Heads up, homies! Check out this sweet setup on Cable! With the market slumping down from its recent high around 1.5700, it’s starting to look like price will revisit the 1.5400 area of interest. This could be a major turning point for the pair as it lines up well with a rising trend line. A bounce off this confluence zone could lead price back up to its former highs while a break may see it fall to the 1.5100 support area.
Will USD/CAD retest the neckline of its double bottom formation? That’s the big question! Right now, it certainly looks possible, as price is within striking zone of the 1.0440 hot spot. Make sure you keep your eyes on this level, homies, because it also lines up well with the 50% Fib!
Rangin’ is the name of the game on GBP/JPY. With resistance at 154.00 and support at 148.50, this bad boy has been bouncing up and down for the past three months! Right now, sellers are in control, so it looks like the pair may make its way back down to the bottom of the range. Hang tight, folks! There’s a good chance that we’ll get a bounce-or-break opportunity when price reaches that area!
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.