Daily Chart Art – June 6, 2012

GBP/USD: 1-hour

GBP/USD 1-hour Chart

Breakout traders huddle up! You wouldn’t want to miss a potential symmetrical triangle break on Cable‘s 1-hour chart, would you? Stochastic is supporting a downside break for now, but a break above the 1.5400 handle is also looking hot for the pound bulls. Which direction will the pair take? Get your profit targets and stop losses ready! For those who aren’t used to the strategy, why don’t you read up the School of Pipsology‘s section on breakout trading?

USD/CAD: Daily

USD/CAD Daily Chart

Here’s a treat for those who missed Happy Pip’s 3 comdoll setups yesterday. On USD/CAD‘s daily chart is a sweet spinning top right at the 1.0400 handle, which was followed by another red candle. Is it time for a reversal? The bearish divergence on the chart seems to support the direction. Still, you gotta be careful on catching a top with this one! Word from Pip Diddy is that sentiment for the scrilla is still shaky!

EUR/GBP: 4-hour

EUR/GBP 4-hour Chart

Somebody pointed out this cool cross setup to my buddy Cyclopip! EUR/GBP just touched resistance of the rising channel on the 4-hour chart, and it looks like it’s about to head for the mid-channel support. Will the overbought Stochastic signal be enough to drag the pair to the area, or will it continue its way up to retest the resistance? Keep a close eye on this one, brothas!

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.

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