Daily Chart Art – August 25, 2009

NZDUSD: 1-hour

PoD Chart

The NZD/USD pair was a bit boxed yesterday as it just moved within a 70-pip range. Though, it was able to crawl higher during the US session. Unfortunately, it hit a resistance at 0.6887, which is its monthly high. The pair is now trading just below 0.6850. Without much economic catalysts at hand, the NZD/USD pair may see this level as a resistance that can push it all the way down to 0.6800. However, it can climb back up again to its monthly high if for some reason it is able to keep its head above 0.6850.

USDJPY: 4-hour

PoD Chart

Ho, ho, ho, seems like the strong rally upwards after buyers pierced through the falling trend line last Friday has now retraced a bit. The pair just bounced from the 95.00 resistance level is heading back downside. If this move southwards continues, potential support could be found at the previous week low at 93.40. Support could also be found much further on at the previous month’s low at the 92.00 price region. Conversely, if this is just a correction and buyers start buying up the pair again, its next upside targets would be 95.00 and 96.00 respectively.

EURJPY: 4-hour

PoD Chart

Hmmm looks like something is brewing with the EURJPY pair. The pair seems to be slowly forming a longer term descending triangle, as the pair has been seeing some downward pressure from a downtrend line, while finding major support at 133.00. The pair recently bounced off the falling trend line at 136.00, which has been an area of interest in the past. With the pair heading to the downside now, it could encounter some support at 134.50, as it could be a resistance-turned-support point. It also lines up with the .50 Fibonacci retracement level. With stochastic showing over bought conditions however, it may have enough momentum to pierce through and head to major support at 133.00 before bouncing back up.

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