Daily Chart Art – November 12, 2013

EUR/JPY: 4-hour

EURJPY

Euro bulls watch out! EUR/JPY is lollygagging at the 133.00 area, which is right smack at the mid-range level on the 4-hour chart. What’s more, Stochastic has just hit the overbought zone! You can wait for reversal candlesticks with your stop losses above last week’s highs if you think that this baby will hit the range support. On the other hand, you can also wait for a clear break above 133.00 and aim for the range resistance at 135.00 if you’re one of them euro bulls.

USD/CHF: Daily

USDCHF

Is the dollar in for losses this week? USD/CHF is having trouble breaking above the .92000 major psychological handle. This isn’t surprising given that the level has served as a solid support and is currently a 61.8% Fib on the daily chart. I’ll have to check with Pip Diddy regarding dollar sentiment, but for now you gotta make sure you watch this one closely in case it turns to the downside!

NZD/USD: Daily

NZDUSD

I hope you’re up for some comdoll trades because this setup is too hot to ignore! NZD/USD encountered resistance at the .8400 handle and is now testing what looks like a head and shoulders neckline around the .8250 zone. A break below the support could give way to a 300-pip-ish move (the length between the head and the neckline). Of course, you also gotta watch for fakeouts in case the bulls still have muscle to hustle!

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.

  • ed

    Hello,
    I am new in this, but I saw the H and S in nzd/ usd and I was planing to take it. I would like to know how would you take it?
    PD:Thank you for you work I always read it and learn from it.
    Happy trading

    • Big Pippin

      Hey bro. Thanks for checking out my blog! You can wait for a convincing break below the neckline or a retest of the level. Here’s a handy link if you’d like to know more about the pattern!

      http://www.babypips.com/school/middle-school/important-chart-patterns/head-and-shoulders.html

      • ed

        hey, thank you for the link I read it.
        What is your opinion in the trade ? wait for the break or do you think is not going to happen because it is going only up.
        Thank you veru much for your help and happy trading.

  • hosienghomshahi1355@gmail.com

    i need information goold