Bulls and bears have been playing a game of tug-of-war on AUD/JPY’s 1-hour chart for a while now, but neither side has a clear advantage since a symmetrical triangle has emerged. Since neither side is winning outright, then a breakout in either direction is a possibility. And a breakout would likely have enough steam for a 300-pip move, based on the height of the forex chart pattern. the moving averages have just crossed-over into downtrend mode, however, so forex traders who are bearish on the pair may be enticed to jump in.
AUD/NZD has been trading sideways while respecting resistance at the 1.1280 handle and support at the 1.1150 minor psychological level, giving us a 130-pip trading range or rectangle to play with. Anyhow, price is currently about to test the rectangle’s resistance area at the 1.1280 handle and stochastic is already indicating overbought conditions, so get ready to look for selling opportunities if you’re looking to trade within the range.
AUD/CAD has been bouncing up and down while steadily moving lower inside a descending channel. And as I always say, one of the more conservative ways to play a descending channel is to look for selling opportunities near the top of the channel, so y’all better get ready since price is presently making its way there. However, there is a possibility that price will not test the channel’s resistance area since stochastic is already reached overbought territory while the 200 SMA seems to be acting as dynamic resistance. As usual, just make sure to practice proper risk management should you find a trade based on this or any of the other charts, alright?
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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.