With Stochastic in overbought territory and price finding resistance just above 1.0900, it seems as though this sucker may be due to pull back. Been trying to catch the Aussie on its way up? Then you might want to set your traps at the 61.8% Fibonacci retracement level at around 1.0780! As you can see, the area of 1.0780 has acted as resistance and support before, so there’s a good chance it’ll do so again in the future.
Treat the trend as a friend, and the trend will treat you like one, too! If you’ve been riding the uptrend on NZD/USD, then you must be up hundreds of pips! But if you’re only looking to enter now, you’re in luck! The .8000 major psychological handle recently provided support for price, launching it off the rising trend line. If this level continues to hold, the pair may just rise to .8100… and beyond!
Last but not least, let’s revisit the falling channel on USD/CAD! After five months, this baby is still intact! If you’re in the mood for a bit of countertrend action, then you might want to take advantage of the fact the price is right at the bottom of the channel and is finding support at .9500 at the moment. Aside from that, we have a bullish divergence in the works as well! Just remember to practice smart risk management, kids!
Now, I know the setups I present daily are wicked-sick. But before you get carried away with all these chart patterns and candlesticks, remember that technical analysis is only half the story. 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 Economic Roundup. Check him out, playas!