Daily Chart Art – Mar. 20, 2017_Pippin Aint Easy


USD/CAD: 4-hour



First up is this nice and simple Fib play. As you can see, USD/CAD is having trouble extending its downtrend below the 1.3300 major psychological handle. Not exactly surprising since the level is also right smack at a rising trend line AND 50% Fibonacci retracement support on the 4-hour time frame. Not only that, but it’s also right around the 100 SMA on the chart! The cherry on top of this potentially bullish sundae is stochastic just leaving the oversold territory. Think the Greenback is in for more gains against the Loonie? Buying at current levels could get you a sweet reward-to-risk ratio especially if you place your stops just below the trend line and aim for the areas of interest around 1.3450 or even 1.3550. Just make sure you practice good risk management, aight?

EUR/JPY: 4-hour



Here’s one for breakout traders out there! After breaking above a falling channel earlier this month, EUR/JPY looks set to retest the 121.00 major psychological handle. What makes the area of interest even more…interesting this time around is that it also lines up with a 32.8% Fibonacci retracement while sitting just above an SMA crossover on the 4-hour time frame. Oh, and check out stochastic hinting at a possible bullish divergence! Buying at current levels could make for a pretty solid trade especially if the pair bounces back to its previous highs around 123.00. Don’t be stingy with your stops though, as currency crosses like these tend to see more volatility than the majors!