Daily Forex Chart Art – Apr. 7, 2014

AUD/USD: 1-hour

AUD/USD 1-hour Forex Chart

AUD/USD 1-hour Forex Chart

Bounce or break? What’s it gonna be, AUD/USD? On its 1-hour forex chart, the pair has been moving inside an 80-pip range between the .9220 support area and resistance at the .9300 major psychological level. At the moment, AUD/USD is testing resistance but stochastic isn’t offering good clues on where price could be headed next. It looks like a bullish continuation pattern has formed close to the top of the range but if .9300 holds like a boss, AUD/USD could head back to the bottom of the range.

GBP/JPY: 4-hour

GBP/JPY 4-hour Forex Chart

GBP/JPY 4-hour Forex Chart

Is that an ascending triangle forming on Guppy’s 4-hour time frame? The top of the triangle around the 173.00 major psychological level seems to be holding so far, as the pair has fallen back to the middle of the triangle after testing resistance. Stochastic is indicating oversold conditions, suggesting that a bounce might take place soon. Better keep your eyes glued to the bottom of the triangle, as buyers might be waiting to jump in around this support zone!

EUR/JPY: 4-hour

EUR/JPY 4-hour Forex Chart

EUR/JPY 4-hour Forex Chart

Check out this bullish divergence on EUR/JPY’s 4-hour forex chart! The pair has been moving inside a symmetrical triangle for quite some time now, and it looks like the bottom of the triangle might still hold as support for now. After all, stochastic has drawn lower lows while price has created higher lows. A bounce could take the pair back to the top of the triangle but a breakdown is still possible if euro bears are strong enough. Make sure you check if this setup meets the 9 Rules for Trading Divergences if you plan to go long!

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

    You certainly have an eagle eye for looking at those yen pairs. Across the board, the yen pairs are all gearing for strong directional moves again, after weeks and weeks of troubled movements. Those triangles are gems. they sold off on friday and I think there is scope for further downs before the real bullish move starts. I like to short gbpjpy at 171.84 and target 170.40 where I hope to press the green button. cadjpy is also looking great for short then long scenario. Good luck. I certainly won’t be buying the aussie where it is atm. I will wait a strong retrace

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