Daily Chart Art – Apr. 12, 2016

USD/JPY: 1-hour

USD/JPY 1-hour Forex Chart

USD/JPY 1-hour Forex Chart

Breakout alert! USD/JPY is nearing the tip of a descending triangle on the 1-hour chart. Though triangles like these tend to break to the downside, the School of Pipsology tells us that it’s not always the case. A straddle trade could work in this case with the bulls placing entry orders above the falling trend line and the bears waiting below the 107.75 area. Just remember to leave enough room for yen-related volatility!

EUR/GBP: 4-hour

EUR/CAD 4-hour Forex Chart

EUR/CAD 4-hour Forex Chart

Here’s one for trend warriors out there! EUR/GBP is testing the .8000 major psychological handle, which is right smack at the 38.2% Fib on the 4-hour chart. What makes this setup more interesting is that it also lines up with a previous resistance and a broken channel support. Lastly, stochastic is siding with the bulls with an oversold signal. Think the euro is about to gain more pips on the pound? Keep close tabs on this one, brothas!

USD/CAD: Daily

USD/CAD: Daily Forex Chart

USD/CAD: Daily Forex Chart

I spy with my cool, shaded eyes a major support on USD/CAD’s chart! A bit of squeezing on the daily chart shows us that the 1.2850 area has been serving as a major resistance and support level since 2015. The pair still has some room before an actual retest, but it’s good to keep this area of interest on your crosshairs. Time to draw up possible trading strategies on your trading plan!

Forex 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.