Since many of you probably have a long position on the pair, I thought I'd put up the daily chart of USD/JPY. As you can see, there are some very interesting developments on the pair. Firstly, the pair is currently testing a major resistance level. Secondly, yesterday's candle was a clear long-legged doji. And lastly, the Stochastic indicates that conditions are overbought. These signals seem to indicate that the pair's rally is severely overdone, and price could soon retrace. Be careful!
Surf's up, dudes and dudettes! It appears that AUD/USD is riding fast on a rising trend channel on the 1-hour chart. With the Stochastic showing conditions are oversold and price finding support just above the bottom of the channel, there's a chance we could see price rally and retest the top of the channel. Watch this pair closely in case of another bullish push!
USD/CHF bears, beware! Yesterday, the pair found some significant support at the .9100 handle and with the Stochastic moving out of oversold territory, it seems that a move up is likely to happen. If you choose to jump in and price continues to rally, the .9200 and .9300 major psychological levels are the pair's next probable stops.
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.
- Daily Chart Art - June 27, 2012 22:08 26 June 2012
- Daily Chart Art - February 6, 2012 21:56 05 February 2012
- Daily Chart Art - May 21, 2012 21:25 20 May 2012
- Daily Chart Art - July 30, 2012 20:38 29 July 2012
- Daily Chart Art - July 6, 2011 22:11 05 July 2011