Sellers have been in total control of AUD/USD, but for how long will it stay that way? So far, the falling trend line on the pair’s 1-hour chart seems to be doing a good job of directing price action. If it remains intact, it might just lead price back down to .9050 or maybe even to a new low. But be careful, homies, because we can never rule out an upside breakout!
The range on NZD/USD might only be 150 pips wide, but it sure has been doing a good job of keeping price in check! After the solid bounce off support yesterday, the market looks like it’s on its way to retest the top of the range. Stay on your toes because another major trade setup could develop as price approaches this major resistance zone.
Right now, USD/CAD is at a critical zone, just a few pips away from a rising trend line and a former area of interest. As price approaches the 1.0550 resistance-turned-support level, we may see buyers start to take action. If you’re feeling bullish for the pair, look to enter in that area. On the other hand, if you’re siding with the bears, wait for price to break down before committing to a short position.
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.