Daily Chart Art – September 3, 2009

EURUSD: 1-hour

PoD Chart

Is that a pullback going on? It looks like the EURUSD is attempting to rally towards the previously broken ascending trend line support. A retest perhaps? If price continues to climb upwards, we might see some minor resistance at 1.4300 as price has already bounced once from this area. Looking further ahead, a lot of selling pressures could also be found around the 1.4400 price region, the previous week’s high. On the other hand, if sellers take back control and push the pair south, support could be found at the previous week’s low around 1.4200.

NZDUSD: 1-hour

PoD Chart

Above is a follow-up on the previous chart that I made on the NZD/USD pair. The pair broke down from a trading range and fell in an almost vertical fashion. It then found some support at 0.6750 and consolidated in that level for a time. Eventually, the sellers managed to push the prices down. Soon enough, the 0.6750 mark didn’t hold due to the selling pressure and the pair found itself falling again. The 0.6700 mark, however, kept it afloat. Currently, the pair is trading just under 0.6750. It may now see this score as a resistance that can push it back down to 0.6700. If for some reason, though, that it is able to keep its head above 0.6750, then 0.6800 may not be too far ahead.

USDJPY: 4-hour

PoD Chart

Here’s the latest scoop on the USDJPY price action. The pair has been on a pretty sharp downtrend but it seems to be moving within a descending channel, as seen on the 4-hour chart. The stochastic oscillator is currently at the oversold area, which means that the price could move higher, possibly until the top of the channel or until the psychological resistance at 93.00. However, the oscillator doesn’t seem to be climbing up just yet. The pair could dip even lower, probably until the psychological support at 92.00 or at the bottom of the channel, before climbing.