Daily Chart Art – April 29, 2013

EUR/USD: 4-hour

EUR/USD Chart

You love Fibs? Then have a sip of this pipcoction, homies! EUR/USD looks to have found support at the 50.0% Fib level, and may end up retesting the recent swing high at 1.3200. Be on the look out for a bullish marubozu candle as a sign that momentum is building for the bulls. Watch out though, as we’ve been seeing lower highs recently as well.

GBP/USD: 4-hour

GBP/USD Chart

Channel surfing, baby! With Cable now approaching the top of the ascending channel, is it time to load up on the short positions? I suggest waiting for reversal candlesticks to form at 1.5550 and for Stochastic to crossover out of overbought territory before betting the farm on this trade!

USD/JPY: 4-hour

USD/JPY Chart

Wooo! Looks like that 100.00 level is just too much to handle for the bulls! Now that USD/JPY has come crashing down with a hangover, don’t be surprised if we see a test of the neckline at around 96.50! The question is, will it hold or will the selling pressure push price to break down from the double top?

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.