Daily Chart Art – May 2, 2013

GBP/USD: 4-hour

EUR/USD Chart

Is Cable finally running out of fuel?! On the 4-hour timeframe we see that a couple of reversal candlesticks have just materialized and Stochastic is showing a bearish divergence (it’s making higher highs while price is making lower highs). If you’re looking for a chance to jump in on the rally, this may just be your chance! We could see a pullback to 1.5400 where the 50% Fibonacci retracement level, trend line, and previous resistance area coincide. Would you take it?

EUR/JPY: 1-hour

EUR/JPY Chart

Awwww, snap! EUR/JPY is still stuck in a consolidation. On the hourly timeframe, a symmetrical triangle has become apparent. If you’re bullish on the pair, you can look for an upside break somewhere around 129.50. However, if you have a bearish bias on it, a strong close below 127.50 could signal that the pair is on its way down to 125.00.

NZD/USD: 1-hour

NZD/USD Chart

Will the Kiwi pull off an R. Kelly and bounce-bounce, bounce-bounce off the previous resistance area at .8500? What do you think? NZD/USD is currently testing the level and Stochastic already indicates oversold conditions. Be careful not to get too excited though! A strong bearish close around .8470 could mean that we’ll soon see the pair drop to around .8350.

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.