First up is a solid trend trade on Cable. The pair is about to hit the 1.6400, which is right smack at a rising trend line on the 4-hour chart. To make the bulls’ decision even easier, Stochastic is also in the oversold territory. A stop just below the trend line could get you a good risk ratio if you think that the pound bulls still have muscle to hustle.
Comdoll traders huddle up! NZD/USD is now at the .8100 major psychological area. What makes this setup interesting is that the level has held as both resistance and support in 2013. Will the bulls see this as a buying opportunity or will the bears succeed in dragging this pair lower? This is the daily chart, homies, so you can always wait for candlestick confirmation if you’re not sure about your direction!
SMA retest alert! EUR/JPY has just touched its 100 SMA on the daily chart! If you squeeze your charts a bit you’ll see that the pair hasn’t broken below the 100 SMA since October 2013. Of course, it also doesn’t hurt the bulls that there’s a 61.8% Fib support right below 137.00. What do you think? Is it time to bet on more yen losses?
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.