Resistance: 1.3280 minor / 1.3301 moderate / 1.3320 moderate
Support: 1.3250 minor / 1.3232 moderate / 1.3187 moderate
Euro saw a follow through rally from Friday’s piercing pattern seeing the close above the daily EMA lines. Note we’ve pushed back up above the trigger of a daily double top pattern from two weeks back. Daily indicators has stochastic looking for a push back into overbought areas while macds have a bullish cross and is looking to push back above the zero line. In the lower time-frames we are mixed as 4H stochastic comes off overbought levels and macd’s push through zero even as candlesticks show a gravestone doji. Hourly charts are the opposite with stochastic coming of oversold levels even as macd is bearish though largely flat below the signal line. For the moment we prefer remaining sidelined though bias is for the buy side, consider going long off 1.3232 better yet 1.3187.
Resistance: 1.5732 moderate / 1.5750 moderate / 1.5781 minor
Support: 1.5685 moderate / 1.5650 minor / 1.5624 minor
Cable saw a strong start for the week pushing past swing highs at 1.5716 with daily indicators showing stochastic looking poised to push overbought and macd’s with a new bullish cross. Note economic releases of late suggests that the UK is seeing the fastest pace of recovery among the majors. Daily price charts show little sign over the rally for the past week losing momentum. Intraday we are seeing signs of potentially steeper pullback as candlesticks see a ‘dark cloud cover’ in 4H charts and stochastic come off overbought levels and macd’s top-off. Hourly charts as are mixed for their part as stochastic comes off oversold levels and macd’s head down. For the moment we prefer looking for basebuilding and a possible bounce off the daily pivot at 1.5685 or joining a bullish breakout at the open of European markets.
Resistance: 0.9240 moderate / 0.9258 moderate / 0.9317 moderate
Support: 0.9212 moderate / 0.9183 moderate / 0.9166 minor
Aussy triggered a an SHS pattern Friday and saw a follow through rally yesterday. Note his could be the start of a major pullback as the premise for weakness begin to fade. Among indicators we have daily stochastic pushing further into overbought areas as the macd’s managed to cross the zero line heading up and EMA lines form golden crosses. From the calendar we are waiting for potential catalyst for the buyside, a recover in NAB Business Confidence at 0130GMT and China data at 0530GMT. In the lower time-frames we have a confluence of buys in the making as macds in both hourly and 4H charts look to push up, while 4H stochastic is overbought and hourly stochastic is heading for the 80 threshold. We are already long with the break of 0.9240 the immediate moderate resistance, projected highs call for a rally to 0.9307 while the key resistance is at 0.9317.
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