Intraday Forex Charts Update – June 23, 2016

AUD/NZD: 1-Hour

AUD/NZD: 1-Hour Forex Chart

AUD/NZD: 1-Hour Forex Chart

Bear and bulls are playing a game of tug-of-war on AUD/NZD’s chart since what seems to be a symmetrical-ish triangle has formed. And since neither side has a clear advantage over the other, a breakout to the upside is just as likely as a downside breakout, so make sure to prepare for both scenarios. And if there is a breakout, the move may have enough momentum for a 250-pip move. A downside move seems more likely at present, though, since that gap that you can clearly see on the chart was never filled. Also, stochastic is currently pointing down while the moving averages are in downtrend mode and the previous trend before the pair consolidate was a downtrend.

GBP/AUD: 1-Hour

GBP/AUD: 1-Hour Forex Chart

GBP/AUD: 1-Hour Forex Chart

GBP/AUD has been consolidating while meeting resistance at 1.9730 and support at 1.9540, which gives us a 190-pip trading range or rectangle pattern to play with. Price is currently near the rectangle’s bottom, so you better start looking for opportunities to go long, if you plan to trade the range. For the breakout artists out there, the rectangle looks like a bullish flag on the higher time frames, and the 100 SMA seems to be acting as dynamic support. And if this is indeed a bullish flag and an upside breakout occurs, then the pair could shoot higher for a whopping 650 pips, based on the height of the flag and its pole. Just make sure to practice proper risk management, okay?

CAD/CHF: 1-Hour

CAD/CHF: 1-Hour Forex Chart

CAD/CHF: 1-Hour Forex Chart

It looks like an ascending triangle has formed on CAD/CHF’s 1-hour forex chart, which is admitted rather weird because an ascending channel is a bullish forex chart pattern that usually forms during an uptrend. Anyhow, we’ll take what we can get, so let’s get it on! Again, an ascending triangle is a bullish pattern, so our main directional bias is to the upside, and an upside breakout past resistance at the 0.7520 handle will likely move for about 130 pips, based on the height of the pattern. The preceding intermediate trend is a down trend, however, so do prepare for the possibility of a downside breakout as well, especially since resistance at 0.7520 is well respected, even on the higher time frames.

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.


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