Daily Forex Chart Art – Apr. 8, 2014

NZD/USD: 1-hour

NZD/USD: 1-Hour Forex Chart

NZD/USD: 1-Hour Forex Chart

Let’s start the day with this beautiful range on NZD/USD! See, the pair looks like it’s about to break above the mid-range resistance. Will it translate to a trip to the .8700 area or will the bears step up and drag it back to the .8525 support? A straddle trade could work if you’re planning on day trading the Kiwi today.

EUR/AUD: Daily

EUR/AUD: Daily Forex Chart

EUR/AUD: Daily Forex Chart

I hope you’re up for a cross currency setup because this one is too good to miss! EUR/AUD is having trouble breaking below the 1.4800 psychological area, which is near the 200 SMA and former resistance zone on the daily chart. Not only that, but a bullish divergence might also be in the works! A stop just below the SMA could get you a good risk ratio if you think that the euro is about to bounce higher.

USD/CHF: Daily

USD/CHF: Daily Forex Chart

USD/CHF: Daily Forex Chart

Last one up for today is USD/CHF’s sweet retracement setup. The pair has formed an evening star-like pattern right smack at a 50% Fib retracement level on the daily chart. What makes this setup more interesting is that it has also bounced from a 100 SMA retest and Stochastic is sitting in the overbought territory. A stop just above the 100 SMA is a good idea if you think that the Greenback is in for more losses.

Chart Settings

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA Red line

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.