First up is a countertrend trade on USD/JPY! The pair found support not only at a falling trend line but also the 102.00 major psychological handle. What’s more, Stochastic is almost at the oversold territory! You can wait for a couple more candlesticks if you’re not sure about buying the Greenback or you can also wait for a break below 102.00 if you think that the dollar selloff isn’t over yet.
What ascending triangle?! USD/CAD doesn’t seem to like waiting for an ascending triangle to play out as it’s already making new highs on the 4-hour chart. Are we seeing a breakout though, or is the pair just gearing up for a retest of the rising trend line? Keep your eyes on this one, brothas!
Last one up for today is a simple but beautiful trend play on GBP/AUD’s 4-hour time frame. The pair is hugging a rising trend line and it looks like it’s also finding support around a previous resistance area. A break above 1.9000 could push the pair to new yearly highs while a break below the trend line could drag the pair all the way to 1.8500. 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.