Comdoll traders gather ’round!
We’re looking at AUD, CAD, and NZD today because NZD/CAD is consolidating while AUD/NZD looks ready for a reversal.
What do you think?
AUD/NZD found buyers just above 1.0950 not once, but TWICE in the last couple of days!The pair is now sporting a potential Double Bottom pattern with the 1.1070 level as its “neckline.”
A bounce lower from the 1-hour neckline could drag AUD/NZD to its June lows near 1.0950.
If AUD/NZD breaks above the 1.1070 neckline, though, then we could see a move to 1.1050 closer to the SMAs and last week’s broken support levels.
NZD/CAD is consolidating inside a 50-pip range after rising sharply and forming the “flagpole” last week.The odds are in the bulls favor especially after the 100 SMA has crossed above the 200 SMA and Stochastic flashing an oversold signal.
Aggressive NZD bulls can start scaling in at current levels while more conservative buyers can wait for a bit of momentum before placing long trades.
Think NZD/CAD is headed lower instead? You can also wait for a clear break below the consolidation’s support and consider previous areas of interest like .8170 or .8125 as short-term profit targets.
Watch this one closely, forex friends!