First up is a nice and simple range play. CAD/JPY is almost at the 92.00 psychological area, which is also a mid-range support on the 1-hour chart. You could day trade this setup by placing your stop loss just below the support zone. Of course, you could also wait for a retest of the range support if you’re not too sure about buying the Loonie just yet.
Next up is a trend play on another yen pair! USD/JPY had just hit a resistance at the 102.50 minor psychological handle. What makes this setup sweeter is that the level is right at a falling channel resistance on the 4-hour chart. What do you think? Is USD/JPY ready for another trip down the charts?
Here’s one for the position traders! After bouncing at the .8700 psychological area, AUD/USD is now sporting a bullish divergence on the weekly chart. A stop just below the previous lows could still get you a good risk ratio if you think that AUD/USD is headed back to parity. Just watch out for major areas of interests like the .9400 and .9700 handles in case the bears aren’t done flexing their muscles just 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.