Sup, fam! I’m starting this week’s intraday charts update with a chart pattern + safe-havens + Kiwi triple special. How dope is that?
NZD/CHF has been making its way higher for some time now, as y’all can see. Not only that, the pair has been moving higher while respecting that there ascending channel.
And as y’all can also see, the pair is currently making its way down after testing the channel’s resistance area and is likely gunning for the channel’s support area at 0.6970. Y’all therefore better get ready to start lookin’ for opportunities to go long on the pair.
Do note, however, that the pair appears to be hesitating at the area of interest at 0.7010. Moreover, stochastic is about to hit the oversold area. There’s therefore a chance that the pair may move back up without testing the channel’s support. Going long here is extra risky, though, so only the real gangsta traders out there should even consider such a scenario.
Also, do note that the risk for a downside channel breakout is always there. So y’all just be ready to bail yo longs, especially if the pair smashes lower past 0.6930 on strong bearish momentum.
NZD/JPY has recently been consolidating while apparently tapering into a point. And if we connect the most recent peaks and troughs, we get that there symmetrical-ish triangle to play with.
Now, a symmetrical-ish triangle could break either to the upside or the downside, so y’all may wanna prepare for both scenarios. Whichever direction the pair decides to go, the resulting breakout move will likely have enough momentum for a 180-pip move, based on the height of the forex chart pattern.
Take note, however, that an upside channel breakout needs to clear 81.30 before the breakout is validated and y’all can chillax. A downside move, meanwhile, needs to move lower past 79.50. Although y’all may also wanna keep an eye on how the pair reacts to the next area of interest at 79.20.
Anyhow, just make sure to practice proper risk management as always, a’ight?