Daily Chart Art – July 26, 2012

EUR/USD: 4-hour

EUR/USD 4-hour Chart

If you’re looking to short the euro, then this setup is for you! EUR/USD is hanging at a possible Fib retracement level on the 4-hour chart. Not only that, but a bearish divergence is also supporting a short trade! A stop loss above the 50% Fib and a profit target near the previous lows is a good idea if you’re trading the 38.2% Fib retracement.

USD/CHF: 4-hour

USD/CHF 4-hour Chart

Want to buy the scrilla but you don’t want to touch the euro? No problem! USD/CHF slipped after sporting a bearish divergence yesterday, but now it’s finding support at the rising trend line and 38.2% Fib on the 4-hour chart. Keep a close eye on this one in case the dollar bulls attack today!

NZD/USD: Daily

NZD/USD Daily Chart

Think the risk rally will continue today? If you just said yes, then you might want to look at this possible range support on NZD/USD‘s daily chart. The pair found support at the .7850 handle yesterday and judging from the almost oversold Stochastic signal, we’re about to see Kiwi strength. But be careful, brothas! Stochastic hasn’t reached the oversold zone just yet!

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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>