Daily Chart Art – January 31, 2014

EUR/USD: 4-hour

EURUSD

Guess who’s back? EUR/USD is! Well, at least it’s back to a clear rising trend line on the 4-hour and daily charts. Will the euro bulls drive for another leg higher or will the bears hustle some muscle and finally take this pair down? Stochastic is almost oversold so I’m expecting a fierce battle between the bulls and bears!

CAD/JPY: 1-hour

CADJPY

I hope you’re up for a Fib play because this setup is too good to miss! CAD/JPY is near the 92.00 major psychological handle, which is right smack at a 50% Fib resistance as well as a former strong support on the 1-hour time frame. A break above the pair could inspire moves up to the 93.00 area. If the level holds though, then you better keep your eyes on 91.50 as a possible target!

GBP/NZD: 4-hour

GBPNZD

Last one for the week is a sweet and simple resistance trade on GBP/NZD’s 4-hour chart. The pair is currently testing the 2.0250 area, which has served as a solid resistance level since early DDo you think that t action?

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.

  • Chuks

    I am now long eurusd at 1.3550 on longer term move. I was for a short position on yen crosses but after witnessing yet another strong thud on gbpjpy against that 168.000 area, I killed my short and taking on a long position at 168.70 risking only 167.97

    • Big Pippin

      Heya buddy!

      Are you still in your EUR/USD trade? 1.3500 is an interesting level to watch

      • Chuks

        I still have that long open and will keep it long for as long as possible

  • Inyama Ugochukwu

    I am bullish on the yen.

    • Big Pippin

      Good call! Do you have long yen positions open?