Is it just me or is there a breakout in the works for USD/JPY? The pair is forming a symmetrical triangle on the 4-hour chart and it doesn’t look like the bulls and bears won’t be done wrestling over the pair’s direction anytime soon. Learn all about breakout trading if you haven’t tried it yet!
Here’s a simple range play on Cable. The pair is hitting a resistance at the 1.5200 major psychological handle, which also happens to be a mid-range resistance on the 4-hour chart. Not only that, but it also looks like a bearish divergence is waiting to play out! A stop just above this month’s highs could still give you a good risk ratio if you think that the pound is headed for the range support.
Somebody holler at Happy Pip because she won’t want to miss this! AUD/USD is having trouble breaking above the .9200 major psychological handle, probably because it’s also right at the top of a descending channel on the 4-hour chart. What’s more, there’s also a bearish divergence preventing the bulls from taking over!
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.