Is it me, or is EUR/GBP’s broken rising channel support working really well as resistance these days? The pair is currently lollygagging around the .8650 psychological area, which isn’t surprising since it’s also right smack at a previous support level. What’s more, the 100 SMA is making it difficult for the bulls to attack. The cherry on top of a potentially bearish setup is an overbought stochastic signal. Think the euro is about to bounce lower against the pound? Watch this one closely, homies!
Range traders huddle up! AUD/NZD looks like it’s about to head lower after getting rejected around the 1.0500 major psychological handle. What makes this setup more interesting is that the MaPs also lines up with a range resistance that’s been valid since late December. Shorting at current levels could get you a sweet reward-to-risk ratio especially if you aim for the previous lows around the 1.0350 area. Just make sure to place wide stops, aight? Currency crosses like these can see volatility like nobody’s business!
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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.