Daily Chart Art – December 9, 2013

EUR/USD: 4-hour

eurusd

Out of the way! Euro bulls chargin’! The rising channel on EUR/USD’s 4-hour time frame seems to suggest that there’s more upside for this pair, as it could be headed for the top of the channel around the 1.3900 handle. However, stochastic is saying that euro bulls are feeling exhausted and that it might be time for the bears to pounce.

AUD/USD: 4-hour

audusd

If you’re bearish on the Aussie, then this setup might be for you! The downtrend is still going on in the 4-hour time frame, as the pair’s highs can be connected by a falling trend line. Another test of the trend line could be in the cards if the pair pulls up to the Fib levels, which seem to coincide with an area of interest. In particular, the .9200 major psychological level might act as resistance from now on.

GBP/USD: 4-hour

gbpusd

Are you patient enough to wait for larger pullbacks? Take a look at this potential break and retest play on GBP/USD! The pair is currently retreating from the 1.6400 major psychological resistance and might be in for a retracement to the 1.6250 former resistance. This is close to the 38.2% Fibonacci retracement level, which means that it might act as support later on. Better keep your eyes glued to that area!

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.

2 comments

  1. ForExchange

    Hi Pippin,

    I read continuously the the blog articles and the one thing I really do not like is parts like this: “Euro bulls chargin’! …headed for the top of the channel around the 1.3900 handle. However, stochastic is saying that euro bulls are feeling exhausted and that it might be time for the bears to pounce.”

    You are the expert and in forex market no one excepts to be right all the time. However, sorry but what you say in your analysis: “It looks like bullish but bearish at the same time as well.” Someone with no backround at all can also say the same without any chart or analysis. You say it can go either way, sounds like you want to protect yourself why you have no idea what is going to happen.

    Sorry for the critic but it is sometimes needed to come a step further. Have a nice week,

    ForExchange

    Reply
  2. FXPIPMASTER

    I have “put on” more successful trades (for a newbie) than I can count just by reading your blogs (in addition to my other favorite blogs on this site). I like that your blogs are easy to understand, quick snapshots, and trade-at-your-own risk, philosophy. Thank you for your posts and I’m living up to my monaker as FXPIPMASTER (love it!)

    Reply

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