If you’re an Aussie bull, here’s a nice Fibonacci setup that might get you to bust out the moves like Jagger! After rising more than 400 pips from its recent low, AUD/USD has now retraced back to the 38.2% Fib level. This level also happens to lineup with a former resistance level just below the 1.0600 handle. Could this prove to be a good resistance-turned-support level? It might be best to wait for a Stochastic crossover and some Fib sticks before jumping in on this one!
Next up, here’s a look at NZD/USD. Just like the Aussie, the Kiwi is currently finding support at a resistance-turned-support level at the 38.2 Fibonacci retracement level. Stochastic is also about to enter oversold territory, so we may see the bulls jump in soon. If you’re a little hesitant about this one, it might be best to chill out, have a beer, and see if the pair can test the either the 50.0% or 61.8% levels before putting up a position.
Y’all ready for a breakout?! Not only has USD/CAD formed a double bottom formation on the daily chart, but thanks to the recent run of consolidation we’ve seen on the pair, it now appears to be forming a bullish flag! For now, I’d wait for a solid candle close above parity as a sign that the Loonie 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. Check him out, playas!