Daily Chart Art – October 14, 2010

EUR/USD: 4-hour

EUR/USD 4-hour Chart

Whoa, is that a breakout or what? The one hour chart of EUR/USD shows that the bulls have finally won and bring price out of its trading range. Price broke out above major resistance at the 1.4000 handle, indicating that a new upward move has possibly started. If you’re betting for the bulls to continue buying the pair up, be careful around the 1.4100 psychological level as it could potentially serve as the next major resistance. Now, if you’re part of the bear camp, price will probably have a hard time going back below 1.4000 area as major resistance levels usually turn into support once broken.

AUD/JPY: 4-hour

AUD/JPY 4-hour Chart

Are you ready to trade out of the box? This 4-hour chart could be your chance! AUD/JPY has been bouncing along a rectangle for the past couple of days, holding the resistance at 81.40 and support at the 80.00 handle. Stochastic in the overbought region is currently on the bears’ side, but keep your eyes peeled for any break above the 81.40 level. Stay sharp, homies!

NZD/USD: 4-hour

NZD/USD 4-hour Chart

Ka-ching! NZD/USD danced to the sound of money as it managed to bounce of the rising trend line on the 4-hour chart again. With price making a new high and Stochastic at oversold territory, will we see price retrace for another test of the rising trend line? If price heads down again, .7520 be a significant spot for a bounce. Stay at the edge of your seats with this one!