Daily Chart Art – October 24, 2013

EUR/NZD: 4-hour

EURNZD

First up is a simple support and resistance play on EUR/NZD. The pair just hit a resistance at the 1.6450 minor psychological handle. What makes this easy is that the level has previously served as a support AND resistance area for the pair. Think it will hold again this time? A stop just above the level is a good idea if you believe that the euro is headed for its previous lows.

EUR/JPY: 4-hour

EURJPY

Who’s up for some trend action? If you are, then this one’s for ya! EUR/JPY just revisited the 134.00 psychological level, which is right smack at the 38.2% Fib zone on the 4-hour chart. And look at that stochastic bouncing above the oversold region! The pair isn’t far from the support area yet, so you can still jump in if you think that this pair is headed higher. Just make sure you know where to place your stop losses!

AUD/USD: Daily

AUDUSD

Can you guess where AUD/USD is finding resistance? If you guessed the .9700 handle, then you’re one smart brotha! The bounce isn’t surprising given that it was a strong support as well as the 50% Fib on the daily chart. The pair isn’t far from the actual resistance yet so you could still jump in if you’re one of them Aussie bears. Don’t forget that you’re trading the daily chart though. That means wide stops, homies!

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.