Intraday Forex Charts Update – Nov. 10, 2015

AUD/NZD: 1-Hour

AUD/NZD 1-hour Forex Chart

AUD/NZD 1-hour Forex Chart

AUD/NZD has been grinding lower while bouncing around inside a descending channel. Y’all know what I’m gonna say, but I’ll say it anyway – the most conservative way to play a descending channel is to look for resistance near the top of the channel. But if y’all look at the chart, we can see that price is already at the mid-channel area, so there’s no conservative setup available at the moment. For aggressive forex traders, however, just know that price appears to be hesitating at the mid-channel area around the 1.0780 handle, and stochastic is already indicating oversold conditions. I have to say at this point, however, that the Fibonacci retracement setup that we found yesterday is still in play, so be extra careful.

NZD/CAD: 1-Hour

NZD/CAD 1-hour Forex Chart

NZD/CAD 1-hour Forex Chart

The descending channel on NZD/CAD’s 1-hour forex chart that we identified last Thursday is still intact, but the pair has been moving sideways recently, and is about to invalidate the descending channel. If price does keep moving sideways, then there’s a chance that it will form a trading range or rectangle, with resistance and support at the 0.8750 and 0.8650 minor psychological levels respectively. Looking at our technical indicators, the moving averages are still indicating a healthy downtrend while stochastic is already pointing down after recently moving away from oversold territory, so the path of least resistance still appears to be to the downside.

NZD/CHF: 1-Hour

NZD/CHf 1-hour Forex Chart

NZD/CHf 1-hour Forex Chart

Looks like NZD/CHF has slowly consolidated into what looks like a descending triangle, which is rather weird since the overall trend is still up. Anyhow, the moving averages have just recently crossed-over into downtrend mode, so there’s a good chance that price will keep going down. The triangle is kinda tight, though, since it only has a volatility of around 80 pips, and a downside breakout could probably have enough momentum to only move for the same amount. Still, the bottom side of the triangle lies at the 0.6540 handle, which is a price area of significant market interest, so there’s also a chance that the price level will hold and price will break to the upside instead. In any case, 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