Remember that breakout setup that we spotted yesterday? Well, here’s your chance to enter! USD/CHF is testing a rising trend line, which is right smack at a 61.8% Fib on the 1-hour chart. A stop just below the trend line could get you a good risk ratio if you think that yesterday’s breakout is legit and that the Greenback is headed for new highs.
Countertrend trade, anyone? As we speculated early this week, GBP/AUD encountered support at the 1.8300 area and is now testing a mid-channel resistance near the 1.8550 psychological handle. Is the pair headed higher or are the bulls just taking a breather? Stochastic is on the overbought territory right now but you could also wait for candlestick confirmation before you trade against the trend.
Time for comdoll vs. comdoll! AUD/NZD is sporting what looks like a double bottom on the daily chart. What’s more, Stochastic also looks like it’s about to leave the oversold lines. Will last year’s lows turn into a support zone or will the bears hustle more muscle and drag the pair lower? We have about 200 pips until the neckline to see if this pattern plays out. What do you think?
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.