Intraday Forex Charts Update – June 27, 2016

NZD/CAD: 1-Hour

NZD/CAD: 1-Hour Forex Chart

NZD/CAD: 1-Hour Forex Chart

NZD/CAD has been steadily trending ever higher while respecting that there ascending channel on its 1-hour forex chart. And the more conservative way to play is to look for opportunities to go long near the channel’s support area, which is where the pair seems to be heading. However, there is a chance that the pair may move back up again without testing the channel’s support area since stochastic is already pointing up after reaching oversold territory. Moreover, the the pair is at the 100 SMA, which has been acting as a reliable dynamic support area for a while now.

AUD/NZD: 1-Hour

AUD/NZD: 1-Hour Forex Chart

AUD/NZD: 1-Hour Forex Chart

AUD/NZD has been consolidating while tapering into a point, forming what appears to be a symmetrical-ish triangle pattern. If that is indeed a symmetrical triangle, then that means that bulls and bears are bitterly fighting it out, but neither side has a clear advantage, and so the pair could break either to the upside or to the downside. This also means that we shouldn’t be too committed to a directional bias. And if a breakout in either direction does occur, then the resulting rally or selloff may last for about 150 pips, based on the height of the pattern.

CAD/CHF: 4-Hour

CAD/CHF: 4-Hour Forex Chart

CAD/CHF: 4-Hour Forex Chart

I’ll be the first to admit that the 4-hour time frame is not exactly ideal as an intraday chart, but I just wanna point out that a descending triangle has formed on CAD/CHF’s 4-hour chart, which is strange because descending triangles usually form at the end of a downtrend. Anyhow, the pair first invalidated a well-respected rising trend line (dashed line) before forming that there triangle, which signifies that selling interest is strong. Also the moving averages are currently in downtrend mode, and the 100 SMA appears to be acting as dynamic resistance to boot. Also, if a downside breakout does happen, then the pair could potentially move lower for about 320 pips, since that is roughly the height of the triangle.

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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