Daily Chart Art – November 29, 2011

AUD/USD: 4-hour Japanese candlestick patterns are great. They let you know when a move is finally exhausted and ready to reverse. They’re especially helpful when combined with other technical indicators like Fibonacci retracement levels and the Stochastic. This is exactly what we see in the AUD/USD chart above. The pair, after finding a double bottom at the .9700, recovered almost 200 pips in losses. However, with price finding resistance at the 38.2% Fib and the Stochastic showing overbought

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