Resistance: 1.5580 moderate / 15622 moderate / 1.5653 minor
Support: 1.5538 moderate / 1.5518 minor / 1.5490 minor
Friday again saw a sharp whipsaw in Cable to end with a high wave spinning top with the push to both extremes turning out brief. Among indicators we still have a bearish daily macd while stochastic remains under the oversold threshold though currently looking poised to take a peek above 20. From the lower time-frames we are seeing mixed signals with 4H stochastic coming off oversold areas with a minor bullish divergence, this as macd is flat below the zero and the signal lines. Hourly charts has a confluence of buys with stochastic and macd seeing new bullish crosses. Immediate risk calls for a bounce though with prices just under the pivot at 1.5580 it would be better to look for a close on an hourly basis now during the open of Asian markets or look to surge higher at he open of Europe. Note we have a holiday in the UK.
Resistance: 0.9038 minor / 0.9059 moderate / 0.9078 minor
Support: 0.8980(84) moderate / 0.8963 minor / 0.8931 minor
After selling-off from the early part of the week we have Aussy pulling back Thursday/Friday to the 38.2 Fib retracement level and ending up with a high wave candle for the last trading day, suggesting we look for a resumption of our bear market. From indicators we have stochastic coming off oversold areas while daily macd is bearish. In the 4H level we are slowly getting lower highs and lower lows from the candles though overall price acton is mixed with stochastic crossing lower and macd pointing up. Hourly charts has stochastic pushing for oversold levels along with a new bearish crossover from macd. For now look for a close below the daily pivot, at 0.9015 to get the bears going.
Resistance: 98.83 moderate / 99.15 moderate / 99.53 minor
Support: 98.(35)40 moderate / 98.12 minor / 97.83 moderate
In the end we have a high wave spinning top in USDJPY for Friday with market spending much of it in consolidation following the rally from midweek. Among indicators we have just sen daily macd push up through the zero line though stochastic has also come-off overbought levels. Note prices are just above the daily EMA’s with markets triggering an inverted head and shoulder Thursday. In the lower time-frames we have mixed signals with stochastic crossing up while macd’s also sea a bear cross. hourly charts for their part has a confluence of bears though price action has been indecisive. We have macd’s poised to push under the zeroline and stochastic with a new bear cross. We prefer looking for a pullback to the daily EMA’s and buying off a bounce from the 55D EMA our objective to push through a bearish trend line from July 7.
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