Daily Chart Art – May 21, 2010

GBPUSD: 1-hour

PoD Chart

While other currency pairs have been surfing the trends, the Cable have traded sideways all throughout this week. As you can see from the chart I posted above, the Cable has been stuck inside a 250-pip range with strong resistance at 1.5000 and major support at 1.4250. Still, given the overall down trend of the pair, I’d keep an eye out for a possible break of previous low. If we see candles close below 1.4250, it could indicate the start of a new move down.

EURUSD: 4-hour

PoD Chart

Now let’s find out how the Fiber is doing. Although its downtrend remains intact, the pair seems ready to pull up from its latest drop. Using the Fibonacci tool on the latest swing move shows that the 50% level coincides with the previous support level around 1.2615. Since a broken support level could switch gears and act as a resistance level, the pair’s decline could resume upon hitting 1.2615. Then again, the EURUSD could pull up a little higher and test the falling trend line right around the 61.8% Fibonacci retracement level.

AUDJPY: Daily

PoD Chart

Check out that awesome breakdown on the AUDJPY daily chart! The pair pummeled through support at the 76.50 area and went on to breach one psychological support level after another. Right now, it seems to be targeting the next support level at 71.00. If the pair bounces upon hitting that floor, it could climb back until the broken support at 76.50. But if the selling pressure is still strong enough to push the AUDJPY below 71.00, the pair could encounter support near 68.00.

  • yuja911

    great!

  • Headmaster111

    Hi,
    YEP.I for one miss you as you can see in my post yesterday.My trading day is not complete until i check your blog.
    Keep up the good work.
    Greetings.
    Headmaster

  • shortpipin

    Startin to fill ya on this GBP/USD deal Pippin keep it commin. thx

  • BigPippin

    So much love! Thank you for your warm welcome backs. Let’s all grab those pips and make a killin’ out there!

  • winningpips

    yes definitely you’re missed!!!

    thanks for the charts buddy

  • yuja911

    great!

  • Headmaster111

    Hi,
    YEP.I for one miss you as you can see in my post yesterday.My trading day is not complete until i check your blog.
    Keep up the good work.
    Greetings.
    Headmaster

  • shortpipin

    Startin to fill ya on this GBP/USD deal Pippin keep it commin. thx

  • BigPippin

    So much love! Thank you for your warm welcome backs. Let’s all grab those pips and make a killin’ out there!

  • winningpips

    yes definitely you’re missed!!!

    thanks for the charts buddy