I’m mixing it up a bit in today’s intraday charts update, with a channel on GBP/AUD and a Fibonacci retracement setup on USD/JPY.
GBP/AUD has been trading higher recently. And if we connect the most recent peaks and troughs, we can see that the pair has been moving higher while trapped inside that there ascending channel.
And presently, the pair is just about to test the channel’s support area at 1.7850. Y’all may therefore wanna get ready to start lookin’ for opportunities to go long.
And looking at our technical indicators, we can see that the moving averages are still indicating a healthy uptrend. Stochastic, meanwhile, is just about to enter oversold territory, which is another technical argument in favor of support forming, as well as a potential move to the upside..
So far, everything seems to point to further moves to the upside. But always, just keep in mind that the risk for an downside channel breakout is always there.
Such scenario seems unlikely at the moment. But if a downside breakout does occur, then y’all may wanna bail yo longs if the pair validates the downside breakout by moving lower past 1.7730.
In any case, y’all just remember to practice proper risk management as always, a’ight?
No fancy chart patterns here! As y’all can see, USD/JPY is currently pulling back after smashing lower past that there rising trend line.
The pair already appears to be hesitating at the area of interest at 109.30, so y’all may wanna start lookin’ for opportunities to go short.
However, there’s a chance that the pair may pull back even further. After all, stochastic has yet to reach overbought territory.
And if we apply our handy Fibonacci tool, we can see that 50% retracement level seems to be the pullback area to watch. For one, that retracement level lines up rather nicely with the area of interest at 110.20. Another is that the retracement level is closest to the broken trend line, which also gives us a break-and-retest scenario.
Whichever price area serves as resistance, it’s likely that bears will be gunning for 109.30 and then 108.40 after that.
But in the off chance that the pair continues to move higher past 110.20, then y’all may wanna think about bailing yo longs or even switching to a more bullish bias, especially if the pair clears 110.70.