First up is this simple Fibonacci setup on USD/CAD. The pair has retraced back over the past couple of weeks and is now approaching potential support at the 50.0% and 61.8% Fib levels. With Stochastic now chillin’ deep in oversold territory, we may just see the bulls jump back in. Watch out for some bullish candles, as this could be a sign that buyers are poppin’ back into the markets.
Oh snap! AUD/USD is about to test that 1.0600 handle, homies! The question is, will it continue to hold or is third time a charm for the Aussie bulls? I suggest waiting for more confirmation, such as reversal candlesticks, before loading up on a short position. On the flip side, if y’all see a bullish candle close above the resistance level, it may be time to shift gears and consider buying!
How much longer will support at .9250 hold?! Once again, the bears have brought price back down to the key support zone. Stochastic is now in oversold conditions, which could mean that sellers are out of momentum. Your best bet though, might be to wait for some bullish candlesticks before hoppin’ on the bull bandwagon.
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.