Daily Forex Chart Art – Apr. 2, 2014

AUD/USD: 4-hour

AUD/USD 4-Hour Forex Chart

AUD/USD 4-Hour Forex Chart

Let’s start with this sweet breakout setup! After rising strongly in March the pair is taking a breather around the .9300 area. The consolidation is forming a possible bullish pennant though, so the Aussie bulls might not be done with their cause just yet. What do you think? Will we see a breakout above the .9300 resistance zones?

USD/CAD: Daily

USD/CAD Daily Forex Chart

USD/CAD Daily Forex Chart

Look who’s back at a support area! USD/CAD is lollygagging at the 1.1000 levels, which is right smack at a rising channel support on the daily time frame. What’s more, Stochastic has just reached the oversold territory. You could wait for a couple more bullish candlesticks or Stochastic to rise above the oversold regions if you’re not too sure about buying the Greenback against the Loonie.

EUR/GBP: Daily

EUR/GBP Daily Forex Chart

EUR/GBP Daily Forex Chart

Who’s up for a countertrend trade? If you are, then this setup is for you! EUR/GBP just bounced from a mid-channel support near the .8250 area and looks like it’s headed for its former highs. It also doesn’t hurt that Stochastic is on the oversold area. A stop just below this week’s lows could still get you a good risk ratio if you believe that the euro is going back to the .8400 levels.

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

    Your AUDUSD looks like I will be spanked as I shorted 0.9252! Daily closing and some market contexts suggested to me a pull back is in place. Well my short is just targeting 0.9140 with stop just above the 0.9300 handle. I will be looking for a bullish signal around 0.9100.
    Eurgbp is one of my trades of the week as it has a clear technical outlook that suggests bulls are all over the place. I longed the 61.8 fib level at 0.8260 and am targeting 0.8400. I think the pair is doing a bullish continuation pattern on the big time frames too so a return to the 8600 area seems on the card on this slow but steady mover. Good luck to you!

    • Big Pippin

      How are your trades going so far? Did you keep these open over the weekend? Best of luck in your trading too!

      • Chuks

        AUDUSD short was edged out. I will still not be longing at current rates. I would be looking for more short ops and be targeting 0.9100 area. That is where i would feel more comfy buying again.

  • Chuks

    on eurgbp, a retest of 0.8280 breakout point should see more bulls step in to drive it higher up

    • Big Pippin

      EUR/GBP is currently at the .8280 area. Let’s see how the bulls and bears play the level. AUD/USD does look like it’s hesitating around the current levels. We probably won’t see a breakout until the ECB decision or the NFP on Friday.

      Best of luck on your trades too, bro.

  • bernbeach

    The EURGBP analysis seems a bug: daily mid-channel support more @.8250 area. NOT@.8300 with price now @.8285
    Thanks for the daily contribution: very supporting & interesting.

    • Big Pippin

      Thanks for reading my posts, bernbeach! Good point about the chart. Good thing the writeup is a bit more specific. Thanks for the heads up!

  • Chuka Madu

    Ya only need couple dojis there for bulls to pounce

    • Big Pippin

      Which pair is this?

      • Chuks

        eurgbp.

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