Daily Chart Art – January 31, 2011

NZD/USD: 4-hour

NZD/USD 4-hour Chart

First up, let’s kick things off with a look at how Happy Pip’s doing on her latest trade on the Kiwi! It looks like the the descending channel is holding, as the bulls tried their best to break through resistance but just couldn’t! With the pair now forming a shooting star, and with Stochastic showing selling momentum, we could see the pair continue to shoot down before finding support at the middle of the channel just above .7600!

GBP/USD: Daily

GBP/USD Daily Chart

Next up on today’s lineup is GBP/USD. Is that a head and shoulders pattern in the making or is my brand new pair of Ray B’s just fogged up? Nah, I think its forrealz with the right shoulder forming just below resistance at 1.6000. If there are enough bears to reprezent, we may just see the pair test the neckline support at around 1.5380. Heck! It may even plunge below 1.5000! Don’t be too excited to root for the dollar yet though. Who knows bulls might just be lurking around the corner, getting ready to give 1.6000 another shot.

AUD/USD: 4-hour

AUD/USD 4-hour Chart

Finally, here’s AUD/USD sporting a symmetrical triangle, making lower highs and higher lows. If you’re looking to sell the pair, you may want to wait for a convincing break below the rising trend line at around .9860. However, if you feel like showin’ the Aussie some love, be on your toes for the pair to trade above .9980.