Daily Chart Art – December 20, 2013

GBP/USD: 1-hour

GBPUSD

Think Cable is done with volatility? Not so fast! The major pair is still trading on a 200-pip range on the 1-hour chart. Heck, it’s even testing the mid-range support as I write this! You could get a few pips from this baby if you use tight stop losses and manage your risk around the support and resistance levels.

NZD/USD: 1-hour

NZDUSD

Love the comdolls? If you do, then this setup is for you! NZD/USD just bounced off a channel support on the 1-hour chart. A stop loss just below the support could get you a good risk ratio if you aim for the top of the channel around the .8400 area. You gotta be realistic with your targets though, as the pair isn’t likely to move much with the holidays just around the corner.

EUR/USD: Daily

EURUSD

I spy with my cool blue eyes a possible double top on EUR/USD’s daily chart! The euro had trouble breaking above 1.3900 and it looks like it’s now headed back down. Think it will test the possible neckline around the 1.3400 area? Better watch this one closely, bros. This could be your one good trade before the end of the year!

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.

  • FxSniper

    I think Both cable and euro will be gaining further grounds and both are sitting at buy levels at this very minute. Buys of eurusd at 1.3640 support seem savvy to me and Gbpusd should be going higher off current levels too. Kiwi remains the weakest link imo….

  • http://www.spaceonlinejobs.com/ Abdul Rehman

    if Euro/Usd hold above 1.3600 then may be we got 100 pip pull back wating for reversal sign let see market where take direction

  • https://twitter.com/EmanuilValkov WaterWay

    according to the quote board, the biggest gainer from the Taper was actually the #GBP, which itself should talk to you enough.
    Field might have been levelled up a bit in terms of USD strength (as of market expectations), but calling a double top and eventually reversal on a daily chart is a bit premature.
    Until lower low is established (#EURUSD) with overall conditions gaining in favour of US economy, won’t be even thinking for a box trading in this pair.
    Be it with some dislike (in their press release), RBNZ is scheduled to increase rates, starting in January 2014 (according to BlackRock link to goo.gl ) and continue do so for the next 9 quarters !!
    #NZDUSD is characteristic with tight congestions and very quick, sharp spikes in the price action.
    Given all things discussed, I see a better opportunities in JPY and CAD crosses going into 2014.

    • FxSniper

      I actually bought Eurusd alongside gbpusd at 1.3634 and will be targeting 1.4250. I agree that calling a double top on the pair is premature. On longer term basis, there is still no reason to expect the bulls on this pair to back down. It shows me every sign of making it to 1.4250 before this year ends and that is what I will be working with henceforth.

    • FxSniper

      I actually bought Eurusd alongside gbpusd at 1.3634 and will be targeting 1.4250. I agree that calling a double top on the pair is premature. On longer term basis, there is still no reason to expect the bulls on this pair to back down. It shows me every sign of making it to 1.4250 before this year ends and that is what I will be working with henceforth. And yes the yen crosses look good as well as the cad crosses especially the gbpcad and eurcad.