Daily Chart Art – February 15, 2011

AUD/USD: 1-hour

AUD/USD Chart

Surf’s up, Aussie! AUD/USD is riding fast on a rising trend line on the 1-hour chart, and Stochastic hasn’t even reached the overbought zone yet! Be careful of the 1.0100 handle though, since the level supported the pair in the past and could turn into a resistance. It looks like the pair still has a couple of pips left in its momentum, so watch closely to see if the bulls manage to push the pair all the way to the 1.0200 handle.

USD/JPY: Daily

USD/JPY Chart

Pick a direction already, USD/JPY! Are you finally going to breakout of that symmetrical triangle formation or are you just going to fall again? The pair has been testing the top of the triangle but it seems that the pair doesn’t have enough “bull juice” left to rise above it. Look at that overbought Stochastic! Now, if you’re bearish on the pair, the 82.00 region is a good target to go for as it lines up nicely with the rising trend line support. But if you’re part of the bull camp, wait for a convincing candle close above the falling trend line to confirm an upside break!

EUR/JPY: Daily

EUR/JPY Chart

Check this out bro! EUR/JPY’s range is still intact! The pair’s bounce between the 115.00 and the 107.00 handles on the daily chart has been going on for quite some time now, and it looks like the pair might be heading south soon. Will it reach the 107.00 support? Stochastic is currently on the middle ground, but the pair already encountered resistance at the 113.00 level. The 107.00 is a sweet target spot for the bears, but you can settle for the 111.00 if you’re feeling a bit cautious.