Check out EUR/USD surfin’ the rising channel! The pair is currently consolidating just below the 1.4450 handle, and it looks like Stochastic is also ready to fire up. If you’re bullish on the pair you might want to set your stop below the channel, with a potential profit target around the 1.4550 area. Be careful in your trades though. The resistance at 1.4450 might hold and send the pair back down!
Next on the board today is a potential bearish wedge on AUD/USD‘s one-hour chart. After rejecting the 1.0550 handle yesterday, it looks like the pair is heading towards the 1.0450 area. Will the potential bearish pennant hold, or will it break down as the top forex education site suggested? Stochastic is nearly in the oversold region already, so best keep your eyes on this one to see if the pair would make another run for the 1.0500 handle.
Who’s up for a lil’ divergence action? On EUR/GBP‘s 4-hour chart I’m seeing a sweet bearish divergence right around the .8900 area. And look at that – Stochastic is also leaving the overbought region! I wouldn’t go all bearish on this one though. The pair could still find support at the .8850 handle right between the 50% and 61.8% Fibs. Keep your stop losses tight on this one, will ya?