Daily Chart Art – September 2, 2010

GBPUSD: 4-hour

PoD Chart

Let’s start with a look at Cable! Earlier this week, we saw a strong move down that caused Cable to make a new set of yearly lows. Yesterday was different though, as Cable was able to recover most of its losses. Will this retracement simply be a chance for the bears to sell at a higher price? It sure does seems like it as the 61.8% Fibonacci retracement level held and stochastics looks like its about to turn.

NZDUSD: 4-hour

PoD Chart

Can you see the possible fall of the Kiwi against the dollar? After yesterday’s big green candles in my 4-hour chart, I’m starting to see some little red ones right at the top of a falling channel. And look at that! My buddy stochastics is also on the bearish side! Will the pair break the channel, or will it go its merry way down? .7050 might be a sweet spot to take profits for a short, with a stop loss right above the channel.

EURCHF: 1-hour

PoD Chart

“SHORTING’S like a melody in my head…” My fancy Fib lines over at my 1-hour EURCHF chart made me belt out a Sean Kingston hit after a ginormous green candle in yesterday’s US session stopped at the 61% Fib. It slipped to the 50% Fib near 1.3000 and stayed there for the rest of the day. Is the pair just pausing on its way up, or will it go down as stochastics in the overbought zone suggests? Keep an eye on this one!

  • erod84

    Ha! on your Sean Kingston song stuck in your head in your eur/chf comments. The song “Replay” was done by Lyaz ;)