AUD/CHF has been has been trading higher while seemingly trapped inside an ascending channel. And as I keep saying again and again like a broken record, one of the more conservative ways to play an ascending channel is to look for opportunities to go long near the channel’s support area. And as luck would have it, that’s where price is currently at, so y’all better start looking. Also, stochastic is already pointing up and moving away from oversold territory, so bulls may be in control already. However, do note that price seems to be having difficulty moving higher, so make sure to practice proper risk management should you find a trade based on this chart, or any of the other charts for that matter.
AUD/JPY has been moving sideways but the pair has also been respecting resistance and resistance at the 80.40 and 78.40 handles respectively, giving us a 200-pip trading range or rectangle pattern. The pair recently tested support at 78.40 and seems to be making its way back up again. However, do note that stochastic is already signalling overbought conditions while the moving averages have just recently crossed-over into downtrend mode, so there’s a possibility that the pair will attempt a downside rectangle breakout.
As you can see on that there chart, GBP/AUD has just formed a newly minted descending channel, but more conservative forex traders may wanna sit this one out for now since the pair is currently near the channel’s support area. Stochastic is starting to point back down again and sellers seem to be defending the mid-channel area, so there’s a possibility that the pair would continue moving down without moving higher to test the channel’s resistance area.
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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.