Wassup, dawg! Let’s kickstart this week’s intraday charts update with a couple of fresh channel setups on GBP/JPY and AUD/CAD.
Looks like GBP/JPY is about to take off and fly to the upside since that there ascending channel’s support at the 149.00 major psychological level seems to be holding.
Y’all therefore better decide quick if any y’all wanna jump in with a long. And if you do find an opportunity to go long, then just make sure to keep an eye on how the pair reacts to 150.20 since there’s a good chance that bears will be waiting there.
Also, do note that stochastic is moving back down after reaching overbought territory. There’s therefore a risk that the pair may stage a downside breakout. So y’all may wanna think about bailing yo longs if the pair smashes past 148.10 since that’s an early sign that bears are in control.
Okay, gonna keep it real with y’all. That there ascending channel on AUD/CAD’s 1-hour chart ain’t confirmed yet since the would-be channel’s support at 0.9760 needs to hold and the pair needs to climb up before the channel pattern is validated.
As such, only the real gangsta traders out there may wanna think about going long on this pair. And if you be gangsta enough, just make sure to keep an eye on 0.9860 since bearish interest seems strong there. So if them bears plan to counter-attack and send the pair lower, that’s where the attack will likely be at.
Oh, also note that stochastic just signaled overbought conditions and all that. There’s therefore also a chance that the pair may move lower instead. So y’all may wanna switch to a bearish bias on the pair if 0.9720 gets taken out.
Anyhow, just make sure to practice proper risk management like always, a’ight?