Daily Chart Art – April 6, 2011

EUR/GBP: 1-hour

EUR/GBP Chart

Get a hold of that sweet bearish flag on EUR/GBP’s 1-hour chart! The currency bulls and bears seem to be locking horns over the pair as they push price into a tight consolidation. As the best forex education site suggests, the pair might break to the downside once consolidation breaks. Make sure you stick around if it does! A stop just above the .8750 may be a good idea if you’re going for gold and playing the pair down to chart deeps.

USD/CAD: 4-hour

USD/CAD Chart

It looks like USD/CAD’s falling trend line held after all! Yesterday the pair tested the trend line and climbed just below the .9700 handle before it fell by almost 100 pips to .9600. What’s more, I’m seeing a sweet bearish divergence panning out! A stop above the falling trend line might be a good trade idea if you decide to short this baby, but be careful of the Stochastic signal! It’s almost in the oversold region!

GBP/USD: Daily

GBP/USD Chart

Cable took a hint from Taio Cruz and is just flying higher, higher, higher off the ground! Ever since support at 1.6000 held, the pair has been rallying furiously, has never even looked back for once! If you’re bullish on the pair and wasn’t able to jump in at a good price, then don’t feel too bad! From the way it has made “higher highs,” I believe Cable still has a lot of upside potential. You could ride the move up until the it touches the rising trend line resistance around the 1.6450-1.6500 region.

  • azri937

    worried GBPUSD is forming head and shoulder..

  • cfxland

    April 7 ?, bro hope u aint in the matrix, cos the way u predict i have always thot u see da future.

    Anyways thanks for this insight, think the might find resistance at 1.6450 then unto 1.70.

    Charles.

  • azri937

    worried GBPUSD is forming head and shoulder..

  • cfxland

    April 7 ?, bro hope u aint in the matrix, cos the way u predict i have always thot u see da future.

    Anyways thanks for this insight, think the might find resistance at 1.6450 then unto 1.70.

    Charles.

  • Packygee

    EURGBP just broke resistance of .87443 and im worried its gonna jump! do you not see that?

  • Packygee

    EURGBP just broke resistance of .87443 and im worried its gonna jump! do you not see that?

  • Packygee

    ok. maybe im wrong.

  • Packygee

    ok. maybe im wrong.