Is GBP/AUD’s 100 SMA strong or what?! The indicator has been supporting the pair on the 1-hour chart since early this month and it doesn’t look like it’s gonna break anytime soon. You could go long at one of the retests if you think that the pound is headed higher against the Aussie, but you could also wait for the support to break if you’re one of them Aussie bulls.
A couple of days ago we saw a potential resistance at the Fib and psychological area. Well, USD/CHF is now around 50 pips below that area! The daily chart still has room for more losses though, especially since stochastic has just left the overbought territory. A stop loss just above this month’s highs and a target at the .8900 area could get you a sweet risk ratio if you’re planning on taking this setup.
Aussie bulls huddle up! AUD/USD has just bounced from the .9300 psychological handle while stochastic has also just left the oversold zone. Does this mean full steam ahead for the bulls? A break above the .9400 area could lead to a retest of .9550, but we might not see a smooth price action along the way. Remember to be creative in placing your stop losses, aight?
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.