Daily Chart Art – June 18, 2012

AUD/USD: Daily

AUD/USD Daily Chart

First up is this sweet Fibonacci setup on AUD/USD. After making a steep drop in May, the pair has retraced a bit and is now making its way back up to potential support-turned-resistance at 1.0250. I think we’ll see a lot of bears groove their way back into the game in this area, as it also happens to line up with the 50.0% Fib level, while bearish divergence seems to be in the works as well. For now, I suggest waiting for some Fib-sticks to form before putting on those short positions!

USD/JPY: Daily

Daily Chart

Next up let’s take a look at the daily chart of USD/JPY. The pair seems to be making another run for the 78.00 handle, which has proven to be a major area of interest in the past. Will the bears have enough juice to break through or will the bulls prove to be too much to handle? Keep an eye out for this level homies, as it may prove to be a make-or-break point for USD/JPY!

EUR/GBP: 4-hour

EUR/GBP 4-hour Chart

Lastly, take a look at this sexy rising channel on EUR/GBP! Ain’t she a beaut? Price is currently chillin’ near the middle of the channel, so I suggest you do the same and take a chill pill. Wait till price retests the rising support line at around .8050 and for Stochastic to hit oversold territory before loading up on any long positions.

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.