Trend traders huddle up! NZD/USD is touching a falling channel resistance on the 1-hour chart. What makes this setup sweeter is that it’s near the .8300 major psychological handle. A stop just above the channel resistance could get you a sweet risk ratio if you think that the Kiwi could fall all the way to the .8240 zone.
Remember that Fib setup that we had a couple of days back? Well, Cable looks like it’s now headed that way! 1.6600 is a level to watch for this pair as the 38.2% Fib is lining up with major broken resistance across all time frames. Of course, don’t forget to prepare in case there are more bears than bulls waiting for a break below the battle area.
If you’re not into trading the Greenback, then this setup is for you! GBP/JPY is slowly breaking above a falling channel. In fact, it’s looking a lot like a break-and-retest situation on the 4-hour chart. Will we see more losses from the yen or is this just a slow fakeout?
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.