I hope you’re ready to trade the comdolls because this trade setup is too good to miss! AUD/USD just bounced off from the .8950 minor psychological area, which is right around a previous resistance on the 1-hour chart. What’s more, Stochastic is also supporting a possible bounce as it’s still in the oversold territory. What do you think? Is this pair headed higher?
Resistance alert! USD/CHF is knocking on a falling channel resistance on the 4-hour chart! What makes this setup more interesting is that it’s also near the .9050 psychological area. A break above the pattern could lead to a retest of the .9300 zone but the bears could also watch out in case the resistance holds and USD/CHF drops back down to .8850.
Our last but definitely not the least setup is a EUR/USD range play. The pair is testing its mid-range support on the 4-hour time frame right around the time when Stochastic is hanging around the oversold area. Will the euro find support at the level or will it fall to the 1.3400 major psychological area before it finds its buyers?
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.