Somebody holler at Happy Pip because this uptrend is too good to miss! USD/CAD is consolidating at the 1.3180 levels, which is right smack at a rising trend line support. What’s more, it also lines up well with the 100 SMA and a 50% Fib retracement level on the 1-hour chart. A long at current levels could get you a good reward-to-risk ratio if you aim for the previous highs. Just make sure you place a wide enough stop loss in your orders!
Breakout alert! NZD/JPY looks like it had just broken above a symmetrical triangle on the 1-hour time frame. If you’ve read the School of Pipsology, then you’ll know that breakouts like these are usually as strong as the height of the triangle. Think the pair has more room for some gains? Read up on trading breakouts if you haven’t done it yet!
Here’s another trend trade for ya! GBP/CHF is currently testing a falling channel resistance on the 1-hour time frame. What makes this setup interesting is that it’s also where the 200 SMA is, as well as the 1.3850 minor psychological handle. A break above the SMA could signal a new trend for the pair, but we could also be looking at a nice and simple resistance bounce if the channel holds. Keep your stop losses loose on this one, will ya?
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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.