Daily Chart Art – June 21, 2013

USD/CAD: 4-hour

USD/CAD Chart

What a ride it’s been for the Loonie! After bottoming out around 1.0150, USD/CAD has soared up the charts and is now testing a major resistance zone at 1.0380-1.0400. With Stochastic deep in overbought territory, have the bulls run out of steam? If you’re the patient type, I suggest waiting for a solid bearish marubozu candle before clicking on the sell button!

GBP/USD: Daily

GBP/USD Chart

Next up is an update from yesterday’s Cable chart. It looks like a doji has formed at 38.2% Fibonacci level, which is a strong signal that the uptrend may continue. Of course, nothing is set in stone, so make sure you have a stop loss in place if you do decide to go long!

EUR/USD: 4-hour

EUR/USD Chart

Lastly, here’s my take on everyone’s favorite pair, EUR/USD! Just like Cable, the pair has now retraced and is testing the 38.2% Fibonacci level. Keep in mind that this happens to lineup with 1.3200, which was a major support level last week. With Stochastic crossing over out of oversold territory, is it time to start buying?

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.

  • Chris

    All three of your trades show a weak USD$ (verses the CAD$, EUR$, and GBP$). While your technical analysis seems fair, wouldn’t you take into consideration what Bernanke did to the USD$ this week and allow for the possibility of continued USD$ strength?

  • James_Sub

    There is an important news release in few hours in Canada. I guess trading USDCAD now won’t fit my strategy. It may favor a scalper to get in now and get out well before news release

  • Horrible

    All three failed as the USD$ continues its strength. People should never blindly trade technicals and ignore the fundamentals. I hope no one took this advice. I was actually short EU and GU but I just feel bad for anyone who listened to this crap. The USD$ is strong right now, so trade with the trend. Have a good weekend.