Chart Art: Range Resistance Levels For NZD/USD and AUD/CAD

Comdoll traders huddle up!

Both NZD/USD and AUD/CAD are hitting range resistance areas.

Which pair will bounce lower? Which will break higher? Check their charts out!                         

AUD/CAD: 1-hour

AUD/CAD 1-hour Forex Chart

AUD/CAD has been trading in an 80-pip range since early October and it looks like AUD bears will have another chance to short today!

The pair is about to hit the .8680 – .8700 level that hasn’t been broken since AUD/CAD bounced from its .8600 monthly lows.

Even Stochastic is on the bears’ side as it hangs out near “overbought” levels.

Meanwhile, the 100 and 200 simple moving averages (SMAs) criss-crossing and barely seeing gaps suggests that AUD/CAD hasn’t found new directional movement just yet.

A short at current levels and stops just above the range resistance would yield a good risk ratio especially if AUD/CAD drops back to its .8600 range support.

Think we’re about to see an upside breakout instead? Make sure to place your buy orders wayyy above this week’s highs so you don’t get caught in a fakeout!

NZD/USD: 4-hour

NZD/USD 4-hour Forex Chart

Here’s one for the dollar traders out there!

NZD/USD is locked inside a range after a weeks-long downtrend found support at the .5600 psychological handle.

Can NZD/USD still extend its downtrend?

The pair may be trading above the 1-hour chart’s 100 SMA but it’s still below the 200 SMA and a trend line resistance that has been solid since mid-August.

Watch how NZD/USD reacts to the .5700 – .5800 resistance zone.

A rejection at the 200 SMA and trend line could lead to a retest of October lows.

On the other hand, a clear break above the trend line that we’ve marked could push NZD/USD to previous areas of interest like .6000 or .6150.