Check out these looney pairs for the big move!
Keep an eye on these levels if you’re looking for a breakout.
First, we have this neat descending triangle on the AUD/CAD hourly chart.
The pair has already tested the triangle support and may be gearing up for a bearish breakout. Blink and you might miss it!
Technical indicators also point to further losses for the pair. The 100 SMA has broken below the 200 SMA, reflecting bearish pressure and is currently being held as dynamic resistance.
On the other hand, AUD/CAD may follow the selling momentum as the Stochastic is trending down. The oscillator has plenty of room to move south before reaching oversold conditions.
A break below the .9230 area could initiate a drop as high as the chart pattern spanning around 200 pips.
On the other hand, if the Australian bulls are still defending the floor, another move could follow towards the triangle apex near .9300.
Not sure where Rooney is headed next?
Perhaps a straddle setup with this symmetrical triangle pattern will allow you to catch in either direction.
Another test of resistance near .6925 may be in order as CAD/CHF appears to be finding support at the bottom of the formation.
A strong bullish atmosphere could spur an upward breakout, followed by a rally as large as a triangle formation.
That’s about 150 pips!
The Stochastic has some grounds to cover before it shows that sellers are drying up, but the oscillator is already up and showing signs of attracting buyers.
The moving averages are oscillating and offer few strong directional clues, but are holding as dynamic support for now.
In any case, check the average volatility of this pair when setting your entries and exits!