And just like that, we’ve got a new 2013 low on EUR/USD, homies! The question is, is the pair now headed for further losses? If you’re looking to hop on the short EUR bandwagon, you might wanna keep your eye on that 1.2800 level. First, it served as the former 2013 low a few months back, and we even saw a bounce off that level earlier this week. Second, it lines up closely with the 38.2% Fib retracement level, so we could see some selling interest there.
Do my eyes deceive me or is that a rising channel forming on USD/CAD? Price seems to be finding support at a rising support line and with Stochastic popping in and out of oversold conditions, this could be the time to start loading up on some long positions. If you see a bullish marubozu candle form, you know what to do!
Last up is this sexy setup on the Kiwi! After testing resistance at .7850, NZD/USD seems to be dropping back within the horizontal channel. With Stochastic crossing over from overbought territory, this could be the perfect moment to click on that sell button. Watch out though, as another solid candle close above .7800 could mean that the bulls are ready to break past resistance.
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.