First up, let’s start with this simple Fibonacci setup on USD/CAD. The pair is currently trading at the 61.8% Fibonacci level. With Stochastic now reentering overbought territory, we may just see sellers jump back in and reload their shorts. For now, I suggest waiting for Stochastic to crossover and for some Fib-sticks to form before selling.
Is it time for the Kiwi bulls to come stormin’ back from the dead? After all, NZD/USD is now trading at a major support level at .8200. Before you bet the farm on this trade, I suggest you wait for some reversal candlesticks to form to help tilt the odds in your favor!
For those of you who love trading the cross-currency pairs, this one’s for you, homie! AUD/CAD has been on a steady downtrend, but if you zoom out to the weekly chart, you’ll see that the pair is now approaching key support at .9965. The question is, will it break or will it hold? Keep tabs on this pair as this could be your chance to catch a major reversal!
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.