Anybody in the mood for a break-and-retest play? Here’s a neat one on AUD/USD’s 1-hour time frame! The pair recently broke above a falling trend line and surged to the .9100 major psychological resistance. A quick retest of the broken trend line might be in the cards, as Aussie bulls gather more energy to extend the pair’s rallies. Stochastic is moving out of the oversold zone, indicating that buyers could be ready to bounce back to action sooner or later!
Breakout alert! EUR/USD’s upside break from the top of the ascending triangle on the 4-hour time frame looks pretty legit yo! This could be a sign that the pair is poised for more gains, although stochastic is already indicating overbought conditions for now. If euro bulls are strong enough, they could push the pair up by as much as 700 pips, which is approximately the same height as the triangle chart formation.
If y’all fancy ranges, then I’ve got somethin’ for you as well! USD/CAD has been bouncing inside a 200-pip range on its 1-hour time frame, as it found support at 1.1000 and resistance near 1.1200. It just made a strong bounce off support last week and looks ready to test the top of the range anytime now. Stochastic hasn’t crossed down from the overbought zone, which suggests that buyers can still push the pair up to 1.1200. Let’s see if the resistance still holds then!
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.