For today’s intraday charts update, I’m serving up Loonie + channel double special, with short-term channels on CAD/JPY and NZD/CAD on the menu.
CAD/JPY has been trading higher as y’all can see. And presently the pair is getting some selling pressure after testing the resistance area of that there ascending channel.
However, the pair also appears to be trading sideways with resistance at 87.70 and support at 87.00.
As such, there’s a chance that the pair may move back up again if or when it does test 87.00. Moreover, the 100 SMA already appears to be acting as dynamic support.
Do note, however, that stochastic is signaling overbought conditions and all that, so there’s also a chance that them bears may stage a downside breakout. Bears need to smash past 86.10 if they wanna validate a downside breakout, though.
Anyhow, just remember to practice proper risk management as always, a’ight?
NZD/CAD has been recently been trending lower while bouncing up and down inside that there descending channel. And as I always say, one of the more conservative ways to play a descending channel is to look for opportunities to go short when the pair is at or close to the channel’s resistance area.
Unfortunately, the pair is currently at the channel’s support area, so the more conservative traders out there may wanna sit this one out until the pair tests the channel’s resistance area again.
But for the gangsta traders out, just know that the pair appears to have found support already and stochastic is moving up and away from oversold territory to boot, which implies that bullish momentum is picking up. Y’all better decide quick on whether or not to jump in with a long.
As always, there’s a chance that the pair may stage an upside breakout so y’all better think twice about going short if the pair moves past 0.9450. And if the pair clears 0.9490, then that means that them bulls are in control so y’all may wanna think about bailing yo shorts if you still have ’em.