Intraday Forex Charts Update – Feb. 5, 2016

AUD/USD: 1-Hour

AUD/USD 1-hour Forex Chart

AUD/USD 1-hour Forex Chart

AUD/USD has been clawing its way higher while bouncing about inside an ascending channel. And as I always say, one of the most conservative ways to play an ascending channel is to look for buying opportunities near the channel’s support. And it just so happens that price is making its way there, so y’all better get ready. Aside from that, the channel’s support area is just below the 0.7120 handle, which is a price area of significant market interest and also happens to line up quite nicely with the 50% Fibonacci retracement level. Moreover, the moving averages are indicating a healthy uptrend, with the 100 SMA currently acting as dynamic support to boot.

EUR/USD: 4-Hour

EUR/USD 4-hour Forex Chart

EUR/USD 4-hour Forex Chart

Here’s another forex chart pattern + Fibonacci retracement combo. This time, we’re looking at a symmetrical triangle breakout and pullback on EUR/USD’s 4-hour forex chart, which means that this setup is for longer-term traders. Anyhow, price is currently pulling back after finding resistance at the 1.1220 handle. Our main directional bias is still to the upside, however, since the moving averages have just recently crossed-over into uptrend mode. Also, stochastic has been indicating overbought for quite some time now. And if we apply our Fibonacci tool, we can see the possible pullback areas, with the 50% retracement area being the most conservative since it lines up with the 1.1030 handle, which is a price area with great market interest, especially in the higher time frames.

NZD/USD: 1-Hour

NZD/USD 1-hour Forex Chart

NZD/USD 1-hour Forex Chart

No fancy forex chart patterns for this. This here is a plain vanilla Fibonacci retracement setup. And as y’all can see, price is moving back down after getting rejected at the 0.6750 minor psychological level. The most likely and most conservative pullback area is the 50% Fibonacci retracement level since it sits right smack on the 0.6600 major psychological level, which has seen significant market interest even on the higher time frames. In addition, that’s also where the 100 SMA is currently at, so the SMA may act as dynamic support. As usual, just make sure to practice proper risk management should you find a trade based on this or any of the other charts, okay?

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