If you think that the pound is in for more upside moves, then you must be looking at Cable! The pair is hanging at the 1.6250 area, which is right smack at a mid-channel support on the 4-hour chart. Stochastic is just approaching the oversold territory though, so waiting a bit is a good idea. You can place your stop loss just below the minor psychological level and aim for previous highs if you’re one of them pound bulls.
Is NZD/USD gunning for the .8500 handle? The pair bounced off from the trend line and the .8200 major psychological level a couple of days ago and it looks like it’s heading towards its previous highs. Stochastic is still going up and supporting the Kiwi bulls right now, but watch your charts closely for signs of exhaustion!
Here’s a nice Fib play for y’all currency cross traders! EUR/CAD is currently finding support at the 1.3000 handle, which is near the 38.2% Fib on the 4-hour chart. What’s making this setup even sweeter is that the area was also a former resistance level for the pair. Will the area turn into a support zone?
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.