NZD/CAD has been steadily trending higher in that there ascending channel for a while now. And presently, the pair is reluctantly edging ever lower for a potential test of the channel’s support area, so those who are bullish on the pair better get ready to look out for opportunities to go long. Stochastic is still some distance away from oversold territory, so the pair may still move lower. However, there’s a chance that the pair could climb higher without testing the channel’s support area since the 100 SMA seems to be acting as dynamic support.
As y’all can see on that there chart, CHF/JPY has been slowly drifting lower while trapped inside a descending channel. Price is currently at the mid-channel area and it seems like it has already encountered sellers. Looking at our technical indicators, stochastic is pointing down and moving away from the overbought region while the moving averages are in downtrend mode, with the 100 SMA acting as dynamic resistance to boot. All these hint that the pair could potentially move lower. But as I always say, one of the more conservative ways to play a descending channel is to look for opportunities to go short near the channel’s resistance area, so more conservative forex traders may wanna sit this one out for now.
Is AUD/CAD ready to swing lower? Well, it looks like it, since the pair is currently milling about near that there ascending channel’s resistance area. Also, stochastic is now pointing down and seems to be gunning for the oversold region. The pair seems to be respecting the 100 SMA as dynamic support, though, so the pair could still move higher, so 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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