First up is a nice and simple resistance play on AUD/USD. The pair is having trouble breaking above the .7500 mark, which isn’t surprising since the level has been serving as long-term support and resistance for the pair since February last year. Not only that, but the 100 SMA has also crossed below the 200 SMA! The cherry on top of this sweet setup is an overbought stochastic signal. So, will the Aussie soon see more losses against the Greenback? Watch this one closely, fellas!
Here’s one for trend traders out there! USD/CAD looks like it’s gaining a bit of momentum on its uptrend after finding support at the 1.3100 major psychological area. And why not? The level not only lined up with a rising channel support that hasn’t been broken since April last year, but it was also supported by the 200 SMA on the daily time frame. Heck, there’s even a bullish divergence still waiting to play itself out! Buying at current levels could get you a sweet reward-to-risk ratio especially if you aim for the previous highs. Just make sure you don’t use tight stops, aight? You never know what kind of volatility you can get from the Greenback these days!
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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.