Resistance: 0.9149 moderate / 0.9180 minor / 0.9219 moderate
Support: 0.9107 minor / 0.9058(66) moderate / 0.9024 minor
After testing the 55D EMA we have Aussy selling off monday to close under the daily EMA linesand form a double top from the daily charts. Daily indicators now has a bearish divergence in stochastic to complement the reversal pattern though macd is still above zero and heading up. In the lower time-frames we have a confluence of bears from 4H charts with stochastic in oversold levels while macd is heading down though price charts show indecision. Hourly charts for their part has macd’s flat below the signal and stochastic looking to cross lower. Ahead we have the release of the latest RBA policy meeting minutes, a willingness by the RBA to lower rates further in the coming months or concern over the situation in China would likely be a catalyst for us to trigger the patter dropping under 0.9057.
Resistance: 1371.43 moderate / 1378.16 minor / 1384.49 minor
Support: 1363.20 moderate / 1358.28 moderate / 1347.09 moderate
Combining the brief Sunday trade with the rest of the Monday candle we have a ‘dark cloud cover’ in daily charts coming off the 61.8 Fib retracement level of our sell-off from May, for a false break from the prior week. From indicators we have daily stochastic in overbought levels while macd is also topping out. In the lower time frames we are seeing mixed signals with 4H stochastic coming-off over sold levels and macd’s heading lower. Hourly charts for their part has stochastic with a new bullish cross and macd’s flat below the signal beneath the zeroline. At the moment we appear to be at a possible near term top for Gold charts, consider shorts on a break of 1363.20 preferably coming off 1370.44.
Resistance: 130.44 moderate / 130.71 moderate / 131.05 moderate
Support: 129.98 moderate / 129.65 moderate / 129.15 minor
Earlier attempts to rally up in EURJPY saw a rejection in New York trade as stock markets eased off. Note we are continuing our sell-off in US equity indices and seeing reversal patterns pop-up in daily candlestick for European equity indices. Daily indicators remain mixed with stochastic continuing its bear signal while macd is looking to push above the zeroline, we have along wick from the daily charts as a result of the turnaround. In the lower time-frames we have sell signals from he 4h picture stochastic looking to pushover sold and macd with a new bear cross. Hourly charts are mixed with stochastic heading up and macd flat below the signal. For now we prefer a sell on rallies with shorts off 130.71 or on a push below the daily EMA lines.