Daily Chart Art – August 5, 2013

AUD/USD: 4-hour

AUD/USD Chart

Poor Aussie! It’s been treated like its Washington Generals, as it has posted loss after loss after loss. Price is now hovering well below former support around .9000-.9030. However, with some bullish divergence forming, we could see a small retracement take place. Just keep an eye on the 38.2% Fib, was it lines up with former support-turned-resistance. On the flip side, a solid bearish marubozu close below the recent low could signal that more selling could take place.

EUR/USD: 1-hour

EUR/USD Chart

Next up is another Fib play for all your Fibonacci fans. Currently, EUR/USD is finding resistance at the 61.8% Fib, which just happens to line up with an area of interest from last week. The question is, will it hold? Stochastic is in overbought territory now, suggesting that we could see sellers jump in soon.

EUR/GBP: 1-hour

EUR/GBP Chart

Last up is this concoction on EUR/GBP. With the pair forming a double top and a bearish pennant right at the neckline, we could see this pair shoot lower in the near future. A bearish candle close below .8685 could be the sign that the bears are waiting for before loading up on short positions.

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.