First up is a simple range play on Guppy. The pair is almost at the 148.00 handle, which is right around its lows in early June. Oh and look at the oversold Stochastic signal on the 4-hour chart! If you’re not sure about buying the pound, then you can always wait for the pair to hit the major psychological handle and see if candlestick patterns support a long trade by then.
Who’s up for a Fib play today? NZD/USD is lollygagging at the .7950 area, which is near the 38.2% Fib on the 4-hour chart. What’s more, the area was also significant enough to hold as support and resistance in the past! A stop just below the 50% Fib could still get you a pretty sweet risk ratio if you aim for the pair’s previous highs.
I know I pointed out a Fib play on USD/JPY yesterday, but if you look at the daily chart, you’ll see that the Greenback looks like it might be gearing up for an upside move. For one thing, the pair is sporting dojis near a possible rising trend line support. Not only that, but there’s also a bullish divergence and oversold Stochastic signal waiting for the bulls. Do you think that the pair would pop up today?
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.