Resistance: 0.8968 moderate / 0.9000 moderate / 0.9031 moderate
Support: 0.8935 minor / 0.8892 moderate / 0.8849 moderate
Aussy continues to indecisive trading with Thursday getting a spinning for a daily candle as ranges continue to tighten. From indicators we also see mixed signals as stochastic show a bullish divergence while macd is heading lower. Note we have Private Sector Credit coming out at 0130GMT with consensus forecast at 0.4%. We will look at the numbers as a catalyst for getting out of the indecisive trading, a read well below consensus should open up the swing lows at 0.8849. Strong figures will be an excuse for mean reversion to the daily EMA lines. Intraday we are seeing a confluence of buys from multiple time frames with hourly stochastic pushing for overbought levels and he 4H coming off oversold areas. Evan as macd see anew bullish crossover in hourly charts and continue to head up in the 4H picture.
Resistance: 1.5511 moderate / 1.5547 moderate / 1.5592 moderate
Support: 1.5486 moderate / 1.5448 minor / 1.5428 moderate
Given the broadly firmer dollar Cable was unable to get a follow through rally to Wednesday’s hammer and long tail from the 55DEMA lines. Stil we have a fractal pattern now in the daily charts reinforcing the idea of a bullish reversal. Daily indicators however are still mixed with stochastic heading up and macd dropping for the zero line. In 4H charts we have a confluence of buys with stochastic seeing a new bullish crossover and macd heading up though barely above its signal line. Hourly charts for their part has a confluence of buys with stochastic seeing a new bullish cross and macd heading up for the zero line. At the moment we retain a bullish bias for Cable though getting the markets to rally could be difficult given the geopolitical risks we face now. Although we expect Cable to fare better than most majors should US air strikes in Syria happen. Look for a close above 1.5511 as a bullish entry.
Resistance: 98.47 moderate / 98.74 moderate / 99.15 moderate
Support: 98.09 moderate / 97.84 minor / 97.66 moderate
USDJPY rallied past the daily EMA’s Thursday on the back of a follow through for equity indices though we now have the bearish resistance line from July 7 on top of prices. Indicator wise we have a confluence of buys with stochastic heading up and macd looking to push through the zero line. From the 4H level we have mixed signals as stochastic comes off overbought levels while macd is heading up. Hourly charts see a confluence of bears with stochastic poised to push oversold and and macd dropping. Note price charts show a double top in the daily picture. At the moment we are looking for a close under the daily pivot at 98.09 break of which should see us head back under the daily EMA lines.
Resistance: 1.3265 moderate / 1.3311 moderate / 1.3343 minor
Support: 1.3230 minor / 1.3205 moderate /1.3164 minor
Thursday saw a follow through sell-off in EURUSD as we pushed through he daily EMA lines to close under the 55D EMA after starting above the 21D EMA. We have formed a daily level double top out of the August price action. Among indicators we have stochastic pushing into oversold territory while macd is opening lower some more heading for the zero line. In the lower time frames we candlesticks suggesting lost momentum with a series of spinning top since New York trade. Indicators show stochastic in the 4H picture looking to come-off over sold levels while macd remains bearish. Hourly charts are similarly mixed with stochastic poised to move oversold and macd heading up. For now there is little sense of urgency through triggering the daily double top is an attractive proposition as we are set to close the week with a bearish engulfing and the month with a shooting star. Look for shorts on a break of 1.3205 pattern trigger theoretical target is at 1.2959.
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