If you’re a fan of Fibonacci plays, this setup might entice your taste buds! USD/JPY has backed off its recent high and is now testing the 61.8% Fibonacci level. With Stochastic now in oversold territory, it might be time for the bulls to enter the market. If you remain unconvinced though, you could wait for some Fib-sticks to form before loading up on a buy position.
Looking to short the euro? Take a look at this sweet setup on the 4-hour chart of EUR/USD! The pair is currently trading within a descending channel and is now making its way to the falling resistance line. Your best bet might be to wait for a solid test of the resistance line at around 1.2850 and see if any reversal candlesticks form.
Lastly, here’s a look at Happy Pip‘s favorite comdoll, AUD/USD. Scrolling out to the daily chart, we can see that this bad boy is actually stuck within a huge horizontal channel. For now, it’s trading in no-man’s land, so your best bet would be to wait for a retest of former highs around 1.0575.
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.
Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.