Now that’s what I call a trend! A quick peek at GBP/USD‘s 4-hour chart shows the pair in a rising trend since early July. And get this – the pair had just bounced from the 38.2% Fib this week! Does this mean that it’s headed higher? There’s always a chance that the pair could have trouble makin’ higher highs and break the trend line support though. Gotta be careful in trading this, brothas!
I spy with my Ray-B-covered eyes a possible symmetrical triangle cookin’ up on AUD/USD‘s 4-hour chart! The Aussie had just bounced from the .8900 major psychological handle and it looks like it’s headed for a test of the falling trend line on the chart. A stop below the support could still get you a good risk ratio if you think that the pair is headed for the pattern’s resistance, but you can also wait for a retest of the resistance if you’re set on shorting this comdoll.
I know how much you like sweet and simple setups, so here’s another triangle for ya! EUR/JPY‘s rising trend line is intact on the daily chart, but it’s also headed towards a solid support at the 132.50 area. Think this ascending triangle is due for an upside breakout? Read up on trading breakouts if you don’t have a play for this yet!
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.