Major level alert! AUD/USD looks like it’s headed for .9000, which is a range support on the 1-hour time frame. Will the psychological level hold or will the Aussie bears succeed in breaking the fort this time? Read up on trading ranges if you’re one of them Aussie bulls! If you’re short on the Aussie though, then you can also wait for a possible break-and-retest scenario.
Not a fan of comdolls? No problem! EUR/USD is also about to hit a major psychological level! In this case the pair is about to hit 1.3800, a resistance that held pretty well back in mid-October. With the weekend only a couple of days away, traders could use the area to take profits. But the week isn’t over yet! Head over to Forex Gump or Pip Diddy to check out events that could influence the euro’s price action.
If you’re like Huck and you can’t get enough of USD/JPY, then this one is for you! USD/JPY is testing a rising trend line that has been valid since mid-November. Not only that, but Stochastic is also about to leave the oversold territory! Is it time for the yen counterparts to go back up? Watch this one closely, brothas!
To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.