Daily Chart Art – November 3, 2010


AUD/USD: 4-hour

AUD/USD Chart

Everybody just loves those psychological round numbers eh? It looks to me that the ultra-fly 1.000 figure is holding on AUD/USD, as the bulls just can’t seem to break through resistance. Take note of Stochastic, as it remains in the overbought territory but has just crossed over. Are sellers about to jump in and take over? Look out for a bearish red candle as a sign that this pair is headed south to test former lows at .9700. On the other hand, a bullish green candle close above the parity level might just be a sign that AUD/USD is headed for new all-time highs!

GBP/USD: Daily

GBP/USD Chart

Yo yo yo! Let’s get a double top going up in this joint, son! The daily chart of GBP/USD is beginning to show signs of bearishness and looks as though it may be turning down. If you take a close look, you’ll notice that a spinning top and a doji have formed in the same area where the pair formed a shooting star candlestick last month. Should we see a repeat of last month’s drop, chances are that the pair will retest the recent low at around 1.5700. On the other hand, a break past 1.6150 may lead to GBP/USD going up, up, and away!

EUR/USD: 1-hour

EUR/USD Chart

Channels don’t get any clearer than this! EUR/USD has been trending up on the 1-hour chart, but now it looks as though it’s due for another dip. Price is just about at the top of the rising channel and seems to be having difficulty crossing a former resistance level. For now, resistance is holding quite well and euro bears may just take the pair back down to the bottom of the channel. But never count out the bulls! They might just force a breakout and take the pair to new heights!

  • RichFar

    Thanks alot ‘Pippin’, your analysis looks good to go by…i’ll be watchin’ for the signs – Happy Pip Collecting!!!

  • hedgehog

    Channel, Chart and comments = 60 mins but Header = Daily….

  • RichFar

    Thanks alot ‘Pippin’, your analysis looks good to go by…i’ll be watchin’ for the signs – Happy Pip Collecting!!!

  • hedgehog

    Channel, Chart and comments = 60 mins but Header = Daily….

  • HarryPilgrim

    Yay! A downtrend seems to be forming on EUR/GBP as depicted in your Monday entry. Excellent for my shorts. Perhaps dollar bulls should sell EUR/USD while dollar bears should buy GBP/USD.

  • HarryPilgrim

    Yay! A downtrend seems to be forming on EUR/GBP as depicted in your Monday entry. Excellent for my shorts. Perhaps dollar bulls should sell EUR/USD while dollar bears should buy GBP/USD.