Daily Forex Chart Art – Mar. 10, 2014

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart

AUD/USD 1-hour Forex Chart

Anybody in the mood for a break-and-retest play? Here’s a neat one on AUD/USD’s 1-hour time frame! The pair recently broke above a falling trend line and surged to the .9100 major psychological resistance. A quick retest of the broken trend line might be in the cards, as Aussie bulls gather more energy to extend the pair’s rallies. Stochastic is moving out of the oversold zone, indicating that buyers could be ready to bounce back to action sooner or later!

EUR/USD: 4-hour

EUR/USD 4-hour Forex Chart

EUR/USD 4-hour Forex Chart

Breakout alert! EUR/USD’s upside break from the top of the ascending triangle on the 4-hour time frame looks pretty legit yo! This could be a sign that the pair is poised for more gains, although stochastic is already indicating overbought conditions for now. If euro bulls are strong enough, they could push the pair up by as much as 700 pips, which is approximately the same height as the triangle chart formation.

USD/CAD: 1-hour

USD/CAD 1-hour Forex Chart

USD/CAD 1-hour Forex Chart

If y’all fancy ranges, then I’ve got somethin’ for you as well! USD/CAD has been bouncing inside a 200-pip range on its 1-hour time frame, as it found support at 1.1000 and resistance near 1.1200. It just made a strong bounce off support last week and looks ready to test the top of the range anytime now. Stochastic hasn’t crossed down from the overbought zone, which suggests that buyers can still push the pair up to 1.1200. Let’s see if the resistance still holds 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.

  • Chuks

    AUDUSD posted a rather innocuous reversal signal on my chart last friday. I will be looking to rejoin that momentum if it retraces up to 0.9080 mini resistance. I think a return to recent range base is ripe. Maybe somthing much more serious but I think the bullish break is fake and will be treating it as such henceforth.

    • Big Pippin

      Good call! Now back below the .9000 handle.

      • Chuks

        Thanks. I think pair has turned a good corner in favor of bears. yet it seems resigned for a range play for a while. I didn’t manage to get on the short side since it did not reach my entry level. I was content playing a proxy hand off gbpaud long and it has paid off big time. (I am still holding it long and will be exiting and adding as I see fit. It looks a good bet into 2.000 area or more)… But now that AUDUSD has broken that omnious support layer, the next stop should logically be mini range base at 0.8880 It could try another bullish push from there, which may or may not be limited in scope but that level is important for at least a logical scalp play.