Daily Forex Chart Art – Mar. 3, 2014

AUD/USD: 1-hour

AUD/USD: 1-Hour Forex Chart

AUD/USD: 1-Hour Forex Chart

Who’s up for a countertrend trade? Like many other forex pairs, AUD/USD fell victim to weekend gaps. But hey, it’s now touching a falling channel support! What’s more, with price showing a lower low and Stochastic printing a higher low, we might be looking at a hidden bullish divergence. You can place a tight stop below the channel if you’re thinking of taking this countertrend trade but you can also wait for the pair to reach its mid-channel levels if you’re one of them Aussie bears.

USD/JPY: Daily

USD/JPY Daily Forex Chart

USD/JPY Daily Forex Chart

Where to, USD/JPY? After breaking below an ascending triangle pattern on the 4-hour chart, the Greenback looks determined to drop all the way to the 100.50 support. As you can see, the area has served as a solid inflection point since mid-2013. Watch out for this one, will ya? We might see an epic tug-o-pip battle around this major psychological area!

EUR/JPY: Daily

EUR/JPY Daily Forex Chart

EUR/JPY Daily Forex Chart

What’s trending and hasn’t broken below its 100 SMA since May 2013? If you answered EUR/JPY then you’ve seen the chart above! I’m calling attention to this pair because it’s back to retesting the trend indicator. Do you think it’s due for another bounce or have the euro bulls exhausted their trading muscles? Keep close tabs on this one, homies.

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

    Nice posts. If you look at usdjpy weekly chart, you will have reason to not challenge the bulls at all. This pair is completely dominated by bullish forces despite the occasional shortfalls and I believe we are at a very cheap price to buy. Same applies to eurjpy. I also think that eurusd is determined to make a super bullish break in search of the all important 1.4250 resistance. This means that eurjpy bulls have reason to be optimistic like I am. Good luck when you make a choice!

    • John

      Are you a man of charts or trading news or both? 🙂 How do you explain the recent strength of the Yen bulls? Is it the Ukraine conflict? If so, knowing Russia, it is far from being solved and Putin is showing off his muscles. I think it won’t come to war, but he will withdraw his troops only after the Krim situation has been solved, which might takes several months. So I am kind of biased going long against the Yen at the moment. What do you think?

      • Chuks

        I am a chartist almost exclusively. I do not seek to explain. I seek to observe what story the market is telling me right on the charts and act accordingly. Whatever is pushing the bulls, I think that is serious and there is no suggestion it is ending soon. For me, 101.35 is a cheap price to go long at. Only a close below 100.67 negates my bullish view completely. Until then, I am long. Good luck you

    • Big Pippin

      Thanks for checking out my blog and for sharing your thoughts. Gonna keep my eyes locked on those pairs you mentioned.

  • Chuks

    Those pairs have since broken up after the lull occasioned by weekend gaps. Hopefully we put in some good bullish shift for the rest of the week. Eurjpy would be good for a retest buy at 140.00 or thereabout imo if not already long

    • Big Pippin

      Got my eyes locked on this potential play too! Let’s see how it goes!