Daily Chart Art – August 23, 2013

GBP/USD: 1-hour

EUR/USD Chart

Do you see what I see? On the hourly timeframe, it looks like a bearish flag has formed right smack at the 50% Fibonacci retracement level. This chart pattern is usually taken as a signal for a bigger sell-off but be careful. Price could find support around the 1.5600 area where it previously found resistance!

AUD/CAD: 4-hour

AUD/CAD Chart

There it goes again! AUD/CAD is back at the falling trend line it has been constantly testing for the past few weeks. Stochastic shows a bearish divergence, making higher highs while price is making lower highs. Will it find resistance once more? Maybe. But a strong close above .9500 could mean that we may soon see the pair rally all the way up to .9700.

EUR/CHF: 4-hour

EUR/CHF Chart

I spy with my eye a symmetrical triangle on the 4-hour timeframe of EUR/CHF. You may want to keep tabs on the pair if you’re looking for a swing trade. It just bounced off support at the rising trend line and could now be heading up to the 1.2400 handle and test resistance!

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.