No shortage of ranges today! First up is the one on EUR/USD. This pair has been chillin’ like a villain lately, staying within a solid 150-pip range. So far, it seems like 1.3400 is the line in the sand as price has yet to break this key support. If you’re looking for some action, you might want to play a break or bounce off this level. Just let candlesticks guide the way before you act!
If that range on EUR/USD didn’t tickle your fancy, maybe this one on USD/CAD will! It seems that after rallying past 1.0250, buyers have run out of breath. As a result, the pair has been relatively subdued, trading within a narrow range of 100 pips. Right now, it’s finding support at the 1.0250 minor psychological handle. Should this level hold, the pair’s next destination could be the top of the range at 1.0350. But if candlesticks begin to close below this level, it could be a sign that the pair is ready to create new lows.
Last but not least, we have NZD/USD! Whip out your Fibonacci retracement tools and take a look at this potential setup! After hitting .7700, NZD/USD bears seem to have eased off the pedal, so we could see bulls take charge for a while. If you plan on shorting the pair, you may want to wait until it hits Fib territory. The area of .8000 seems like a promising resistance zone as not only was it a solid support level in the past, it also lines up well with the 50% Fib level. But as always, it’s best to play it safe and wait for candlesticks and Stochastic to provide confirmation. Good luck, fellas!
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. Check him out, playas!