Daily Chart Art - May 24, 2012

Daily Chart Art - May 24, 2012

 AUD/USD: 1-hour

Fibonacci fans, this setup is right up your alley! AUD/USD has been on a steep decline lately, making retracements the name of the game. If you're looking to hop on the short bandwagon, keep an eye out for that .9810 area. Not only was this a nice support level last week, but it also lines up with the 50.0% Fib! For now, just be patient and wait for the setup to materialize!

USD/CHF: Weekly

Next up is this long-term setup on USD/CHF! And by long-term, I'm talking about the weekly chart fellas! USD/CHF is now approaching the .9580 level, acted as a support-turned-resistance level in the past. If we see a reversal candlestick form just under .9580, it might be time to start loading up on some short positions. On the flip side, if we see a a strong bullish candle close solidly above the resistance level, it might be a sign that USD/CHF is headed back to parity!

USD/JPY: 4-hour

Lastly, here's one for my brotha-from-anotha-motha, Pipcrawler. USD/JPY has been trading within a descending channel recently and is now chillin' right smack in the middle of no-man's land. I suggest waiting for this pair to either retest resistance at around 79.70 or support at 78.30 before putting up any positions on this pair. Don't wanna get burned now do we?

Before you get carried away with all these chart patterns, remember that technical analysis is only half the story.

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.