It’s not too late to join the bear camp on GBP/USD! This pair has slowly been making its way back up to the Fib zone after bottoming out around 1.6000. Right now, it’s just a few pips away from the 38.2% Fib, which lines up almost perfectly with a former support level. That being said, it’s a prime candidate for a potential turning point. But if you’re not quite ready to join the bears, you can also opt to wait until price rises a bit higher and tests the falling trend line on the 4-hour chart.
Over the past few months, the range that USD/JPY has been trading in has been getting narrower and narrower. Is this pair gearing up for a breakout? Maybe! With price forming a clear symmetrical triangle, it might just be a matter of time before the market makes its move. For tips on how to trade this chart pattern, I suggest you check out the School of Pipsology’s lesson on triangles. It’s a must-read!
For our last setup of the week, we have AUD/USD with this sweet little number. It’s been making higher highs and higher lows over the past couple of days, forming a solid rising channel in the process. If you’re thinking of going against the herd and selling the pair, you may just get a chance to do so near the top of the channel around 1.0300. Just remember to wait for reversal candlesticks before you commit to a position!
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.