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 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 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.
