When will EUR/GBP start droppin’ it like it’s hot? The pair seems to be having trouble letting go of the .8450 minor psychological handle, as it has pulled back to that area recently. That’s in line with the broken neckline of the double top formation on the daily time frame so if it holds as resistance, EUR/GBP could be headed south.
If you’re into ranges, then this setup is for you! AUD/JPY has been making higher lows and lower highs, forming what appears to be a triangle on its 1-hour time frame. The pair is currently testing the bottom of the triangle while stochastic is moving out of the oversold zone, suggesting that a bounce back to the top of the triangle might be in the cards.
What are the Kiwi bulls waiting for?! NZD/USD made a strong break past the .8100 handle a few weeks back, but it seems that buyers are having trouble sustaining the pair’s rallies. A pullback to the broken resistance area could be underway, as the .8100 mark is also in line with the 50% Fibonacci retracement level.
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.