Chart Artwork: Pullback and Vary Setups on USD/CAD and GBP/NZD

No pattern? No drawback!

USD/CAD and GBP/NZD could also be consolidating rn however they’re doing so at veeeeeery attention-grabbing ranges.

Verify them out!

USD/CAD 1-hour Forex Chart
USD/CAD 1-hour Foreign exchange Chart

USD/CAD patrons hit a ceiling at 1.2700, which isn’t stunning since sellers have been defending the extent since late August.

What makes the chart attention-grabbing at this time is that it’s displaying a bearish divergence on the 1-hour timeframe.

Greenback sellers can begin loading positions at present ranges although extra conservative playas can anticipate a little bit of momentum earlier than concentrating on support zones like 1.2600 or 1.2520.

Assume USD/CAD is headed for an upside breakout as an alternative? Be sure USD/CAD is buying and selling firmly above 1.2700 and even September’s highs earlier than you goal for resistance ranges like 1.2900.

GBP/NZD 4-hour Forex Chart
GBP/NZD 4-hour Foreign exchange Chart

A few days in the past, we thought that GBP/NZD would find support at the 1.9650 range floor.

Turned out, there have been extra bears than bulls in da home! GBP/NZD broke by 1.9650 and didn’t discover help till it hit 1.9350.

Now that the pound is headed increased, I received my sights set on the 1.9650 damaged help. See, it’s not solely close to the 38.2% Fib retracement of the final downswing, however it’s additionally across the 100 SMA on the 1-hour timeframe.

GBP/NZD nonetheless received about 200 pips earlier than hitting the pullback alternative, although, so y’all can nonetheless write buying and selling plans should you’re planning on buying and selling this one.

What do you suppose? Will GBP/NZD flip decrease if it hits the 38.2% Fib? Will it return to inside its damaged vary? Or will it flip decrease with out even saying howdy to the Fib ranges above?

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