Intraday Forex Charts Update – Nov. 9, 2016

NZD/USD: 1-Hour

NZD/USD: 1-Hour Forex Chart

NZD/USD: 1-Hour Forex Chart

An ascending channel has now formed on NZD/USD’s 1-hour chart. Price is currently near the channel’s resistance area, though, so more conservative forex traders may wanna wait this one out until the pair reaches the channel’s support area. But for the more gangsta forex traders out there, just know that shorting here is riskier than usual. For one, stochastic has already reached oversold territory. Another is that the 100 SMA seems to be acting as dynamic support. Both signals point to possible moves to the upside. However, there is a chance that the pair may still go lower, since price has yet to test the area of interest at 0.7250. And if the pair does begin to move higher, make sure to keep an eye on how the pair reacts to the area of interest at 0.7340, since sellers seem to be lurking there.

AUD/NZD: 1-Hour

AUD/NZD: 1-Hour Forex Chart

AUD/NZD: 1-Hour Forex Chart

AUD/NZD has recently been trading sideways in a rectangle pattern while respecting resistance at 1.0540 and support at 1.0480. However, there was a disturbance in the force (*cough* Trump’s victory *cough*) that caused the pair to dive lower before abruptly spiking higher again. The spike higher was enough to push the pair back into the trading range. However, stochastic is indicating overbought conditions already. Furthermore, the moving averages are in downtrend mode, with the 100 SMA acting as dynamic resistance to boot. Further moves to the downside therefore seem likely. Although a strong break past 1.0540 is also a possible alternative scenario, since the speed at which the pair was bought up after the downside breakout attempt may mean strong buyer interest.

EUR/CHF: 1-Hour

EUR/CHF: 1-Hour Forex Chart

EUR/CHF: 1-Hour Forex Chart

EUR/CHF has been trending lower while bouncing up and down inside a descending channel since early October. Recently, however, the pair appears to be bouncing up and down inside a rectangle pattern instead. The rectangle has 1.0820 as its resistance area while support appears to be at the 1.0760 handle. You can try trading within the range, but the 60-pip range may not be worth it for some of y’all. Do know, though, that both price levels are close to price areas with very significant market interest, even on the higher time frames. A clean break past either of the two price levels may therefore yield a strong move.

Forex Chart Settings:

Slow Stochastic: 14, 3, 3
100 SMAs: 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.