Do you see what I see on EUR/USD? On the hourly timeframe, it would seem that a bullish divergence has materialized (Stochastic is making lower lows while price is making higher lows) as the pair tests support at the broken trend line. I’d keep an eye out for this one if I were you. A bullish close above that consolidation around 1.3030 could mean that EUR/USD may soon skyrocket to 1.3200!
Yo homes, check out USD/JPY on the hourly timeframe. Is that a symmetrical triangle? With price making lower highs and higher lows, it looks like it is! A good way to trade this setup is to wait for a breakout. So keep tabs for a break above the high somewhere around 100.00 if you plan on going long. On the other hand, if you have a bearish bias for the pair, watch out for a close below 98.50.
After chillin’ like a villain for the past few days, USD/CAD has finally seen some action! A bearish candle closed following a handful of dojis on the daily timeframe. This may just be your chance to catch a pullback! Using the Fibonacci retracement tool, it looks like the pair could soon test support around the 61.8% Fib around parity which previously served as resistance. Would you take it?
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.