Daily Chart Art – July 29, 2009

NZDUSD

PoD Chart

After breaking out from a symmetrical triangle formation, the NZD/USD pair is once again finding itself in a consolidation mode. The pair is currently trading within a range that has a slightly upward slope. The price has just touched the channel’s support and the psychological 0.6550 mark. Conditions are already oversold as indicated by the stochastics so the price may bounce after hitting the said area. The next areas where the pair may find some resistance after bouncing up are at the 0.6600 and 0.6650 levels. If for some reason the pair breaks below the channel’s support, then it can easily head down all the way to the 0.6500 mark.

EURUSD

PoD Chart

And for the fourth straight time, the EURUSD tried to make significant headway by making new highs yesterday only to fail and drop back down. It looks like support at 1.4120 is holding on though, keeping the pair’s trading range intact. The EURUSD begins today at the bottom of the range and with stochastic indicating that the pair is oversold, will we see the pair bounce back upwards? Or is seller power strong enough to finally break through the horizontal support? If the pair does break downside, its next stop would be resistance turned support at 1.4050 price region. On the flip side, if the pair bounces back up, resistance could be found at 1.4200. Additionally, 1.4300 could once again be tested.

USDJPY

PoD Chart

Is that an ascending channel formation brewing on the USD/JPY 4-hour chart? The pair has been trending upwards lately as it hits higher highs. The price is currently nearing the bottom of the channel, with the stochastic nearly in oversold territory. The price could shoot up any moment now! Of course the pair could still head a bit lower until the bottom of the channel, right around the psychologically significant 94.00 mark, before rebounding. Possible resistance levels are located at another psychological level at 95.00 and at the top of the channel. There’s also the slight chance that the pair could pierce below the channel and from then on, it could keep tumbling down.

  • nnalove

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  • nnalove

    Pls u guys have to break d forex language into a learn man understanding ok pls so eat will can comprehend along with u. I am a learner dat is trying to learn techniques of forex b4 start getting into it fully .it was on the road of searching for it dat i found this site thank for at list i have learnt some WISHING EVERYONE GOD BLESSING