Daily Chart Art – August 10, 2010

GBPUSD: 4-hour

PoD Chart

Yo, yo, yo! Is that a double top forming on GBPUSD! Pretty sweet, eh? After hustling for the 1.6000 handle and getting rejected TWICE are the Pound bulls ready to head back down the charts? Hmmm… stochastics seem to suggest that they are, but I think I’m gonna wait until the pair trades below the neckline at around 1.5845 before I give my verdict.

NZDUSD: 4-hour

PoD Chart

Oh Kiwi, you are so fine! Just look at that symmetrical triangle on the four-hour chart! It seems like the pair is testing supportat the bottom of the triangle, but will the bears succeed? Err, it looks like it’s still a coin toss. If we see this latest 4-hour candle close below the previous significant low at .7250, this may be a sign that the triangle is indeed breaking!

CADJPY: Daily

PoD Chart

Here’s an update of that CADJPY I’ve showed you the past couple of weeks. It seems that the falling resistance line has been holding, and the pair is still chillin’ within that descending triangle. With stochastics indicating downward momentum, we could see the pair continue to drop before stopping at previous support at 81.80. On the other hand, if buyers decide to jump back in, we could see a move to test former highs at 85.40.