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NZD/USD: 1-hour

NZD/USD: 1-hour Chart

Think the Kiwi is headed further south? This might be your chance to hitch a ride with the bears! The falling trend line connecting the pair’s highs is still intact on the 1-hour time frame, but now that stochastic is inching out of the oversold area, it seems that Kiwi sellers are still trying to catch their breaths. If the pair makes a pullback, it could retrace until any of the Fibonacci levels close to the trend line. Take note that the 61.8% Fib is in line with the .8350 minor psychological resistance while the 38.2% level is close to the .8300 handle.

EUR/GBP: 4-hour

EUR/GBP: 4-hour Chart

After filling in that weekend gap, it appears that EUR/GBP is ready to resume its climb. The pair just found support at the bottom of the rising channel on the 4-hour time frame while stochastic reached the oversold region, suggesting that euro bulls could take control pretty soon. If that’s the case, the pair could climb back up to the top of the channel, possibly around the .8850 minor psychological level.

AUD/JPY: 4-hour

AUD/JPY: 4-hour Chart

Now here’s a potential break and retest setup on AUD/JPY! The pair just plunged below the 95.50 minor psychological support recently but Aussie bears seem to have run out of steam as AUD/JPY stalled close to the 93.00 mark. With stochastic climbing out of the oversold zone, the pair could pull up to the 50% Fibonacci retracement level, which coincides with a former support zone. Make sure you set your stop above the 61.8% Fib if you plan to short at 95.50!

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.