Intraday Forex Charts Update – Sept. 28, 2015

NZD/CHF: 1-Hour

NZD/CHF 1-Hour Forex Chart

NZD/CHF 1-Hour Forex Chart

NZD/CHF has been bouncing around a trading range or rectangle since late August, with resistance at the 0.6280 handle and support around the 0.6090 handle. And as y’all can see, price just recently bounced off the top of the trading range and is making its way down. Aggressive traders may feel inclined to ride the downward movement, but let me just warn y’all that the stochastic oscillator is currently indicating potentially oversold conditions, so there’s a good chance that the pair would pause or even retest the top of the trading range. Also, the moving averages are are actually oscillating, so the overall trend is still not clear, but they did recently cross-over into uptrend mode, so there’s even a small chance of an upside rectangle breakout.

EUR/NZD: 1-Hour

EUR/NZD 1-Hour Forex Chart

EUR/NZD 1-Hour Forex Chart

Like NZD/CHF, EUR/NZD has been trapped inside a trading range or rectangle forex chart pattern since late August, with resistance at the 1.7910 handle and support at the 1.7370 handle. Price didn’t quite reach the bottom of the trading range, but it’s already climbing higher. Stochastic has already reachd overbought territory, though, so perhaps forex traders who are bearish on the pair may be coming in soon. Furthermore, the moving averages are now sloping downwards with the 200 SMA above the 100 SMA, which indicates a clear downtrend. Moreover, price attempted to push past resistance at the 1.7910 handle, but to no avail. This indicates to me that that the sellers may have the upper hand, so waiting for a downside rectangle breakout may be a more conservative course of action than trading within the range.

AUD/NZD: 4-Hour

AUD/NZD 1-Hour Forex Chart

AUD/NZD 4-Hour Forex Chart

Okay, this one is a bit different since it involves a 4-hour forex chart, but it’s still a trading range setup, with resistance at he 1.1300 major psychological level and support at the 1.0950 minor psychological level. The pair is already moving higher, even though it didn’t really test the bottom of the trading range, but that’s okay since the stochastic oscillator is already pointing up after reaching the oversold region. This probably means that forex traders who are bullish on the pair may be taking over already. As usual, make sure to practice proper risk management should you find a trade based on this or any of the other charts, alright?

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