Euro bears huddle up! Your chance at shorting the common currency is around the corner with EUR/USD having trouble breaking above the 1.3550 psychological handle. It’s probably because the area is also a 50% Fib and former resistance. Based on the pair’s current strength though, it might be better to wait for signs of exhaustion before jumping in. Can’t be too careful, right?
While other major pairs are spiking all over the charts, USD/CAD is happily trading along a rising channel on the 4-hour chart. The pair is finding resistance at the 1.0470 area around the same time when stochastic is about to hit the overbought zone. Think the dollar is in for some losses? If you do, then this setup is for you!
I spy with my Ray-B-covered eyes a potential ascending triangle on the daily chart! In fact, NZD/JPY is testing the pattern’s resistance near the 83.50 psychological area. Will the Kiwi bulls triumph in pushing for an upside breakout today or will the bears step in and fight for their cause? Read up on trading breakouts if you haven’t tried it 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.