Daily Chart Art – May 9, 2013

USD/JPY: 4-hour

USD/JPY Chart

Remember the EUR/JPY breakout setup from yesterday? Well, it looks like USD/JPY is sporting its own symmetrical triangle! If you think that USD/JPY won’t break above 100.00 anytime soon though, then you can play a potential downside move to the 97.50 handle. Just be sure to place appropriate stop losses!

USD/CHF: 1-hour

USD/CHF Chart

Here’s one for the dollar bulls out there! USD/CHF is hanging around the .9350 area, which is right at the bottom of a rising channel on the 1-hour chart. And look, Stochastic is in the oversold region too! A long trade at this level could provide good reward-to-risk ratios to those who are planning to take profits at the top of the channel.

NZD/USD: 4-hour

NZD/USD Chart

What a good day for the bulls! Well, at least in the forex industry. Kiwi bulls defended NZD/USD‘s .8380 area well as the pair bounced from the resistance-turned-support level a few hours ago. Does this mean that the pair is headed for its previous highs? I don’t know about you, but that bullish divergence on the 4-hour chart is hard not to notice! Kiwi bulls could place stop losses below .8400 and aim for previous highs while the bears can also wait for a legit break below the support area.

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.