First up is a hot Fib play on EUR/AUD. The pair looks like it’s headed towards the 1.5330 area, which was a strong resistance early this month. Not only that, but it’s also a 32.8% Fib on the 1-hour time frame! EUR/AUD has no problem taking on volatility so keep your stop losses wide if you’re planning on trading this one!
Countertrend trade, anyone? EUR/GBP is sitting at a potential mid-channel support just above the .8200 major psychological handle. What’s more, Stochastic is in the oversold territory! This cross currency pair is still popping up red candles though, so you can wait for candlestick confirmation if you’re not too sure about buying the euro against the pound.
I spy with my cool, blue eyes a possible resistance-turned-support trade! USD/CHF just bounced from a falling trend line that had served as resistance since September last year. Does this mean that the tides are turning for the Greenback? Keep an eye out for new highs that might prompt the bulls to push this baby to a start of an uptrend!
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.