Think there are no good trade ideas on the major pairs? Think again! GBP/USD is on a pretty solid range on the 1-hour chart and it looks like it’s about to hit its support area. The level has held as support since last week and I wouldn’t be surprised if we see another retest given that Stochastic is almost in the oversold territory. A stop just below the support area could still get you a good trade if you think that the pound is in for more gains.
Comdoll traders huddle up! AUD/USD is about to hit the 50% Fib area, which is lining up nicely with a 200 SMA, previous resistance, and rising trend line support. You could buy now and place a stop just below the Fib lines but you could also wait for a bounce above the .9300 major psychological handle if you’re not too sure about buying the Aussie just yet.
Here’s another trend trade for ya! EUR/CHF is lollygagging at a mid-channel support, which is almost where the 100 SMA and 200 SMA lines are. Not only that, but Stochastic is also just touching the oversold levels! Will the euro bulls take this as a signal to go long or will the bears dominate this week’s trading?
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.