After hitting the 1.1350 mark, EUR/USD looks set to test the 1.1250 areas. What makes the minor psychological level interesting is that it lines with not only a previous resistance, but also a broken resistance of a rising channel, 38.2% Fib, and the 200 SMA mark. Euro bulls can place buy orders around the retracement area and aim for new highs. Of course, you could also short at current levels and place stops just above the previous highs if you think that the euro will drop to as low as the 1.1150 levels before seeing a bit of upside momentum.
Comdoll traders huddle up! USD/CAD has bounced from the 1.2775 areas and is now heading fast towards the Fib retracement levels on the 4-hour time frame. Dollar bears could be waiting around the 1.3000 psychological mark, which is conveniently near the 61.8% Fib, SMA crossover, and a broken rising trend linex. Of course, an overbought stochastic signal doesn’t hurt either. Think the Loonie is about to gain on the dollar soon? Watch this one closely, folks!
If trend trades aren’t your thing, then this one’s for you! AUD/NZD looks like it’s about to bounce from the 1.0475 levels, which is right smack at a range support on the 4-hour time frame. What’s more, the chart is flashing a potential bullish divergence in the making. Is it time for the Aussie to gain pips on the Kiwi? Or will Aussie bears push for a downside breakout this week? Read up on trading ranges if you haven’t done it 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.