Resistance: 0.9318 strong / 0.9344 moderate / 0.9371 minor
Support: 0.9282 moderate / 0.9245 moderate / 0.9217 moderate
Aussy saw further gains as we got a follow through to the inverted head and shoulder breakout from Friday with data out of China and Australia itself showing marked improvement from the prior months trends. Daily indicators has stochastic in overbought areas while macd’s are pushing and he EMA lines begin to see new golden crosses. Note we are once more looking at Aussy data, with Consumer Sentiment up for release at 0030GMT. In the lower time-frames we are seeing mixed signals as 4H charts remain bullish stochastic crawling overbought though macd is flat above the signal while hourly charts has a bear cross in macd and stochastic oversold. Price action itself has a ‘dark cloud cover’ in 4H charts. Immediate risk calls for a pull back though with the overal picture and changing economic trends we prefer a buy on dips to 0.9245 or follow through rally past 0.9318.
Resistance: 93.57 moderate / 93.89 moderate / 94.43 minor
Support: 92.94(04) moderate / 92.30 moderate / 92.01 minor
Tuesday saw a sharp follow through rally for AUDJPY with prices nearing the daily double bottom target from Tuesday the previous week. Among indicators we have daily stochastic crawling in overbought levels while macd’s are also on the rise confirming the idea of a bullish trend even as EMA lines now have the 21D EMA crossing 55D EMA forming more golden crosses. Intraday we also have more bullish signals in the 4h charts with stochastic crawling overbought and macd heading up. hourly charts though is suggesting pullback risk with stochastic dropping and macd’s seeing a new bear cross. At this point we are looking forward to see a further rally a bullish cross in hourly stochastic could be our signal though we need to point that we are already within reach of the double bottom target.
Resistance: 100.46 minor / 100.68 moderate / 100.88 moderate
Support: 100.07 moderate / 99.69 moderate / 99.34 moderate
With Syria reportedly agreeing to turnover its chemical weapons stockpile and the risk of a September taper now much reduced we have equity markets picking up once more and with the Yen pairs rallying. USDJPY Tuesday saw a bullish breakout closing past the previous swing highs from Wednesday last week at 100.22. Indicators show stochastic overbought in the daily having pushed back up monday while macd’s are also rising. In the lower time frames we have mixed signals in 4h charts stochastic coming off overbought areas while macd’s pushing up. Hourly charts for their part has stochastic pushing oversold while macd is also dropping. It appears that the 100.30 78.6 Fib retracement for the July sell-off is holding for now though overall trend remains bullish. At this point we would like to focus more on a buy on dips to 100.07 possibly 99.69 on a bullish cross from hourly stochastic or if we have along tail in the hourly chart.
Resistance: 1366.79 minor / 1370.34 moderate / 1382.90 moderate
Support: 1359.61 moderate / 1353.50 moderate / 1347.09 moderate
Gold saw a sharp sell-off Tuesday as the threat of an immediate military action in Syria has been averted with the US willing to pursue Russian proposal on dealing with the chemical weapons. With the Tuesday drop we are once more seeing a valid SHS breakout with the pattern target down to 1323.68. Indicators show stochastic poised to push oversold while daily macd is dropping and prices are currently back under the 55D EMA. In the intraday picture we have a bearish bias as 4H stochastic looks to push back under the oversold threshold while macd is dropping. Hourly charts for their part has a new bear cross in stochastic with macd looking for its own bearish crossover. For now we are at a possible short just under the 1359.61 immediate support, our target is at 1347.09.
Resistance: 1.5754 moderate / 1.5781 moderate / 1.5811 minor
Support: 1.5719 moderate / 1.5685(95) moderate / 1.5650 minor
We continue to see further gains in Cable though yesterdays ranges was tighter. From the daily charts we saw new highs and a close just beneath 1.5744. Daily indicators has stochastic pushing overbought and macds with a new bullish cross. In the lower time frames we have 4h stochastic in overbought areas though at risk of coming off while macd is bullish. Hourly charts are also mixed with stochastic rising and macd’s flat below the signal line. Overall trend remains bullish in Cable as data out of the UK outpaces that of other G7 economies though there is little sense of urgency. For now look for buys off 1.5719, the daily pivot, should price action warrant or on a push past 1.5754.
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