First up is a potential ascending triangle in the making on AUD/JPY. The pair is lollygagging just above the 77.50 mark, which lines up with a rising trend line support on the 4-hour time frame. What’s more, stochastic is chillin’ like a villain on the oversold territory. Will the Aussie go back up to retest its 80.50 resistance area? Or will the bears drag the pair below the triangle pattern this week?
Here’s one for the trend warriors out there! AUD/CAD is consolidating at the .9920 area, which is right smack at a rising channel, 100 and 200 SMA, and 50% Fib support on the 4-hour chart. Not only that, but stochastic is also on the bulls’ side with an oversold signal. Will the Aussie gain ground against the Loonie this week? Read up on using Fibs to enter trades like this one if you haven’t done it yet!
Last one on this Aussie parade is another triangle, this time on EUR/AUD’s daily time frame. The pair just bounced from the 1.4450 levels, a support that hasn’t been broken since last year. What makes this setup more interesting is that there’s also a bullish divergence on the daily chart. The 1.4900 area is a good level to aim for if you’re planning on buying this one. Of course, you could also wait for a downside break if you think that the euro isn’t done losing against the Aussie just yet.
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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.