Yen traders huddle up! USD/JPY is lollygagging at the 102.50 area, which is right smack at a 38.2% Fib retracement on the 1-hour chart. Not only that, but the area also lines up with the 200 SMA on the 1-hour chart AND an area of interest for the pair. Think we’re about to see more dollar losses against the yen? Watch this one closely, fellas!
Who’s up for a quick countertrend trade? I hope you are, because this setup is too good to miss! AUD/USD just bounced from the .7650 levels, which is near a rising channel resistance and the pair’s previous highs. Shorting at current levels could get you a pip or two if you aim for the mid-channel support around the .7625 and 100 SMA levels. Of course, you could also wait for the pair to hit said support areas and aim for a long trade instead if you believe that the Aussie isn’t done gaining on the Greenback just yet.
Here’s a simple one for swing traders out there! AUD/NZD is having trouble breaking above the 1.0750 minor psychological handle, which has been an area of interest since late April. What makes this setup more interesting though, is that stochastic is also chillin’ like a villain on the overbought territory. Will the setup translate to more Aussie weakness against the Kiwi this week?
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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.