Intraday Forex Charts Update – Apr. 21, 2016

AUD/CAD: 1-Hour

AUD/CAD: 1-hour Forex Chart

AUD/CAD: 1-hour Forex Chart

AUD/CAD has recently been moving lower while bouncing up and down inside a descending channel. And presently, price is testing the channel’s resistance area, which happens to line up with the 0.9900 major psychological level (dashed line), so y’all better start looking for opportunities to go short. Stochastic is also pointing down and moving away from overbought territory, which may mean that forex traders who are bearish on the pair may be taking control. The only worrying thing is that the moving averages have just crossed-over into an uptrend, so keep that in mind.

CAD/CHF: 1-Hour

CAD/CHF: 1-hour Forex Chart

CAD/CHF: 1-hour Forex Chart

CAD/CHF moved higher with great and convincing momentum but began trading sideways when it reached the 0.7700 major psychological level before moving lower. If we apply our Fibonacci tool, we can see that price is currently at the 50% retracement level after almost touching the 61.8% retracement level. If you’re planning to go long, just know that this is a bit of an aggressive setup since we have no confirmation for market interest in this price area. But our technical indicators support our bullish bias at the least, since the moving averages are indicating a healthy uptrend while stochastic is signalling oversold conditions.

EUR/CAD: 1-Hour

EUR/CAD: 1-hour Forex Chart

EUR/CAD: 1-hour Forex Chart

EUR/CAD was finally able to move past the price area with significant market interest around the 1.4420 handle but was promptly kicked higher to the 1.4420 handle when it encountered fresh buyers at the 1.4270 handle, giving us a textbook break-and-retest setup in the process. Stochastic is already in overbought territory while the 100 SMA may act as dynamic resistance, so there’s a good chance 1.4420 will hold as resistance and that the pair may move lower. 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.