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Missed the initial reversal moves on AUD/USD and USD/CAD?

These pullback setups could be your chance to catch the new trends at better prices.

AUD/USD: 4-hour

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

Check out this sharp channel breakdown on AUD/USD!

The move was too quick for me to catch, but I’m keeping an eye out for a potential retest of the broken channel support.

This happens to be right smack in line with the 61.8% Fib and .7200 major psychological resistance, so sellers might be hanging out here.

Oh, and did I mention that this area coincides with the dynamic inflection points at the moving averages, too?

The indicators have yet to complete a bearish moving average crossover, but it looks bound to happen pretty soon.

A smaller pullback could already hit a ceiling around the 38.2% to 50% Fibonacci retracement levels, which span an area of interest or former support zone that might hold as resistance.

I’d probably hold out for Stochastic to reach the overbought zone to signal exhaustion among buyers first before hopping in any short positions.

USD/CAD: 4-hour

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

Don’t look now, but USD/CAD is already sitting pretty at an area of interest visible on its 4-hour time frame!

Will sellers jump back in soon?

Technical indicators seem to be suggesting so, as the 100 SMA is below the 200 SMA while Stochastic is starting to head south from the overbought region.

If the support-turned-resistance at the 61.8% Fib holds, USD/CAD could resume the slide to the swing low at the 1.2450 minor psychological mark or lower.

The gap between the moving averages is even widening to reflect strengthening bearish pressure. Just make sure to set your stops past the 200 SMA dynamic resistance around the 1.2700 handle to give the trade some breathing room.