That .8600 resistance on EUR/GBP is just holdin’ like a boss! The pair recently made a test of that major psychological level before getting rejected and heading right back down. Stochastic is moving lower, which suggests that euro bears are in control at the moment. This means that EUR/GBP could find its way back to the bottom of the range, right around the .8480 area.
Lower highs and higher lows… Why, that’s a symmetrical triangle right there! GBP/AUD seems undecided where to go, as it kept consolidating tighter and tighter on its 1-hour time frame. The pair is currently testing the top of the triangle, but stochastic seems to be hinting that it could still edge back to the bottom. If you think it’s gonna break out, make sure you drop by our lesson on Trading Breakouts before jumping in!
Ho hum, NZD/USD has been pacing back and forth between support around .7720 and resistance near .7830 on its 1-hour range. The pair is inching closer to the bottom of the range while stochastic has reached the oversold region, showing that a bounce could be in the cards. Make sure you set your stops below the .7700 major psychological support if you’re planning to catch a long trade.
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.