Yo! If you’re a trend rider, then you may wanna check out today intraday charts update ‘coz I’m serving up a couple of short-term channels on AUD/USD and AUD/JPY.
First up in today’s intraday charts update is that there ascending channel on AUD/USD’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 at 0.7430.
The pair is still some distance away from the mid-channel area but bulls appear to be piling up.
Y’all may, therefore, wanna decide quickly if it’s still worth it to jump in with a long position. And all the more so, given that stochastic is already moving back up as well.
As always, just be reminded that the risk of a downside channel breakout is always there. As for the invalidation area, a move lower past 0.7410 would be an early sign that bears are taking over.
However, the pair would still need to smash lower past 0.7380 in order to confirm the breakout and signal a potential trend change.
There’s also an ascending channel on AUD/JPY’s 1-hour forex chart. And like the setup on AUD/USD, AUD/JPY is also moving back up again after testing the channel’s support at 82.70.
Y’all may, therefore, wanna start lookin’ for opportunities to go long on the pair, especially since stochastic is already moving back up after briefly visiting oversold territory.
As usual, there’s a slim chance for a downside channel breakout, so be ready to bail yo shorts or even switch bias if it smashed lower past 82.00, especially if bearish momentum is strong.
In any case, y’all just make sure to practice proper risk management as always, a’ight?