Daily Forex Chart Art – Mar. 7, 2014

USD/CAD: 1-hour

USD/CAD 1-Hour Forex Chart

USD/CAD 1-Hour Forex Chart

Here’s one for the dollar bears! USD/CAD broke below its falling channel yesterday but had found support at the 1.0950 psychological level. Will the bulls get momentum or are the bears just taking a breather? The 1.1040 area looks good for a retracement as it’s near the Fib and broken channel support. Read up on trading Fib retracements if you haven’t tried it yet!

USD/JPY: 4-hour

USD/JPY 4-Hour Forex Chart

USD/JPY 4-Hour Forex Chart

Breakout alert! Yesterday USD/JPY had broken above not only its 102.70 resistance but also the 103.00 major psychological handle. Are we seeing a legit breakout or merely a fakeout? A stop just below the broken resistance levels could get you a good risk ratio if you believe that the Greenback is headed higher. On the other hand, you could also wait for candlesticks to drop below the psychological levels before jumping on a short trade if you’re one of them dollar bears.

EUR/GBP: 4-hour

EUR/GBP 4-Hour Forex Chart

EUR/GBP 4-Hour Forex Chart

Here’s another trend setup for ya! EUR/GBP is knockin’ on a rising channel resistance around the .8300 psychological zone. You could wait for a breakout above the channel if you think that the euro is about to zoom higher but you could also wait for a retracement to the mid-channel support if you think that the euro bulls have exhausted their plays for now.

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

    Upcoming NFP may of course throw the bulls out of the window but I don’t see the remotest sign that usdjpy might be a fake break. I continue to believe that this market is totally dominated by bullish forces and 101.35 support layer remains the level to beat. I’m already Break-even and will simply look to add on pullbacks. If NFP provides such (which I believe it should), then I will have an additional long posy on this pair. Good luck with NFP!!

    • Big Pippin

      Quite a ruckus during the NFP, huh? Did you add to your position?

      • Chuks

        No add yet. waiting for pull back but I didn’t really plan on adding. would prefer that on either ej or gj or both. 102.56 would be idea if I were to do that

        • Big Pippin

          Good idea. I prefer adding on pullbacks myself, gives me a better price to scale in. Looks like UJ is gonna make a retest of that broken resistance this week though.

          • Chuks

            Yes. I have determined that 102.30 would be a good area to consider adding a smidge to uj. Yen crosses look wobbly on short term basis and should be correcting. to play a longer corrective hand, ej and gj would be good into 140, 170 areas resp. I don’t think uj will move down that much hence 102.30 choice. But like I said, I have no plans of adding to Uj. I will be waiting for EJ and GJ for greater effect

  • EARL W

    i have 3 different brokers charts for these charts in your report above (usd/cad h1, usd/jpy h4) and they are all about the same chart but they all are not a bit like your charts.Why is that? They all agree with each other but none even come close to looking like the charts you have. I don’t see that i have made any error in pulling up my charts which match your currency and times wise so whats my problem?

    i would like to be able to pull up your charts on my brokers charts and use your very excellent blog so i hope there is an answer to my problem. Your site has the best information for currency news trading i have seen but i have this problem of not matching your charts to mine…they are as different as night and day!

    thanks for your help…
    sincerely,
    Earl W.

    • EARL W

      I have found the answer… our abscissa axis are much different! On looking at them closely i see your pattern in my charts but so far different in the x axis of the coordinates that it was not recognizable…

      sorry for the mistaken identity!!
      Earl W.

      • Big Pippin

        Oh I see! No worries then and good luck trading!

    • Big Pippin

      Thanks for the kind feedback! Maybe we’ve been pulling charts at different times in the day? I have my set of charts up a few hours into the Asian trading session so the shorter-term charts might look very different in case you check yours out later on. Hope this helps!