It looks like the dollar hustled some muscle in yesterday's trading. Does it have enough fuel left to continue today? On the hourly chart of USD/JPY, we see that the pair seems to have formed a bullish pennant with price just consolidating after that strong upward move. A new high above 79.00 could mean that the pair would soon rally up to around 79.70. However, if there aren't enough bulls in the market, USD/JPY could pull back to the 98.2% Fibonacci retracement level and test its previous high for support. Heck, the pair might even go below that if support doesn't hold.
Well, well, well... What do we have here? Despite all the volatility EUR/GBP has been experiencing, it looks like the range on EUR/GBP's hourly chart is still holding strong! As of the moment, the pair is in "no man's land" but that could change soon once the bulls (or the bears for that matter) manage to push the pair to the boundaries. Watch the top and the bottom of the range closely, as they could serve as good entry levels!
Has AUD/USD's run up the charts come to an end? With the formation of two indecision candles right at the 1.0300 major psychological level and Stochastic showing overbought conditions, this seems to be the case. But anything can happen in the forex market so it's always prudent to wait for a bearish confirmation candle first before calling a downtrend! Let's see whether the next candle will turn out to be a bearish engulfing one or not!
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.
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