Intraday Forex Charts Update – September 3, 2015

NZD/CHF: 1-Hour

NZD/CHF 1-Hour Forex Chart

NZD/CHF 1-Hour Forex Chart

As y’all can see, NZD/CHF tried to move past support around the 0.6060 handle twice but got repulsed on both occasions, thereby hinting at a potential double bottom. Price is currently moving higher, and closing above both the 100 SMA and 200 SMA, which gives us a boost in confidence on our bullish bias. Speaking of the moving averages, they’re about to cross-over into an uptrend, which is another confidence booster. Yet another confidence booster is stochastic since it is currently pointing up, hinting that forex traders bullish on the pair may still be in control, so price could still go higher. If the forex chart pattern does break, we could probably expect a 200-pip move since that is roughly the volatility of the pattern.

GBP/NZD: 1-Hour

GBP/NZD 1-Hour Forex Chart

GBP/NZD 1-Hour Forex Chart

Time for a breakout? GBP/NZD has been consolidating inside a symmetrical-ish triangle pattern on its 1-hour forex chart, which means that the bulls and the bears are currently playing a game of tug-o-war. As a symmetrical-ish triangle, a strong breakout in either direction could take place sooner or later. And if a breakout does occur, then the rally or selloff could potentially last for a whopping 1,000 pips since that is roughly the height of the forex chart pattern. Stochastic is moving lower, indicating that forex traders bearish on the are in control of price action for now. The moving averages are still in uptrend mode, but they’re very close together that a down move could likely cause a cross-over into downtrend mode.

EUR/NZD: 1-Hour

EUR/NZD 1-Hour Forex Chart

EUR/NZD 1-Hour Forex Chart

Looks like EUR/NZD is approaching a rising trend line that has already been respected before. Will the trend line hold? Well, looking at our indicators, the moving averages are still showing an uptrend, but they’re so close together that they could cross-over any time. As for stochastic, it’s currently making it’s way down, so forex traders who are bearish on the pair may not be exhausted yet. Price action also shows that the bearish momentum is very strong, so there’s a very real possibility of a trend line break and further moves to the downside. In any case, make sure to practice proper risk management should you find a trade based on this or any of the other charts.

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.AUD/CAD 1-hour Forex Chart