Intraday Forex Charts Update – Oct. 30, 2015

CAD/CHF: 1-Hour

CAD/CHF 1-hour Forex Chart

CAD/CHF 1-hour Forex Chart

Bull and bears are playing a game of tug-o-war on CAD/CHF’s 1-hour forex time frame. Neither side seems to have a clear advantage, though, which is why CAD/CHF’s forex price action has formed a symmetrical-ish triangle pattern. Since it’s a symmetrical-ish triangle, then that means that we don’t really have a directional bias. But looking at our technical indicators, we can see that the moving averages are indicating a clear uptrend while stochastic is about to move into oversold territory, so the path of least resistance appears to be to the upside. Anyhow, this forex chart pattern only has a volatility of around 80 pips, so the resulting rally or selloff would probably only have enough momentum for that amount.

EUR/AUD: 1-Hour

EUR/AUD 1-hour Forex Chart

EUR/AUD 1-hour Forex Chart

EUR/AUD has been steadily moving ever lower while bouncing around in a descending channel on its 1-hour forex chart. I know I keep saying it, but the conservative way to play a descending channel is to look for resistance near the top of the channel. And it just so happens that price is about to test the top of the channel around the 1.5580 handle. Also, stochastic has already reached the overbought area, but it’s still pointing up, so forex traders who are bullish on the pair may not have given up yet. As for the moving averages, they’re not really much help since they’re oscillating and price didn’t use any of ’em as dynamic resistance.

GBP/NZD: 1-Hour

GBP/NZD 1-hour Forex Chart

GBP/NZD 1-hour Forex Chart

I felt a sense of déjà vu when I saw this chart, probably because I also ended last week’s trading week with this 550-pip trading range or rectangle, with resistance at the 2.3030 handle and support at the 2.2480 handle. Anyhow, price bounced off the rectangle’s resistance area a couple of days ago, but now seems to be finding some buyers halfway through, with both the 100 and 200 SMAs acting as dynamic support to boot. Stochastic is also pointing up and moving away from the oversold area, so the bulls are probably in firm control right now, so we should probably stay in wait-and-see mode until price retests the rectangle’s resistance area again. 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