Ready for a range trade? Despite the recent volatility around the yen we can see that USD/JPY is still on a 100-pip range on the 1-hour chart. The dollar is losing ground though, and it looks like 102.00 is still a good support candidate. Do you think the pair will drop back to the mid-range (or even the range support) area? Read up on trading ranges if you haven’t tried it yet!
If you’re not into trading the yen, then you should check out this sweet range setup on NZD/USD! The pair just bounced from a resistance around the .8400 area and is headed fast towards the mid-range support near .8250. And get this – Stochastic is already in the oversold region! Will the bulls use the level to hustle some muscle or will the bears drag the Kiwi all the way to .8100? Watch this one closely, brothas!
Range setups not your thing? No problemo! USD/CAD is dropping like it’s hot and is zooming towards the 1.0600 former resistance area. What makes this setup even hotter is that it’s also near a 61.8% Fib retracement on the daily chart. The Loonie bulls could sell the pair until it reaches the psychological zone while the bears could wait for the actual retracement before buying the Greenback.
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.