Trend riders out there may wanna check out today intraday charts update since I’m serving up a couple of short-term channels on AUD/CAD and EUR/CAD.
First up in today’s intraday charts update is that there descending channel on AUD/CAD’s 1-hour chart. And as y’all can see, the pair is currently making its way higher after testing the channel’s support area.
The pair is still some distance away from the channel’s resistance area, which should be somewhere below the area of interest at 0.9920. However, there’s a chance that the pair may soon start moving lower.
After all, the pair appears to be hesitating already at the area of interest at 0.9860. Moreover, stochastic is already signaling overbought conditions and all that while the 200 SMA may act as dynamic resistance.
As for the invalidation area, y’all may wanna keep a close eye on 0.9970 since a breach past that, especially if bullish momentum is strong, means that bears are in control and an upside channel breakout will likely be sustained.
We’ve also got a descending channel on EUR/CAD’s 1-hour forex chart. This one’s a bit different, though, since the pair is currently at the channel’s support at 1.4520.
Anyhow, more conservative forex traders may wanna sit this one out until the pair begins to find resistance close to the channel’s resistance area, which should be between 1.4740 and 1.4660.
But for the gangsta traders out there who are thinking about going long and then gunning for either 1.4660 to 1.4740, just know that stochastic is moving back up again after having reached oversold territory, so bullish momentum seems to be in play.
And as usual, there’s a slim chance for an upside channel breakout, so be ready to bail yo shorts or even switch bias if the pair clears 1.4850 on strong bullish momentum. And as always, just make sure to practice proper risk management, a’ight?