Whoa! Check out GBP/JPY just chillin’ like ice cream fillin’ on the rising trend line on the daily timeframe. If you think that’s already sexy as it is, you should also know that the area also coincides nicely with the previous high and the 61.8% Fibonacci retracement level! Will support hold? Maybe. However, be wary for a strong break and a close around 146.50 as it could indicate that the pair is headed down the charts!
In search of a breakout play? Look no further than USD/JPY! On the hourly timeframe, we see that the pair is making lower highs and higher lows, forming what looks like a symmetrical triangle. An upside break to 95.00 could hint at an upward rally possibly up to 97.00 while a close below 94.00 could be a signal for an impending drop to 93.00!
Aww, snap! I spy with my big eye a falling channel on EUR/AUD, and right now, price is testing resistance at the top of it! If it holds and reversal candlesticks materialize around 1.4000, we could soon see the pair drop to around last week’s low just below 1.3900. But if not, we could see the pair take another shot at the 1.4200 handle.
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.