Breakout traders huddle up! AUD/JPY is sporting a possible bullish flag on the 1-hour chart and it looks like it’s currently testing the pattern’s resistance. I’m sure I’m not the only one who spotted this potential breakout, so y’all better keep close tabs on this one! A stop below the bottom of the consolidation is a good idea in case the pair reverses its direction.
Here’s one for them comdoll junkies who get a kick out of trading USD/CAD‘s ranges! The pair just bounced from the .9850 handle and it looks like it’s heading for the resistance near .9950. You can place your stop losses below the previous lows if you want to jump in on the upside move, but you can also wait for price to hit the top of the range if you think that you’ve already missed the bus.
How low can EUR/USD go? Now that the pair has broken the consolidation on the daily chart, I’m watching the 1.3000 area, which is near the rising trend line and possible Fibonacci support zones. Stochastic is almost at the oversold region so we might see some support at the 1.3000 major psychological handle, but you better get ready in case we see a stronger-than-expected euro selloff!
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.