flag after a strong upswing. And as the pattern suggested, the Aussie eventually extended its uptrend.

AUD/USD is now testing the .7500 psychological handle, which lines up with the ascending channel resistance that the pair had recently broken.

Aussie bulls can pounce at the level, or they could wait for pullbacks to the 38.2% Fib near the consolidation from earlier this week, the 50% Fib that marks the mid-channel support, or the 61.8% Fib that’s closer to the channel and 100 SMA support levels on the 1-hour time frame. That’s a lot of potential entry areas!

Of course, AUD can just extend its uptrend without looking back. Pay close attention to the next candlesticks and see if AUD/USD has more momentum than the last red candlesticks suggest. Feel free to pull up Bollinger Bands or the MACD indicator if you’d like to explore AUD/USD’s uptrend!

GBP/NZD: 4-hour

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

Here’s a simple support play for ya!

GBP/NZD is consolidating at the 1.9200 psychological zone, which lines up with a major support from April and May.

Will 1.9200 hold as support again? Stochastic is already hanging out in the oversold area but we gotta wait for the right candlestick patterns if we want to be sure of a bounce.

Buying at the first signs of bullish momentum would yield a good risk ratio especially if GBP/NZD jumps back up to 1.9350 or even the 1.9400 previous inflection points.

If GBP/NZD extends its downswing, however, then you can look at the 1.9100 or 1.8950 previous areas of interest for initial potential targets.

Good luck and good trading today, forex friends!