If you’re into retracement setups, then this one is for you! AUD/USD is chillin’ like ice cream fillin’ on the 50% Fib area near the rising trend line on the one-hour chart. What’s more, there’s also a bullish divergence supporting a possible upward momentum! Buying just above the 1.0550 psychological area could give a good reward-to-risk ratio if you place your stop loss somewhere below the rising trend line.
Who’s in for more Loonie strength? USD/CAD is having trouble breaking above the .9920 area, which is a former support level on the 1-hour chart. Stochastic is also giving the Loonie bulls support at the overbought zone, but it hasn’t crossed below the 80.00 mark just yet. The Loonie bulls can jump in once the pair breaks below the consolidation at the chart, but watch your trades closely in case the pair breaks above its resistance level!
Hey look, NZD/USD is sporting a gravestone doji on the daily chart! While the candlestick is already hot enough for a trade, I’m also liking the bearish divergence and overbought Stochastic signal on the chart. Will the pattern soon become an evening star? Have fun trading this one, my countertrend trader brothas!
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.