Resistance: 1.3009 minor / 1.3045 moderate / 1.3074 minor
Support: 1.2962 minor / 1.2936 minor / 1.2915 moderate
Euro Friday saw a long wick for the daily charts keeping mean reversion in play with the 21D EMA at 1.2869. Daily indicators have a turn bear bias with the macd’s just crossing lower though stochastic for the moment is trying to cross up just above the 20 mark. In intraday charts we habe a confluence of bears in the 4H level with stochastic just pushing oversold while macd is flat below its signal line. Note we also have long wicks among the 4H candles from European midday trade to New York open. Hourly charts for their part are mixed with stochastic coming off oversold levels while macd is dropping. For now we do not have any sense of urgency though given the big picture we prefer a sell on rallies to 1.0309 or on break of 1.2962 for 1.2914 initially, 38.2 Fib then on to the 21D EMA.
Resistance: 1.6232 moderate / 1.6271 minor / 1.6300(09) strong
Support: 1.6204 minor / 1.6167 / 1.6116(23) moderate
Cables rally past 1.6300 Friday was brief to close the trading day inside the real bodies of the congestion through out last week. Daily indicators are now poised to see a confluence of bears as macd’s are in the process of crossing lower while stochastic has been dropping. Over the course of our congestion daily EMA lines has played catch-up though they remain a target for bears. Intraday we have 4H stochastic pushing oversold while macd’s have crossed lower and candlesticks show long wicks as well in 4H charts. Hourly charts for their part has stochastic pushing back into oversold levels while mads are dropping. Look for shorts from just under the moderate resistance at 1.6232 or on a break of 1.6204 for 1.6167. Note we still view the daily EMA lines as a potential objective.
Resistance: 1.0457 minor / 1.0496 minor / 1.0538 moderate
Support: 1.0412(14) moderate / 1.0374 minor / 1.0340 moderate
Friday saw Aussie pulling back from European session highs to end up just over the daily EMA lines once more. At the moment we have daily macd’s poised to cross lower while stochastic is also at the brink of a new bear cross for oversold levels. Note with prices around the daily EMA lines caution must be taken be bears. From the lower time frames we are seeing a confluence of bears as we try to push under 1.0412(14). We have stochastic pushing oversold in both time frames while macd are just crossing lower in the 4H picture. For now look for a close below 1.0412(14) for new shorts the immediate objective 55D EMA at 1.0386 then to the key 1.0340.
Resistance: 0.8247 moderate / 0.8281 minor / 0.8309 moderate
Support: 0.8215 minor / 0.8185 moderate / 0.8167 minor
We have already seen more than the average daily range for Kiwi with prices continuing to drop the next moderate support at its 38.2 Fib rectracement level of the rally from September 5. Daily indicators continue to see a bearish divergence in stochastic while the macd indicators is poised to cross lower. From the lower time frames we have stochastic oversold in 4H charts while macd is heading down. Hourly charts are similarly bearish with stochastic oversold and macd heading lower. Immediate risk calls for further losses with 0.8247 as a possibel catch-up point for bears. Alternatively with price action already beyond daily averages look for a possible bounce off 0.8185.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.
Most Popular Slideshows
- SEE PHOTOS! Eva Longoria Wears No Panties at Cannes 2013, Revealed in Embarrassing Wardrobe Malfunction [SLIDESHOW]
- Demi Lovato Snapped Getting Flirty with The X-Factor Boss, Simon Cowell? [PHOTOS]
- Robsten Romance: New Thorns on the Rosy Love Between Robert Pattinson and Kristen Stewart [SLIDESHOW]
- IN PHOTOS! Top Moments on American Idol 2013 Final Show [SLIDESHOW]