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NZD/USD: 1-Hour

NZD/USD: 1-Hour Forex Chart
NZD/USD: 1-Hour Forex Chart

That there symmetrical triangle on NZD/USD’s 1-hour time frame ain’t exactly new. You see, we first identified that pattern in Monday’s intraday charts update. Anyhow, the pair moved higher for over 100 pips since we last saw it and about 90 pips higher from the breakout point. And for today’s play, we’re not actually playing the triangle itself, but the pullback after the triangle breakout. And as y’all can see, the pair is currently pulling back after hitting resistance at 0.7220.

As to where the likely pullback area will be, 0.7160 looks like a good candidate since it is an area with significant market interest and lines up rather well with the 50% Fibonacci retracement level. However, an even more conservative pullback area would be the 0.7120 price level, since that’s also a price area with significant market interest. But more importantly, it’s close to the breakout point and the moving averages could potentially act as dynamic support to boot.

USD/JPY: 1-Hour

USD/JPY: 1-Hour Forex Chart
USD/JPY: 1-Hour Forex Chart

USD/JPY appears to be trending higher while trapped inside an ascending channel. Recently, however, the pair appears to have hit a snag when it reached the 113.90 handle, a price area with very significant market interest. How significant, you ask? Well, just zoom out to the higher time frames or scroll all way back January of this year. On the weekly chart, you can even see that price has been reacting to it since the 1990’s.

Anyhow, it’s likely gonna be make-or-break time for USD/JPY sooner or later. A break past the falling trend line (diagonal orange line) may be a sign that bulls are taking control. But should 113.90 hold, then the bears will likely be gunning for the 113.00 major psychological level, which would also invalidate the channel. The pair needs a clear break past 111.70 to signal a trend change and confirm the downside channel breakout, though.

CHF/JPY: 1-Hour

CHF/JPY: 1-Hour Forex Chart
CHF/JPY: 1-Hour Forex Chart

Looks like we have a breakout-in-progress on CHF/JPY’s 1-hour chart. As y’all can see, the pair has been trending higher but had difficulty moving past 113.20. And from the looks of it, the bears are beginning to gain the upper hand, since the pair staged a downside breakout. The breakout needs a clean break past 111.80 to confirm it, though. Otherwise, chances are good that bulls will regroup and then try to push the pair back into the ascending channel. In any case, just make sure to practice proper risk management should you find a trade based on this or any of the other charts, alright?

Forex Chart Settings:

Slow Stochastic: 14, 3, 3
100 SMAs: 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.