Uh oh, it looks like the bears are at it again, testing the major support level at 1.0170. Will USD/CAD bulls be able to hold, or will they finally give in and crack under pressure? With the Stochastic showing that conditions are oversold and price unable to close below support, the bias is for a bounce higher. But do be careful though... price is exhibiting "lower highs", which means that the bears are still in control.
Boom goes the dynamite! Fresh off the weekend, NZD/USD decided to blast through resistance, gapping over the .7650 handle and forming a solid doji in the process. Where is the pair headed now? Who knows! If the .7650 handle continues to hold as support, it could mean that NZD/USD will soon be climbing north. On the other hand, track the pair south if its momentum carries it back below resistance.
And finally, here's a long-term one for ya! That downtrend on the weekly chart of EUR/GBP is looking smoother than a baby's bottom! If you've been looking for a good entry point for a short position, now might be the time as last week's candlestick formed a bearish engulfing candlestick. At the same time, you'll find the familiar setup of "higher highs" on Stochastic and "lower highs" on price--a bearish divergence! The recent low seems like a good profit target if you want to sell the pair. But if you're looking to get bullish, it might be best to wait for a convincing cross of the .9000 psychological level before buying EUR/GBP.
- Daily Chart Art - July 29, 2010 21:20 28 July 2010
- Daily Chart Art - December 20, 2012 20:15 19 December 2012
- Daily Chart Art - April 25, 2011 21:44 24 April 2011
- Daily Chart Art - October 18, 2010 21:19 17 October 2010
- Daily Chart Art - January 19, 2012 21:06 18 January 2012