Daily Chart Art – November 18, 2013

GBP/AUD: 1-hour

GBPAUD

Is GBP/AUD’s 100 SMA strong or what?! The indicator has been supporting the pair on the 1-hour chart since early this month and it doesn’t look like it’s gonna break anytime soon. You could go long at one of the retests if you think that the pound is headed higher against the Aussie, but you could also wait for the support to break if you’re one of them Aussie bulls.

USD/CHF: Daily

USDCHF

A couple of days ago we saw a potential resistance at the Fib and psychological area. Well, USD/CHF is now around 50 pips below that area! The daily chart still has room for more losses though, especially since stochastic has just left the overbought territory. A stop loss just above this month’s highs and a target at the .8900 area could get you a sweet risk ratio if you’re planning on taking this setup.

AUD/USD: Daily

AUDUSD

Aussie bulls huddle up! AUD/USD has just bounced from the .9300 psychological handle while stochastic has also just left the oversold zone. Does this mean full steam ahead for the bulls? A break above the .9400 area could lead to a retest of .9550, but we might not see a smooth price action along the way. Remember to be creative in placing your stop losses, 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.

  • http://www.babypips.com Mandla

    Please show the USD/JPY chart as well. I m still in the demo and would like to learn more in terms of daily publications referring to the chart.
    Thank you.

    • Big Pippin

      Lemme see if I can find setups, Mandla! Meanwhile, you can take a look at the USD/JPY setups from the previous days. I’m pretty sure I covered the symmetrical triangle scenario a couple of times. Thanks for reading my blog!

  • Christ Sadi

    Looks like a possible head, shoulder forming with the AUS/USD?

    • Big Pippin

      Definitely! It doesn’t look like the neckline is breaking though. Maybe .9300 is just too strong?

    • FxSniper

      Definitely not a Head and Shoulder in formation! Don’t force it. Such patterns should have to be shouting at you. It is not the case on AUDUSD right now

    • FxSniper

      In addition, even if it was shouting at you, you will have to doubt it a bit seeing that the base is right smack at previous support layer. That can easily wrong-foot many a trader.

  • FxSniper

    AUDUSD in my view is so terribly bullish right now that bears stand a big chance of getting guillotined. AUD across the board clearly looks positive including AUDCAD that has now posted a cool low price at 0.9720. For AUDUSD target, I keep looking at 0.9750/0.9850/1.0220 as next effective levels. My entries on AUDUSD are 0.9306 and 0.9370 with weak stop at 0.9343 and strong and ultimate stop at 0.9276.
    AUDCAD: 0.9784, sl 0.9715, tp 1.0050-1.0220

    Sterling looks very strong too but seems to pale against AUD and so I believe gbpaud should descend even if modestly.

    Please, post your view on GBPUSD as I think it is one of the most important set ups out there at the moment. In my sometimes crazy view, I think the pair is ready for new year high at 1.6750 off current levels. What do others think?