Daily Chart Art – February 8, 2012

EUR/JPY: 4-hour

EUR/JPY 4-hour Chart

Ready your weapons, EUR/JPY traders! Resistance at 102.00 is under attack again! Things are about to get interesting on this pair as price is currently testing a major resistance level, one that it failed to cross twice. The way I see it, a major bounce or a major breakout could be in the works! Having trouble deciding if you should buy or sell? Check out this neat cheat sheet and let candlesticks guide the way!

AUD/USD: 1-hour

AUD/USD 1-hour Chart

There’s no stopping the Aussie, is there?! This baby’s been simply unstoppable in the past few of weeks, and it has formed a sweet rising trend line in the process. Plan on trading AUD/USD in the next couple of days? Look for another trading opportunity to materialize when price meets the trend line again… Then you can decide on whether you should buy the dip or sell the breakout!

EUR/GBP: 4-hour

EUR/GBP 4-hour Chart

Looks like the euro is starting to regain control of EUR/GBP! Its strong rally last night led to big gains on EUR/GBP, and now the pair is midway to the .8400 resistance level. Keep an eye on this one, fellas! At this rate, price is on track to hit this former area of interest, so we may get another shot at playing this level soon.

Before you get carried away with all these chart patterns, remember that technical analysis is only half the story.

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.