Intraday Forex Charts Update – Feb. 3, 2016

AUD/JPY: 1-Hour

AUD/JPY 1-Hour Forex Chart

AUD/JPY 1-Hour Forex Chart

As y’all can see, AUD/JPY recently surged higher after bottoming out around the 79.50 minor psychological level. The pair recoiled a bit when it reached the 84.00 major psychological, but buyers regrouped quickly and pushed the pair higher with sufficient and convincing momentum. However, bullish momentum began to lose steam when it reached the 86.00 major psychological level and later pulled back to the 84.00 level, giving us a textbook break-and-retest setup to play with. Also, if we apply the Fibonacci tool, we can see that the 84.00 level lines up nicely with the 50% retracement level. Also, the moving averages are indicating an uptrend, with the 200 SMA acting as dynamic support. Stochastic is also pointing up and is still some way away from the overbought area, so bulls are still probably in control.

CHF/JPY: 1-Hour

CHF/JPY 1-Hour Forex Chart

CHF/JPY 1-Hour Forex Chart

CHF/JPY shot past the 117.50 minor psychological level, but quickly lost momentum when the pair reached the 118.80 level and later began moving down to test the 117.50 level. In the process, an ascending channel has formed, and price is sitting right smack at the bottom of the channel. Also, the moving averages have just recently crossed-over into uptrend mode, with the 200 SMA currently acting as dynamic support. In addition, stochastic is pointing up, so forex traders who are bullish on the pair may still be in control.

EUR/JPY: 1-Hour

EUR/JPY 1-Hour Forex Chart

EUR/JPY 1-Hour Forex Chart

Like the two other setups above, I’ve got another break-and-retest setup. This time, I’ve got my eyes on EUR/JPY’s 1-hour forex chart. And as y’all can see, price broke past the 130.50 minor psychological level, but the up-move sputtered and backtracked to the resistance-turned-support level at 130.50, which also happen to line up with the 38.2% Fibonacci retracement. Looking at our technical indicators, the moving averages are still in uptrend mode while stochastic is pointing up, so our main directional bias is still to the upside. As usual, just make sure to practice proper risk management should you find a trade based on this or any of the other charts, okay?

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