Daily Chart Art – March 24, 2011

AUD/USD: 4-hour

AUD/USD 4-hour Chart

The Aussie bears better get their battle gear on with this setup! Not only is AUD/USD currently testing a major resistance level, it’s also being haunted by a bearish divergence on the 4-hour chart. What’s more, Stochastic is hanging around the overbought region! If you’re one of them Aussie bulls, you might want to set your order above the previous highs near 1.0200. But this setup is looking like a fat, sweet salmon to y’all bears out there, then a profit target at parity and a tight stop just might get you those pips.

NZD/USD: 4-hour

NZD/USD 4-hour Chart

If you haven’t had enough of support and resistance levels yet, then here’s another one for ya! NZD/USD is hanging around a support and resistance level near .7500, but it seems like Stochastic is looking to go back to the overbought area. Will the pair finally break resistance, or will it at least retest the broken trend line on the 4-hour chart? A profit target around the .7300 area is looking pretty sweet if the pair does reject resistance, but you’ll never know when those currency bulls are going to attack!

GBP/USD: 4-hour

GBP/USD 4-hour Chart

For ya’ll bulls out there, it looks like we’ve got a nice little retracement setup on Cable. As you can see, the pair had a top just below 1.6400 last week and has fallen down to the 38.2% Fibonacci retracement level. With price unable to close lower and the Stochastic showing that conditions are oversold, does this mean that the retracement is finally over? It’s possible, but I’m not too convinced yet! You may wanna consider waiting for a candlestick confirmation first before hitting that buy order on your trading platform!

  • blueangel

    Thanks for sharing us with your finding. :-)

  • blueangel

    Thanks for sharing us with your finding. :-)

  • HarryPilgrim

    re GBPUSD. I think clues are to be found on the GBP crosses. I plan on buying GBPCAD at 1.5570 if it gets there next week.

  • HarryPilgrim

    re GBPUSD. I think clues are to be found on the GBP crosses. I plan on buying GBPCAD at 1.5570 if it gets there next week.