Sup, peeps! I’m serving up a couple of short-term chart patterns in today’s intraday charts update, namely a triangle on AUD/NZD and a channel on USD/CHF. Check ’em out!
USD/CHF’s price action appears to be tilting to the downside recently. And if we connect the most recent peaks and troughs, we can see that the pair appears to be trapped inside that there descending channel.
Well, the chart pattern ain’t actually confirmed yet since the pair has to move lower from 0.9950 and test the channel support in order to finally complete the pattern.
And since the pattern ain’t confirmed yet, there’s a higher-than-average risk that the pair may invalidate the pattern by continuing to move higher until it clears the area of interest at 0.9990.
However, the would-be channel’s resistance at 0.9950 appears to be holding. So if you’re gangsta enough, then you may wanna start lookin’ for opportunities to go short.
Do make sure to keep a close eye on the pair until it moves lower past 0.9860, though, since bullish interest appears to be strong at the price level.
AUD/NZD has recently been trading sideways while tapering to point, forming that there symmetrical triangle that the breakout chartists out there may wanna check out.
As y’all should know by now, a symmetrical triangle may break either to the upside or the downside. We therefore don’t really have a strong directional bias on the pair.
Just know, though, that an upside breakout needs to clear 1.0990 before the breakout is confirmed. A downside breakout, meanwhile, needs to smash lower past 1.0860, ideally on strong bearish momentum.
At any rate, just make sure y’all practice proper risk management as always, a’ight?