Daily Chart Art – November 29, 2012

USD/CAD: 1-hour

USD/CAD 1-Hour Chart

The Loonie is chillin’ like ice cream fillin’ on the 1-hour chart with USD/CAD bouncing between the .9950 and .9920 areas. With Stochastic on the oversold zone, placing a tight stop just below the bottom of the tight range is a pretty good way to catch some pips while we wait for more news from the major economies.

GBP/JPY: 1-hour

GBP/JPY 1-Hour Chart

Pound bears huddle up! GBP/JPY looks like it’s having trouble getting past the 131.50 handle as the level is also near the top of a falling channel. Not only that, but Stochastic is on the oversold territory! If you’re planning to short this pair, a stop loss above the top of the channel could provide a good risk ratio, especially when you aim for the channel bottom.

EUR/USD: 4-hour

EUR/USD 4-Hour Chart

Look at this sweet setup! EUR/USD just bounced from its 38.2% Fib on the 1-hour chart, which isn’t surprising since the level is also near a rising trend line support. With Stochastic just taking off from the oversold area, aiming for the previous high could work out. Just make sure you stick to your solid trading plans, aight?

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.

  • Chuka Madu

    Im long gbpjpy off 130.70 with target at 133.50 and today’s bullish pin bar off dynamic area of support serves to bolster my long. risking only 130.40
    Good luck if you short

  • D. Charalampidis

    Be aware that the current move of EURUSD is most probably corrective and by the time I’m writing this (EURUSD 1.2975) the 30min chart shows a great opportunity for short positions. But I agree that after a fall to 1.2900 level the trend will reverse and probably surpass the 1.3000 – as the 4h chart suggests.