Asian Session Notes 11/30/12

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By mdelapaz | November 30, 2012 1:21 PM EST

Fx Instructor

AUDUSD

Resistance: 1.0440 minor / 1.0469 moderate / 1.0490 minor

Support: 1.0418 minor / 1.0369 moderate / 1.0369 minor

Aussie has seen a range play throughout the week with new lows generated and daily highs just around 1.0469. Thursday saw the latest daily candle with another low for the week while indicators are beginning to turn bearish across the board as macd top-off and stochastic heads lower. Note we have the daily EMA lines just under the current price level. From the 4H picture we have a multiple top breakout with indicators pointing lower stochastic poised to push oversold while macd is dropping. Hourly charts for their part has a double bottom with a confluence of buys in the making as stochastic and macd’s are poised to cross higher. Given our daily patterns we prefer looking for a close up above 1.0440 our double bottom trigger.

EURJPY

Resistance: 106.74 minor / 107.12 moderate / 107.50 minor

Support: 106.43 minor / 106.13 moderate / 105.69 moderate

Thursday saw a smaller range for EURJPY as the enthusiasm over the Japanese election appears to be fading. Although we still saw a white candle there appears to be little sense of urgency given the close. Daily indicators has stochastic crossing up while macd is flat above the signal line. In the 4H picture we continue to see indecisive candlesticks while stochastic has come off overbought levels and macd flat just above the signal line. Hourly indicators for now has a confluence of bears with stochastic off overbought areas and macd’s pointing lower beneath the signal line. For now we prefer a buy on dips to 106.13 though shorts may also be considered off 107.12 with markets looking mixed.

EURUSD

Resistance: 1.2999 minor / 1.3013 moderate / 1.3049 minor

Support: 1.2966 minor / 1.2944 moderate / 1.2915 minor

Daily price action is now turning mixed for EURUSD given the succession of a long tail and a long wick in the candlesticks with the real body for the week staying at roughly the same area. Among indicators we have daily macd’s heading up while stochastic is poised to cross higher opening the possibility of a bullish breakout. From the lower time frames we have 4H stochastic heading lower while macd is flat above the signal line. Hourly indicators are both pointing down suggesting we have an immediate downside risk. We prefer getting a buy on dips to 1.2944 though failure to see such a move may have us looking for buys of 1.2966 by the time European markets open with a break of 1.3013 as our objective. Note we actuallu have a double top forming in he 4H charts though there is little suggestion from price action or indicators of it being triggered.

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