Yo! If you’re lookin’ to ride established trends on the Loonie, then I’ve got your fix since I’ve got a couple of channels on AUD/CAD and CAD/CHF in today’s intraday charts update.
AUD/CAD’s recent price action has been tilting to the upside recently. And if we connect the most recent peaks and troughs, we can see that pair has been trading higher while inside that there ascending channel.
And presently, the pair is testing the channel’s support area. Y’all may therefore want to start lookin’ for opportunities to go long on the pair, especially since stochastic is pointing back up again after visiting oversold territory.
Moreover, the pair appears to be having difficulty pushing lower past the area of interest at 0.9850, which is another technical argument to be bullish on the pair.
Do note, however, that them moving averages recently crossed-over into downtrend mode. There’s therefore a chance that them bears will start piling up to stage a downside channel breakout.
And if a downside breakout does occur, then y’all may wanna bail yo longs if the pair moves lower past 0.9780 since a move past 0.9780 would validate the downside breakout and signal that bears are in control.
CAD/CHF has been trending lower while bouncing up and down inside that there descending channel for a while now.
And as y’all can see, the pair is currently making its way higher to test the channel’s resistance area, which should be somewhere below the area of interest at 0.7550.
Y’all should therefore get ready to start lookin’ for opportunities to go short on the pair. And the more so, given that stochastic is already signaling overbought conditions and all that. Not only that, them moving averages are indicating a healthy downtrend and the 100 SMA may even act as dynamic resistance to boot.
As always, however, there’s a slight risk that bulls may overpower the bulls and cause the pair to break to the topside. So just be ready to bail yo shorts or even switch to a more bullish bias, especially if the pair clears 0.7620 on strong bullish momentum.
Anyhow, just make sure y’all practice proper risk management as always, a’ight?