Intraday Forex Charts Update – June 16, 2015

AUD/USD: 1-Hour

AUD/USD 1 Hour Forex Chart

AUD/USD 1 Hour Forex Chart

AUD/USD has formed  a, uh, triangular consolidation. It’s not exactly an ascending triangle nor is it a symmetrical triangle, so I’ll just stick to calling it a “triangular consolidation.” Moving on, price has began consolidating into a thin point, so it is only a matter of time before one side gives way. I personally have an upside bias because the moving averages are currently in uptrend mode, with the 100 SMA acting as dynamic support. Also, price action indicates that it’s probably the 0.7780 handle that price is trying to break through. Still, there’s always a possibility that the sellers will actually win out in the end, so prudent forex traders should make preparations for either scenario.

AUD/JPY: 1-Hour

AUD/JPY 1 Hour Forex Chart

AUD/JPY 1 Hour Forex Chart

The 95.80 handle has seen very, very significant market interest. But based on the most recent price action, our directional bias is to the upside because price has been forming higher lows and higher highs, with the most recent highs pushing through the 95.80 handle. This implies that forex traders bullish on the pair are beginning to win out. Stochastic is also currently on oversold territory, indicating that sellers may potentially be exhausted. The 95.80 handle has been a very strong resistance level, though, so it’s also possible that buyers may lose steam instead. In any case, make sure to practice proper risk management should you find a trade based on this chart.

AUD/CHF: 1-Hour

AUD/CHF 1 Hour Forex Chart

AUD/CHF 1 Hour Forex Chart

After price broke out of the descending channel that we identified last Friday, AUD/CHF began forming an ascending channel area pattern on the 1-hour forex chart. Unfortunately, price seems to be meeting a lot of sellers. But forex traders bearish on the pair can’t muster enough strength to break through support around the 0.7180 handle. On the flip side, this ascending channel is still half-baked until and unless price breaks past resistance at the 0.7300 major psychological level. Only then will the ascending channel finally be confirmed.

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.

Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.