Y’all ready for a trend play? GBP/NZD has just touched a possible support at the 1.9450 handle, which is near a rising trend line that has been valid since late May. Not only that, but there’s also a bullish divergence and an oversold stochastic signal that’s waiting for the bulls. You could wait for candlesticks to pop up if you’re not too excited over buying the pound. Just make sure that your stop losses are appropriate for currency crosses!
AUD/USD is lollygagging around the .9300 psychological level, which is right smack at the resistance of a range on the daily chart. And look at that overbought stochastic signal! Read up on trading ranges if you’re not sure on how you would trade this. Even better, you can ask our home girl Happy Pip for tips on trading this comdoll pair!
I know how y’all are paying attention to this pair, so here’s an update for ya! After failing at a break above 100.00, USD/JPY looks like it has found support at the 99.00 area. This is particularly interesting because it’s looking like it’s a break-and-retest play on the symmetrical triangle found on the daily chart. What do you think? Will the bulls succeed in pushing this pair higher?
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.