Check out this rising channel setup! USD/JPY is headed for the 100.00 major handle, which is near a mid-channel resistance on the chart. What’s more, stochastic is already on the overbought area! Will the bears once again succeed in defending the level or is it the bulls’ turn to dominate?
Here’s a possible reversal that a lot of my homies are looking at! EUR/USD got rejected at the 1.3300 zone, which is right smack at the 61.8% Fib and former support on the 4-hour chart. Not only that, but a bearish divergence is also popping up and adding to a possible downside move. Read up on trading divergences if you’re not sure on how to trade this setup!
Last up for today is a simple trend play on CAD/JPY. The pair has been on a sharp uptrend since late August and it doesn’t look like it’s over yet. The pair encountered support at the 96.00 handle near a previous support and resistance level. A stop below the major handle could get you sweet pips if you think this baby is headed for new highs.
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.