GBP/JPY: 4 Hour
First chart of the day is the four hour time frame on GBP/JPY. We saw broad yen strength today, pulling the pair down to around the 50% Fibonacci retracement area. This is an enticing area for guppy bulls to jump in, all the way down to the broken resistance area around 171.00.
GBP/NZD: 4 Hour
Staying with sterling for a sec, we’ve got a rising trendline and resistance retest on GBP/NZD. The 2.0250 area has held on three tests, but could it withstand a fourth if we see one? Since this pair is in an uptrend, watch the 1.9900 area for a retest of the rising trendline and possible support area.
USD/CAD: 4 Hour
For those looking to ease their way back into the currency markets, there’s probably no tamer forex pair than USD/CAD. This pair has been in a near 100 pip range for all of December, which could hold until we get back into normal trading conditions. Watch the 1.0600 and 1.0700 handles as areas of interest until then!
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.