Resistance: 100.43 minor / 100.75 minor / 101.12 moderate
Support: 100.12 moderate / 99.63 moderate / 99.49 minor
EURJPY is getting closer to its double top trigger, a moderate support at 99.63, with Wednesday seeing a long wick in the daily charts and a black body. Indicators has stochastic oversold while the macd line has just crossed lower the combination suggesting look for a run to the double top trigger. In intraday charts we have sell signals with the 4H stochastic looking poised to push oversold while macd is heading lower. Hourly charts for their part has an oversold stochastic and a bearish cross in macd. Immediate risk calls for further weakness with a close below 100.12 leading to a drop to the double top trigger. Alternative entry is a rejection from 100.75.
Resistance: 1.6034 minor / 1.6068 moderate / 1.6100 minor
Support: 1.5975 minor / 1.5959 moderate / 1.5922 minor
Wednesday turned out to be indecisive with Cable seeing a spinning top at the close, unable to hold on to its gains nor stay below the 55D EMA. Among indicators we have daily stochastic oversold and macd’s heading lower. In the lower time frames we have mixed signals with stochastic crossing heading lower in 4h charts while macd is flat above its signal following a recent crossover. Hourly charts for their part has macd’s crossing lower along with a new bear cross in stochastic. Given the lack of urgency we prefer looking for shorts from just under 1.6068 or on a break of the 1.5959 moderate support area.
Resistance: 1.2879 minor / 1.2913 moderate / 1.2960 minor
Support: 1.2835 minor / 1.2803 moderate / 1.2755 strong
In the end we saw a high wave doji in Euro with weakness in US equities seeing the currencies come-off their intraday highs. Daily indicators now show a confluence of bears with stochastic in oversold levels while macd is dropping. Note we continue to have the double top pattern in the daily charts signalling possibly sharp declines. In intraday charts we continue to have a bearish view with 4H stochastic crossing lower and macd heading down. Hourly charts for their part has stochastic oversold while macd has just crossed lower. Immediate risk calls for further weakness a run to the double top trigger at 1.2803 then on to the 1.2755 key support level. Consider shorts on an hourly close below 1.2835 or coming off the moderate resistance at 1.2913.
Resistance: 1.0262 minor / 1.0294(98) strong / 1.0325 moderate
Support: 1.0216 minor / 1.0183 minor / 1.0148 strong
We have had an active start for the day in Aussy as releases saw more jobs generated with the Employment Change figure at 14,500 against a mere 5000 consensus forecast. With this we are now looking to push all the way up to the daily EMA lines 1.0294(98) completing the mean reversion play. Daily indicators has stochastic pushing up while macd has bottomed out as well. In the lower time frames we have a confluence of buys in the making with 4H stochastic poised to cross up line with its macd. In hourly charts we have a bullish stochastic and macd poised to cross up. Immediate risk calls for further gains though the 21D EMA/200D SMA should served as a possible rejection area, and entry point for a reversal.
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