Daily Chart Art – December 1, 2010

GBP/JPY: Daily

GBP/JPY Chart

Aha! It looks like Kanye West isn’t the only one with getting-over issues because GBP/JPY seems like it still ain’t done with that falling trend line! If there are enough sellers in today’s trading, we may just see the pair tumble all the way down to the 127.00 handle. But with Stochastic already nearing the oversold territory, could it be that what we’re seeing may only be a retracement? Just look at how the 61.8% Fib level coincides with the trend line! So don’t be so sure about rooting for the yen just yet because buyers may find support around 129.50 and push GBP/JPY back up to 134.00.

EUR/GBP: Daily

EUR/GBP Chart

Next up, I wanna give a shout out to EUR/GBP! After topping out at .8943 late last month, the pair has been on a steady decline down the charts. The pair is now down 600 pips. Is there no stopping the sellers? Well, we may soon find some support, as the pair is now approaching a rising trend line. With Stochastic also showing oversold conditions, could we see buyers jump back in around the .8300 handle? Make sure to wait for a candlestick as a sign that the pair could reverse. On the other hand, if we see another bearish marubozu that closes below the trend line, we could see the pair fall to its lows at .8170.

AUD/USD: Weekly

EUR/GBP Chart

Take a peek at the weekly chart of AUD/USD and see how sexy it looks with those Fib lines! Bow chika wow wow! Well, it looks like the Aussie hasn’t been feelin’ the love from traders for the past three weeks. However, pips could be on the horizon for the com-doll if resistance around .9380 turns into support. Take note that it’s also the 38.2% Fib! If the pair doesn’t find support at that level though, AUD/USD could drop to the 61.8% Fib.