Daily Chart Art – November 16, 2012

USD/JPY: Weekly

USD/JPY Weekly Chart

I don’t usually do weekly charts, but when I do, I make sure it counts! As you can see, USD/JPY has been climbing steadily for a couple of weeks now. With the pair breaking through the 80.00 major psychological level significantly, it seems that we could see the pair continue to go higher. If you have a long position on the pair, then be comforted by the fact that the pair won’t encounter any major resistance level until 82.00. On the other hand, if you’re bearish on the pair, perhaps it’s better to wait for pair to stall at the top of the symmetrical triangle.

EUR/USD: Daily

EURUSD Daily Chart

Has EUR/USD finally completed its retracement? It certainly looks like it, dawg! After finding support in the 38.2%-50% Fibonacci sweet spot, the pair has been going nowhere but up. And with Stochastic finally out of oversold territory, it looks like it’ll continue rising. Don’t be surprised if this pair rallies back up to 1.3100!

NZD/USD: 1-hour

NZD/USD 1-Hour Chart

Are my eyes deceiving me or is that a double bottom pattern I’m seeing on NZD/USD’s 1-hour chart? The .8100 major psychological handle seems to be holding like a boss for now, but the pair has yet to break above the formation’s neckline before calling the downtrend over. Stochastic is moving north at the moment, suggesting that Kiwi bulls could keep pushing NZD/USD higher. If the pair’s rally has legs, it could climb until the next area of resistance around .8150 or until the previous highs near .8200.

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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