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Yo! I’m serving up another batch of charts patterns in today’s intraday charts updates, namely a triangle on GBP/JPY and a channel on USD/CAD. Check ’em out!

USD/CAD: 1-Hour

USD/CAD: 1-Hour Forex Chart
USD/CAD: 1-Hour Forex Chart

That there ascending channel on USD/CAD’s 1-hour chart is truly a gift that keeps on giving.

If y’all can still recall, we found that channel way back on November 13. We then played it again on November 21.

And back then, the pair was testing the channel’s resistance area, and we were waiting for the pair to pull back towards the channel’s support, which was somewhere between the 1.3200 major psychological level and the area of interest at 1.3160.

Well, the pair did pull back. And while the pair failed to reach the channel’s support area, 1.3200 did act as support and was used as a launching pad for the pair’s upswing.

And if you were able to catch that move, then give yo self a pat on the back. Aww, yeah!

Anyhow, the pair is about to test the channel’s resistance again. And since the channel is still intact, today’s play is therefore to wait for the pair to pull back again. And this time, we expect support to form somewhere between 1.3250 and 1.3200.

But as usual, do keep in mind that there’s always a slim chance for a downside channel breakout. And a move lower past 1.3160 would validate a downside break while also signaling a potential trend change.

GBP/JPY: 1-Hour

GBP/JPY: 1-Hour Forex Chart
GBP/JPY: 1-Hour Forex Chart

An ascending triangle has recently formed on GBP/JPY’s 1-hour chart. And as the name implies, an ascending triangle is a bullish chart pattern.

We’re therefore mainly bullish on the pair. And all the more so, given that them moving averages  just recently crossed-over into uptrend mode

And our primary and ideal scenario is that the pair stages a topside breakout past 145.70 on strong bullish momentum, then quickly validates the topside breakout by taking out 146.30 as well.

If such a scenario plays out, then the near-term destination for the bulls will likely be 148.30.

Do note, however, that the triangle formed after a downtrend. As such, there’s also a risk that the pair may stage a downside breakout instead.

And in the unlikely event that such a scenario plays out, then a strong move lower past 144.30 would be an early sign that bears are taking over. The pair would still need to also take out the 144.00 major psychological level before the downside break is confirmed, though.

But if that happens, then that likely means that bears are gunning for the area of interest at 142.80.

Whichever scenario plays out, just make sure y’all remember to practice proper risk management as always, a’ight?

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line