Somebody holler at Happy Pip and point out this trend setup! NZD/USD just touched a rising trend line that has been valid since late December. Stochastic hasn’t reached the oversold region though, so you might want to wait for a couple more candlesticks before you jump in. What do you think? Is this pair ready for another leg higher?
Here’s another trend trade for ya! EUR/USD is sporting a sweet bullish divergence on the daily chart and it looks like it had just found support at the bottom of a rising channel. You could still jump in on this trade and get a good risk ratio if you place your stop loss just below the previous lows and aim for the top of the channel.
Make way for a break-and-re-retest scenario! USD/CHF is back at the .8900 psychological handle, which is right smack at a falling trend line that had served as resistance and support in the past. Is second time the charm for the dollar bulls? Watch this setup closely, brothas!
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.