Daily Chart Art – December 10, 2013

NZD/USD: 4-hour

NZDUSD

Look who’s knockin’ on a resistance’s door! NZD/USD is at the .8300 major psychological area, which is near top of a falling channel on the 4-hour chart. And look at that sweet bearish divergence on the chart! You can wait for a couple more candlesticks if you’re not too crazy about shorting the Kiwi. Shorting at market could also work if you place your stop losses well above the channel resistance.

CAD/JPY: Daily

CADJPY

It’s decision time for the Loonie bulls and bears! Remember the range that we spotted at the start of the month? Well, it looks like CAD/JPY bulls were keen on testing the pattern’s resistance after all! The pair is currently at 97.00 without signs of an upside breakout…yet. Read up on trading ranges and breakouts if you don’t have any plans for this setup yet!

EUR/CHF: Daily

EURCHF

Heads up, central bank watchers! EUR/CHF is touching the 1.2200 area, which is just 200 pips from the SNB’s ceiling for the franc. Not only that, but the area has also held as a strong support since May this year! Although I would normally recommend tight stop losses for setups like these, keep in mind that we’re dealing with a cross currency pair. Keep them stop losses loose, brothas!

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. FxSniper

    I tried to long cadjpy if it came down to 96.30 but it never did. I have lowered my buy limit to 95.97/96.00. I think it is breakout time on this pair and 101.09 resistance would then be the next swing target going into year end. I would be happy to join this if I can get a good handle. NZDUSD continues to look strong to me.

    Reply

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