Kiwi traders gather ’round!
We’re all about the comdoll today as we explore NZD/USD’s range and a potential reversal for AUD/NZD.
What do you think of these setups?
NZD/USD: 1-hour
NZD/USD 1-hour Forex Chart
NZD/USD is about 30 pips away from a range resistance that has been containing the bulls since late January.
Kiwi bears even have the support of an overbought Stochastic signal!Will yesterday’s rejection at the range resistance translate to a dip to the .6600 range support? The red candlesticks on the 1-hour chart are lookin’ good but you can wait for more signs of momentum if you’re not sure about selling NZD/USD just yet.
If bears fail to sustain the pressure and ends up finding support at mid-range levels, then you should also be ready for another retest of the .6700 resistance or even an upside breakout.
AUD/NZD: Daily
AUD/NZD Daily Forex Chart
I spy with my eye a potential reversal in the making!
AUD/NZD is flirting with the 1.0800 psychological handle that comdoll bulls and bears have been minding since 2020.
What makes the setup more interesting today is that a bearish divergence has popped up on the daily chart just as AUD/NZD is showing hesitation (and even reversal) candlesticks near 1.0800.Aussie bears who are confident of a looming reversal can short at the first signs of bearish momentum and target key areas of interest like 1.0550 – 1.0650.
If you’d rather buy the Aussie against Kiwi, though, then you’ll want to do it only once AUD/NZD has traded above 1.0800 for a while.
Good luck and good trading this one!
