Guess who’s back? EUR/USD is! Well, at least it’s back to a clear rising trend line on the 4-hour and daily charts. Will the euro bulls drive for another leg higher or will the bears hustle some muscle and finally take this pair down? Stochastic is almost oversold so I’m expecting a fierce battle between the bulls and bears!
I hope you’re up for a Fib play because this setup is too good to miss! CAD/JPY is near the 92.00 major psychological handle, which is right smack at a 50% Fib resistance as well as a former strong support on the 1-hour time frame. A break above the pair could inspire moves up to the 93.00 area. If the level holds though, then you better keep your eyes on 91.50 as a possible target!
Last one for the week is a sweet and simple resistance trade on GBP/NZD’s 4-hour chart. The pair is currently testing the 2.0250 area, which has served as a solid resistance level since early DDo you think that t action?
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.