Sup! If you’re the trend-riding type, then you may like the fresh channel on AUD/CHF and NZD/CAD that I’m serving up on this week’s first intraday charts update.
AUD/CHF has been steadily trading ever lower while respecting that there descending channel (for the most part). And presently, the pair is making its way back up again after testing the channel’s support area, which should be at or just below the area of interest at 0.7280. Y’all therefore better get ready to start lookin’ for opportunities to go short soon.
Just keep in mind that if the pair clears 0.7280 on strong bullish momentum, then that means that them bulls are attempting an upside channel breakout, so y’all may wanna bail yo shorts by then.
Also note that there’s a chance that the pair may start to move back down again without ever reaching the channel’s resistance area. After all, the pair is about to reach the mid-channel area.
Not only that, the 200 SMA may act as dynamic resistance. Moreover, stochastic is already signaling overbought conditions and all that.
As y’all can see, NZD/CAD has been trending higher while trapped in that there ascending channel.
And recently, the pair found buyers before it reached the channel’s support area. However, the pair already appears to be hesitating. In addition, stochastic is just about to reach overbought territory. There’s therefore a good chance that the pair may get sent back down again.
And of the pair does move back down again, then just make sure to keep an eye on how the pair reacts to 0.9560.
If 0.9560 holds as support, then y’all may wanna start lookin’ for opportunities to go long. But if the pair just smashes past 0.9560 on strong bearish momentum, then that could be a sign that bears are in control, so y’all may wanna bail yo longs or even switch bias. In any case, just remember to practice proper risk management, a’ight?