Daily Forex Chart Art – Mar. 17, 2014

GBP/AUD: 1-hour

GBP/AUD 1-Hour Forex Chart

GBP/AUD 1-Hour Forex Chart

Let’s start off with a nice and simple range trade on GBP/AUD. The pair is knocking on the 1.8450 minor psychological level, which is right at a mid-range resistance on the 1-hour chart. Stochastic isn’t giving us any help right now, so you might want to wait for a couple more candlesticks if you’re thinking of shorting the pound. Of course, you could also wait for the pair to drop to the 1.8350 range support if you’re one of them pound bulls.

CAD/JPY: 4-hour

CAD/JPY 4-Hour Forex Chart

CAD/JPY 4-Hour Forex Chart

Looks like CAD/JPY is lollygagging around the 91.50 psychological area on the 4-hour chart! What makes this setup interesting is that the pair hasn’t broken below the support since February. Will the Loonie bulls stage another win at the level or will the bears take over and finally drag the pair lower? Stochastic hasn’t left the oversold region yet, so be careful in buying this yen cross if that’s your plan!

GBP/USD: Daily

GBP/USD Daily Forex Chart

GBP/USD Daily Forex Chart

Last one up for today is a Fibonacci trade on Cable. The bears are having trouble breaking below the 1.6600 area. And why not? Aside from being a previous resistance, the psychological level is also lining up with a 38.2% Fibonacci retracement on the daily chart. Think this pair is headed higher? A stop below the rising trend line and Fib levels could still get you a good risk ratio if you believe that Cable will make new highs this year.

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

    Shorting GBPAUD short term could make some sense but I think the pair is getting set for some super duper bullish run. AUD is still very weak compared to the Pound sterling and I am hoping to play that dynamics on this pair. It means I am looking at buying and the pair has offered me a hand around 1.8400 over the weekend. I will be going long around that figure. This pair is a big mover and should the bears foil me, I will take a loss just below 1.8300. So I will be risking around 100 pips on this pair buying. Good luck if you sell

  • Chuks

    Just longed GBPAUD at 1.8390 with a 100 pip stop and targeting 1.8830-1.9200….God Save THE Queen!!

  • Pepe

    Hello, please can you please tell me what is your setup (settings) of the Stochastic? Thank you. Pepe

  • Osama Morsy

    Why did you remove the ratings, because I would have given you 10 out of 5!

    • Big Pippin

      LOL thanks. Did you trade any of the setups above?