Up, up, here we go! GBP/USD’s short-term uptrend is still intact as the pair is moving inside a rising channel on its 1-hour time frame. The pair just tested the top of the channel and appears to be headed back for the bottom. However, a break above the channel resistance is still a possibility if the pair makes a strong upside break from that symmetrical triangle pattern!
Check out USD/CAD stickin’ to its ranges! The pair has been moving sideways for quite some time already, as it found support around 1.0360 and resistance at the 1.0435 area. USD/CAD is just a few pips away from the bottom of the range while stochastic is already in the oversold region, suggesting that a bounce could take place really soon. Make sure you set your stops properly if you’re going long.
Now here’s a setup that Cyclopip has got his one eye on. AUD/CAD is edging down the charts as it is trading inside a falling channel on its 4-hour time frame. The pair just tested the top of the channel and is moving towards the middle, although it appears to be finding support around the .9500 handle. Stochastic is in the oversold area, which means that Aussie bears are getting tired.
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.