Daily Chart Art – June 3, 2013

USD/CAD: 4-hour

USD/CAD Chart

Is it time for a reversal on USD/CAD? After all, it seems that we’ve got a head and shoulders formation forming on the 4-hour chart! A candle close above the recent high around 1.0400 would invalidate the setup, but if this right shoulder holds, don’t be surprised if we see a test of the neckline at around 1.0300. And if we do see a solid bearish candle close below 1.0300, you know what to do!

USD/JPY: 4-hour

USD/JPY Chart

Here’s a quick update on USD/JPY. The pair is currently consolidating just above the 50.0% Fibonacci level, which is just inches above the crucial 100.00 handle. With bullish divergence forming, could now be the right time to buy? If you’re the patient type, perhaps waiting for a solid test of the 100.00 mark would be the safer play.

GBP/USD: 1-hour

GBP/USD Chart

Bottoms up, fellas, GBP/USD just broke out of a double bottom! After breaking higher and even retesting the neckline at 1.5150, it seems that Cable is ready to surge to new highs. A break of Friday’s high at 1.5235 could open the floodgates for a strong bullish run up the charts.

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.