AUD/USD: 4- hour
Y’all a fan of channel surfing? Then this one might be for you! The Aussie has been riding the waves within a descending channel and is currently stuck right smack in the middle. Will the pair manage to hit the top of the channel or will it come crashing down? I’m keeping an eye on resistance at around 1.0480 and support at 1.0300 as potential areas of interest on this pair.
EUR/GBP: 4- hour
Once again, EUR/GBP has retested the long term rising support line near the .8300 handle. If you scroll back a bit, you’ll see this that this area has held quite nicely. Stochastic is also crawling out of oversold territory, indicating that buying pressure may begin to ramp up. If you remain unconvinced, you can wait for a couple more tests of the support line before loading up on your long orders.
USD/CAD: 4- hour
Lastly, here’s a look at the Loonie. USD/CAD seems to be forming a longer term symmetrical triangle and just bounced off the rising support line. With Stochastic approaching oversold territory, support may very well hold. I suggest chillin’ out for a bit, have a a few drinks, and wait for some reversal candlesticks to form for more confirmation to go long.
Before you get carried away with all these chart patterns, 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 Forex Fundamentals.
