Is that a symmetrical triangle forming on GBP/JPY? After going on that sharp rise a few weeks back, the pair has consolidated and is now forming higher lows and lower highs. With the consolidation gettin’ tighter and tighter, could we see a breakout soon? If you’re in the bull camp, watch out for that former high at 153.80, as it may hold as resistance. On the flip side, a breakdown to the south side could see price action drop to the recent low at 146.50.
Looks like the Aussie might not even hit the bottom of the range! A slew of dojis have formed just ahead of the support level, and with Stochastic crossing over already, we could see the bulls take over. A solid, bullish marubozu candle close may indicate that buying pressure is ramping up and we could see the pair head back up to former highs.
If you’re a fan of good ol’ resistance lines, then this one’s for you! After going on a sharp rise the past couple of weeks, USD/CHF is now approaching key resistance at .9550. The question is, will it hold or will it wilt under buying pressure? Keep in mind, homies, that Stochatsic is deep in overbought territory, so buyers may run out of steam soon.
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.