The euro has been scurrying up the charts these past few days. In fact, connecting its most recent lows against the yen, we see that EUR/JPY has actually formed a rising trend line which coincides nicely with the 38.2% Fibonacci retracement level. If you think the pair will continue its rally, watch out for a strong bullish candlestick around 119.50. If you think support at the trend line won’t hold, keep an eye out for a close below 118.50!
Chillin’ like a villain! That’s exactly what the Kiwi has been doing these past couple of trading days. Anticipating some action on NZD/USD soon? It might be a good idea to set orders just outside of the .8335-.8375 range where the pair has been consolidating. An upside break could mean that the pair is on its way up to .8450 while a downside break could signal an impending drop to .8250.
If you can’t get enough of ‘em double tops, you’re in luck! Looking at the daily timeframe of GBP/USD, it seems like we’ve got ourselves another one. Price is now trading around the neckline around 1.5850 though. Do you think it will hold or will we see a break? Watch out for reversal candlesticks, folks!
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.