First up is a nice and easy rising trend line on AUD/JPY‘s 1-hour time frame. The pair had just bounced from the 93.00 area and judging by the fact that stochastic had just left the oversold area, I think that the pair has room to rise. A stop below the trend line could still get you a sweet risk ratio if you believe that the pair is headed for new highs.
If you’re tired of buying the Greenback or selling the yen, then this setup is for you! USD/JPY is having trouble getting past the mid-channel area on the 4-hour time frame. Not only that, but stochastic is also in the overbought region! Will the Greenback bears shoot for the 98.00 area today or will the bulls triumph in their push for 100.00?
Last up for today is a sweet support-and-resistance play on EUR/AUD! The pair got rejected at the 1.4450 handle, which had served as both support and resistance levels in the past. It’s currently 100 pips below the resistance right now, but you can still jump in with a relatively tight stop loss if you think that it’s headed for its previous lows.
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.