Intraday Graphics Update: Triangle in AUD/CAD and Pullback in EUR/CAD

Intraday Graphics Update: Triangle in AUD/CAD and Pullback in EUR/CAD

For the final update of this week's intraday graphics, I am serving a triangle pattern in AUD/CAD and a Fibonacci recoil game in EUR/CAD.

AUD/CAD: 1 hour

AUD/CAD: Graph 1 hour schedule

Bulls have recently been trying to push AUD/CAD ever higher. However, the Bears have established a defensive line and barricaded themselves in 1.0030. And so far, the Bears have succeeded in repelling the bulls ' upward impulse. In the process, an ascending triangle pattern has been formed to play with.

An ascending triangle is a bullish badge pattern, so our main directional bias is to upside. And if the triangle breaks upwards, then the resulting rally will probably have enough steam for a 200 pip movement.

Note, however, that ascending triangles are usually formed after a bullish trend. But as you can all see, the most recent trend was a downward trend. As such, there is also a possibility that the torque can break down, so all of you may want to prepare for such a scenario, especially if the pair clears 0.9870 in strong bearish moment.

EUR/CAD: 1 hour

EUR/CAD: 1 hour Forex chart

We have found that the trade rank or rectangle pattern again on July 27th. At that time, the pair approached the resistance zone of the rectangle in 1.4660, so we were looking for the waiting range expecting a short chance.

However, I warned them that there is always a chance that the torque will break to the top and that the pair has to clear 1.4740 and then 1.4840 (1.4850 originally) to validate an upward rupture.

Well, the torque broke to the top, as all of you can see. In addition, the pair eliminated 1.4740 and 1.4840, so we are now optimistic in the pair. By the way, congratulations if you were also able to mount that rupture movement.

Anyway, the torque seems to be hesitating, so it's only a matter of time before it recedes. and using our practical Fibonacci tool, we can see that the recoil levels of 38.2% and 61.8% are the recoil areas to see as they are close to the areas of interest in 1.4840 and 1.4740, respectively.

Note, however, that if the pair goes below 1.4740 and clears 1.4660, then all of you may want bails, as it is a clear sign that the bears are in control. In any case, just be sure to practice proper risk management, a'ight?

Forex Currency settings:

Slow Stochastic: 14, 3, 3

100 SMAs: Blue Line

200 SMA: Red Line