Resistance alert! Resistance alert! We’ve got a major area of interest coming up on EUR/USD, folks! The pair is fast approaching 1.3300, which served as a major turning point a couple of times in the past. And will you look at that — Stochastic is already signaling overbought conditions! Another reversal here could send price down to 1.3200 or even 1.3000, but a breakout could see it rise to forge a new high.
If trading comdolls is more your thing, then get a load of AUD/USD! It’s just inches away from 1.0600 at the moment, so you may soon get a chance to play a bounce off this major resistance level. Just remember to play it safe and wait for confirmation from candlesticks before you get short!
This setup may not be ripe for the picking yet, but it’s certainly one you ought to keep an eye on, especially since it served us so well in the past! As you can see, this pair has been on a clear downtrend for the past 6 months, and it seems we would’ve made a killing if we had just shorted at the falling trend line. If this keeps up, we might find ourselves with more opportunities to sell this pair, so just be patient and check in on GBP/CHF every now and then, alright homies?
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.