Daily Chart Art – September 30, 2010

EURCHF: Daily

PoD Chart

Mmm… I just love ’em falling trend lines! Set your eyes on the one I drew on EURCHF. Buyers have been gobblin’ up the euro lately, but their run may soon come to an end as the pair seems to be finding resistance at the 50% Fibonacci retracement level. How much longer can the trend line hold them back? Who knows! But if candlesticks start closing above the trend line, it may be a sign that the pair is destined to retest resistance in the area of 1.3800-1.3900. On the other hand, there’s always the possibility that EURCHF will turn around and give the monthly low another shot.

GBPUSD: 1-hour

PoD Chart

Oh Cable, when will you bust out of your consolidation?!? Neither the bulls nor the bears have been able to get the upper hand as price has been drifting within a tight 150 pip range. With stochastic pointing upward and price staying above the 1.5800 psychological handle, it looks like we may see a retest of the 1.5870-1.5890 resistance area. Watch out for strong support at 1.5730 too! If that level breaks, we could see Cable drop back down to 1.5500.

AUDJPY: 1-hour

PoD Chart

Test, test, test! AUDJPY has tested resistance at 81.30 more times than Cyclopip can count with one hand! Is it just gearing up for another disappointment or will buyers finally take it to new heights? It seems to me like the resistance-turned-support area near 80.50 is an attainable target if you’re looking to go short. But if you’re looking to side with the bulls, you may want to wait until candlesticks break past 81.50 before you buy up the pair.