Daily Chart Art – May 24, 2013

GBP/USD: 1-hour

GBP/USD Chart

Fancy Fibonacci trades? Then perhaps this one is for you, homie! It seems that GBP/USD has found considerable resistance at the 1.5115 area, which also happens to nicely coincide with the 38.2% Fibonacci retracement level. With Stochastic also falling down from overbought territory, could the bears be making a comeback?

USD/CAD: 4-hour

USD/CAD Chart

Is it time to hop on the long USD/CAD bandwagon? After all, price is now testing the rising trend line! With Stochastic just about to crossover, buyers may begin revving up for another bullish move. Let’s see if the bulls can push this pair over the top and break through the recent highs just below 1.0400!

USD/JPY: 1-hour

USD/JPY Chart

Is it time to sell USD/JPY? On its 1-hour time frame, the pair has just broken below the rising trend line connecting the recent lows. After that sharp selloff, it appears USD/JPY is ready to make a retest. The Fibonacci tool shows that the 61.8% Fib is in line with the broken trend line and could act as resistance from now on. At the same time, Stochastic has reached the overbought territory, indicating another potential selloff.

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.