Daily Chart Art – February 21, 2014

NZD/USD: 1-hour

NZDUSD

Trend traders huddle up! NZD/USD is touching a falling channel resistance on the 1-hour chart. What makes this setup sweeter is that it’s near the .8300 major psychological handle. A stop just above the channel resistance could get you a sweet risk ratio if you think that the Kiwi could fall all the way to the .8240 zone.

GBP/USD: 4-hour

GBPUSD

Remember that Fib setup that we had a couple of days back? Well, Cable looks like it’s now headed that way! 1.6600 is a level to watch for this pair as the 38.2% Fib is lining up with major broken resistance across all time frames. Of course, don’t forget to prepare in case there are more bears than bulls waiting for a break below the battle area.

GBP/JPY: 4-hour

GBPJPY

If you’re not into trading the Greenback, then this setup is for you! GBP/JPY is slowly breaking above a falling channel. In fact, it’s looking a lot like a break-and-retest situation on the 4-hour chart. Will we see more losses from the yen or is this just a slow fakeout?

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.

  • Tim

    I think you are using the wrong chart for the NZD/USD?

  • Chuks

    Kiwi is right smack at where I would long 0.8300 and I believe price action is indicating a change of hands favoring the bulls is imminent on this pair. I won’t short it for any prize (prize, mind you!) Gbpjpy alongside most yen crosses continue to look totally bullish and today’s close seem to strengthen the bullish resolve. I will now stay long as long as possible. Good luck

  • Tini

    i have a big problem cloud you guys help me to find out a right desiccant
    * i have already opened GBP/USD buy tread at “1.6641” it going lost now i thought 1.6641 will be up because i saw pretty support line unfortunately bear candle not turn back that case i have lost 24-26 pips still i am not cancel my order . now i want to know market try to going long down or market will be turn up soon again then i can take my profit ?? . so plz know me about this matter .. tell me what i want to do now still i am going my order continue so is it bad idea or not ? tell me when the market turn up .. or is it try to go long down (GBP/USD) ?

    • Chuks

      gbpusd is set for deeper bearish correction. I think it will sell out off 1.6666 intra-day resistance towards 1.6460