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AUD/CAD: 1-Hour

AUD/CAD 1 Hour Forex Chart
AUD/CAD 1 Hour Forex Chart

AUD/CAD has been moving in an ascending channel on the hourly time frame and with the moving averages grinding higher, our directional bias is to the upside. We may see buyers start to nibble at current prices with the market currently at the bottom of the channel. Also, price is consolidating tightly on the 0.9610 handle which happens to be on a price area of very significant market interest, as highlighted by the rectangle.

Do take care since a downside channel breakout is also a possibility at this point given that stochastic is currently in overbought territory and price has been closing below the 100 SMA and 200 SMA to boot.

NZD/JPY: 1-hour

NZD/JPY 1 Hour Forex Chart
NZD/JPY 1 Hour Forex Chart

It’s not exactly a wedge nor does it fall under any of the triangle patterns. How about we just go with “triangular consolidation”….sounds good?

NZD/JPY has been consolidating ever tighter into a sharp point over the past week, so a breakout may occur any time now, especially with the right fundamental catalyst. There really isn’t any directional bias since the moving averages are oscillating, but since the stochastic indicator is indicating that price is potentially oversold, a break of the falling trendline and moving averages could draw in some buying interest.

NZD/CHF: 1-hour

NZD/CHF 1 Hour Forex Chart
NZD/CHF 1 Hour Forex Chart

No, it’s not déjà vu. This is the updated chart from yesterday’s trading range setup on the 1-hour chart for NZD/CHF. You know what they say, right? When life gives you lemons, make some lemonade.

Price is currently near the bottom of the range after we saw it near the top yesterday. The 100 SMA and 200 SMA are still in downtrend mode which makes this a countertrend buy setup and a tad riskier than yesterday’s setup. As a consolation, stochastic seems to favor an upside move since it is currently showing that NZD/CHF is potentially oversold.  Do remember that the trend is still down overall, so a downside breakout is a possibility that could attract longer-term, momentum sellers!

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.