Lower highs and higher lows… Why, that’s a symmetrical triangle right there! USD/CAD has been stuck in this giant triangle pattern on the daily time frame for quite some time now. Will it still hold or is a breakout in the cards? The pair is currently testing the triangle’s resistance but stochastic is hinting that USD/CAD has more room to rally. If Loonie bulls charge though, the pair could be on its way back to test the triangle bottom around parity.
Is USD/CHF ready to make a huge correction? The pair previously broke below the .9400 major psychological support level but has found a bottom just above the .9200 handle. The pair appears to be retracing back to .9400, which is close to the 50% Fibonacci retracement level. At the same time, stochastic is making its way up from the oversold region, suggesting that USD/CHF could head north.
Well, well, well… It looks like AUD/USD is on its way back to 1.0200 just as Happy Pip expected! After finding resistance near the 1.0600 top of the range a few weeks back, the pair has taken a sharp dive and is inching close to the bottom of the range. Stochastic hasn’t quite reached the oversold zone yet, which means that Aussie bears have enough energy to push this pair down.
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.