Daily Chart Art – March 8, 2011

NZD/USD: Daily

NZD/USD Chart

Lemme kick things off with a look at the daily chart of NZD/USD. It looks like the pair is now approaching a key resistance turned support level at .7350. With Stochastic showing oversold conditions, we may just see buyers jump back in soon. Before jumpin’ in though, you might wanna chill and see how today’s candlestick closes. If we see a bullish marubozu, it could be a sign that support level is holding and that the pair is reversing.

EUR/CHF: Daily

EUR/CHF Chart

Tighten your pip-collars, brothas because this one is about to hit the neckline! Okay, that didn’t make any sense, but the head and shoulders pattern on the daily EUR/CHF chart does! EUR/CHF has already confronted a resistance at the 1.300 level twice, with the pair forming a “head” near the 1.3200 area. Although Stochastic hasn’t reached the overbought region yet, keep an eye out for a break of the 1.2800 neckline. If that fails to hold, it might not be long till we see the 1.2500 handle!

GBP/USD: 4-hour

GBP/USD Chart

Looks like GBP/USD is gettin’ ready to bounce, yo! The pair is about to hit the 1.6150 handle, which was a major support-and-resistance level for the pair. What’s more, Stochastic is already hanging out in the oversold area just waiting for momentum! A target at 1.6250 or even 1.6300 looks pretty good for a swing trade, especially if you put a stop just below the channel.