Ain’t nothin’ like a double top formation to start your week – especially when it’s on a major pair like USD/JPY! If you’re rooting for the yen, wait for a clean break of the neckline before committing to a short position. On the other hand, if you’re feeling dollar bullish, you can consider trading the bounce off 79.35 and aiming for the previous high.
Heads up, homies! EUR/USD is in a prime spot for a counter-trend play! At the moment, it’s having a hard time crossing the 1.2700 handle, which was once a solid resistance level. Not only that, but it’s also in the Fibonacci retracement sweet spot – right between the 38.2% and 50% levels. The only thing missing is confirmation from candlesticks and you’re ready to go!
Finally, we have this little treat on AUD/USD. Will its uptrend stay intact? Another Aussie rally could lead price up to a new high at 1.0500. But if buyers fail to sustain demand for the Aussie, it could lead the pair to break below the trend line and retest the previous low at around 1.0330. In any case, this is a pair you’ll want to keep an eye on!
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.