The Greenback bears out there might get a kick out of this one! USD/CHF is sporting a sweet bearish divergence, which has formed right at the .9950 minor psychological area. And look, Stochastic is in the overbought region too! If you’re shorting this pair, then you could place your stop loss above parity while aiming for the .9800 area.
Aussie bulls huddle up! AUD/JPY is fast approaching the 79.50 minor psychological handle that has served as a resistance and support level in the past. Stochastic is in the oversold territory too, so you might want to keep a close eye on this one. A stop below the support area is a good idea, especially if you’re eyeing the former highs near 82.00 as profit targets.
Not a swing trader? Here’s one for ya! EUR/GBP is heading towards the previous resistance at the .7820 handle after bouncing from a former support level. If the resistance continues to hold, then the pair could be set for a ascending triangle action. Time to bring out your breakout trade strategies, homies!
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.