AUD/CHF has been has been bouncing up and down inside an ascending channel. And as I always say, one of the more conservative ways to play an ascending channel is to look for opportunities to go long near the channel’s support area, so y’all better get ready since the pair is currently on its way to potentially test the channel’s support area. In addition, stochastic is already indicating oversold conditions while the moving averages recently crossed-over into uptrend mode. The bearish momentum seems kinda strong, though, so do be careful if you’re do find an opportunity to go long.
AUD/JPY has been trading sideways while respecting resistance at 80.40 and support at 78.40, giving us a nice 200-pip trading range or rectangle pattern to play with. The pair is currently moving down after respecting resistance at 80.40. The pair’s already halfway through the rectangle, though, so it may be too late to trade the range by shorting. Stochastic has already reached oversold territory, though, so forex traders who are bullish on the pair may start jumping in again.
As y’all can see on that there chart, EUR/AUD has been moving lower while trapped inside a messy-looking descending channel. Price recently bounced off the channel’s resistance area and is presently making its way higher to potentially test the channel’s resistance area, so make the necessary preparations if you are bearish on the pair. Looking at our technical indicators, the moving averages are currently in downtrend mode while stochastic is signalling overbought conditions, which are real confidence boosters for our downside bias. Still, it’s always good to practice proper risk management.
Forex Chart Settings:
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.