Daily Chart Art – January 3, 2014

GBP/JPY: 4 Hour

GBP/JPY 4 hour forex chart

GBP/JPY 4 hour forex chart

First chart of the day is the four hour time frame on GBP/JPY.  We saw broad yen strength today, pulling the pair down to around the 50% Fibonacci retracement area.  This is an enticing area for guppy bulls to jump in, all the way down to the broken resistance area around 171.00.

GBP/NZD: 4 Hour

GBP/NZD 4 hour forex chart

GBP/NZD 4 hour forex chart

Staying with sterling for a sec, we’ve got a rising trendline and resistance retest on GBP/NZD.  The 2.0250 area has held on three tests, but could it withstand a fourth if we see one?  Since this pair is in an uptrend, watch the 1.9900 area for a retest of the rising trendline and possible support area.

USD/CAD: 4 Hour

USD/CAD 4 hour forex chart

USD/CAD 4 hour forex chart

For those looking to ease their way back into the currency markets, there’s probably no tamer forex pair than USD/CAD.  This pair has been in a near 100 pip range for all of December, which could hold until we get back into normal trading conditions.  Watch the 1.0600 and 1.0700 handles as areas of interest until then!

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.

  • Tia

    I’ve been reading your daily fundamentals but is kind of difficult to follow you, well I’m a newbie and since this page is for newbies, how is that you have to use this difficult terminology?, well my concerns is that I don’t even get to know if I should place a trade up or down or to sell or to buy.
    Please do it more understandable I would really appreciate your help here.

    Thank you,

    Best regards.

    • https://twitter.com/EmanuilValkov WaterWay

      the nature of this forum is to initiate discussions and provoke individual thinking.
      this is not a trading signals service.
      Pointing pairs that look good technically and have the fundamental line of events supporting them, is to help you orient yourself in the sea of opportunities.
      Being not too specific, the author is giving you chance to develop as a confident trader
      and
      is avoiding any potential losses that may or may not occur following this post.
      After all, this content is only for educational purposes and should not be taken as an investment advice.

      PS: As a homework, write a 610-987 words on the relationship between “probability and potential”

      Peace

  • Kashif

    Use of simple english is requested please.

  • Kashif

    Use of plain/simple english is requested please.