Daily Chart Art – Oct. 20, 2016

USD/CHF: 1-hour

USD/CHF: 1-hour Forex Chart

USD/CHF: 1-hour Forex Chart

USD/CHF is nearly at the end of a potential ascending triangle, which has a resistance around the .9900 major psychological handle. What makes the setup more interesting is that the uptrend is sort of supported by the 100 and 200 SMAs on the 1-hour time frame. Think we’ll see an upside breakout on this one? Buying at current levels could get you in on an upside breakout pretty early. Of course, you could also wait for an actual break above the triangle resistance if you’re not too sure about the pair’s direction.

AUD/NZD: 4-hour

AUD/NZD: 4-hour Forex Chart

AUD/NZD: 4-hour Forex Chart

Range traders huddle up! AUD/NZD just bounced from the 1.0750 minor psychological handle, which lines up with a range resistance that hasn’t been broken since late May. Shorting at current levels could still give you a good reward-to-risk ratio especially if you aim for the range support around the 1.0350 levels. Take care to place wide stops for currency crosses like this one!

AUD/JPY: Daily

AUD/JPY: Daily Forex Chart

AUD/JPY: Daily Forex Chart

Here’s one for the trend traders out there! AUD/JPY is about to hit the 80.00 major psychological handle, which is right smack at a falling trend line support AND the 200 SMA on the daily time frame. The cherry on top of this potentially bearish setup is an overbought stochastic signal. Shorting around the 80.00 MaPs could yield serious pips if the pair goes back down to its 76.00 support. Just make sure you practice good risk management and you should be alright trading this one.

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.