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Who’s up for a comdoll trade or two?

Today we’re looking at GBP/AUD’s downtrend and NZD/CAD’s range opportunity.

Sound good? Check out today’s charts!

GBP/AUD: 1-hour

GBP/AUD 1-hour Forex Chart

GBP/AUD 1-hour Forex Chart by TradingView

Trend warriors gather ’round!

GBP/AUD is consolidating just under the 1.7700 mark, which is close to the 50% Fibonacci retracement of the pair’s weekly downswing.

Is GBP in for more losses against AUD?

Technical indicators favor more selling with Stochastic showing a bearish divergence with the 1-hour chart’s prices.

In addition to that, the 100 SMA and a trend line resistance above GBP/AUD’s current prices might keep GBP/AUD bulls from gaining momentum.

Shorting at the first signs of bearish pressure would yield a good risk ratio especially if GBP/AUD makes new monthly lows in the next trading sessions.

If yesterday’s upswing gains momentum, though, then you should also be prepared for an upside breakout that could take GBP/AUD to the 1.7800 or 1.7900 previous areas of interest.

NZD/CAD: 4-hour

NZD/CAD 4-hour Forex Chart

NZD/CAD 4-hour Forex Chart byTradingView

If comdoll ranges are more your thing, then you’ll want to know that NZD/CAD’s sharp downswing stopped at a previous low.

Specifically, it’s showing hesitation candlesticks around the .8470 December 2022 low.

Now that NZD/CAD has ended its uptrend, is the pair in for a period of ranging price action?

Look out for a bounce that could take NZD/CAD to the .8550 mid-range or .8620 range resistance levels.

Of course, you can also wait for a few bullish candlesticks or Stochastic hitting oversold levels before betting on a range bounce.

If NZD/CAD breaks below the support we’re eyeing, then you could consider a longer-term bearish reversal that could last months.