Daily Chart Art – October 6, 2010

AUDJPY: 4-hour

PoD Chart

Up, down, up, down… That’s how AUDJPY has been moving lately, based on that range on its 4-hour chart. There’s resistance around 81.30 and it seems to be hitting a support level just below the 80.00 handle. After bouncing from that support area yesterday, it looks poised to test the top of the range again. Stochastic is still climbing, which means that buyers still have enough energy to take the pair higher. If the pair reaches resistance at 81.30, it could fall back until support at 79.80 again.

GBPUSD: 4-hour

PoD Chart

D’oh! I almost missed this one! Is anybody catching the moves on Cable? The pair has been playing along the rising channel on the 4-hour chart, but is currently stalling in the middle ground. Stochastic is signaling a sell sign in the overbought region, but the last green candles look pretty strong for a rise. 1.6000 might be a good spot for the bulls, while the bears can look out for the 1.5732 handle at the bottom of the channel.

NZDUSD: 1-hour

PoD Chart

Kiwi is falling! Against the dollar, that is. After enjoying a healthy upsurge yesterday, the pair is now sporting a few red candles in the one-hour chart. Will the bears push the pair down all the way to the 38.2% Fib? The .7445 handle was a previous support and resistance area, but stochastic is signaling that there could be more room for a fall. Be careful on this one!