Daily Chart Art – September 29, 2010

GBPJPY: 4-hour

PoD Chart

If T.I. has Keri Hilson to back him up, it looks like all ’em pound buyers have the 38.2% Fib. Just look at how support held there! Now ain’t that sweet? Making things even sweeter is that hammer that formed just above the level. Hmmm, it seems like GBPJPY is gonna give the 133.00 another shot. But wait! Before you lock and load your pips on the pound, take note that the pair has been on a downtrend as proven by that falling trend line right there. And let’s not forget stochastics, as it is still showing downward momentum, which implyies that there may be enough sellers to hustle the pair back to the 132.00 handle.

NZDUSD: 4-hour

PoD Chart

Next, let’s hop on over and take a look at NZDUSD. The pair seems to have formed an ascending triangle, as it has been forming higher lows while finding resistance at .7390. With the recent 4-hour candle forming a spinning top, could this be a sign that resistance is holding? Look out though, for a solid candle close above the recent high at .7415 as a sign that the buying party is just getting started!

EURUSD: 4-hour

PoD Chart

And finally, lemme present to you EURUSD with that ascending channel to sizzle up your Wednesday morning blues. It seems like the euro has been struttin’ its swagger lately! Looking at stochastic which has yet to crossover, we may see the shared currency flex its muscle up the charts and test resistance at the 1.3600 psychological handle. But hold your shizamanizzles! That long-legged doji that formed just below the top of the channel ain’t lookin’ good for buyers. If there are enough sellers to represent, there’s a good chance we may see EURUSD head back to chill at the week open price at 1.3486.