Resistance: 1.5828 minor / 1.5862 moderate / 1.5895 moderate
Support: 1.5790 moderate / 1.5751(55) moderate / 1.5718 minor
After a quiet Asian trade Cable spiked up on more good news from the UK with stronger jobs growth and the unemployment rate easing to 7.7%. We now have GBPUSD back inside the double top range from August of last year to earlier in January. Daily indicators has stochastic pushing further into overbought levels while macd is heading up. From the 4H picture we have a confluence of buys with stochastic pushing back into overbought levels while macd is also on the rise. Hourly charts for their part has a bearish stochastic with macd also seeing a new bear cross as we spent much of the rest of the day in consolidation following the data spike. At this wewe prefer to continue playing the buy side with a buy on dips to the daily pivot at 1.5790 or on a push past 1.5828.
Resistance: 133.37 moderate / 133.80 minor / 134.53 moderate
Support: 132.79 minor / 132.42 moderate / 131.91 moderate
EURJPY saw a tight range play Wednesday with USDJPY dragging the pair lower even as EURUSD surged up. At the moment we have prices taking outthe immediate uspport at 132.79 though we face a moderate support at 132.42 and have very little news to move the market. From indicators we have daily stochastic crossing lower though still overbought while MACD for its part is still heading up. In the lower time-frames we are seeing calls for a pullback with 4H stochastic easing to oversold areas while macd has also seen a new bear cross. Hourly charts has stochastic poised to push oversold while macd is also poised to drop under the zero line. Immediate risk calls for a bear market an hourly close under 132.79 maybe seen as a potential entry.
Resistance: 1.3324 moderate / 1.3344 moderate / 1.3363 minor
Support: 1.3307 minor / 1.3281 moderate / 1.3263 moderate
In the end we saw Euro with a strong rally Wednesday closing just under its highs following a surge in New York trade after a very tight range game in Asia and Europe. We now have daily stochastic pushing further into overbought levels while macd is waiting to push back up above the zero line. From the lower time frames we have stochastic pushing into overbought areas in the 4H picture while macd’s are also rising. Hourly charts for their part are also seeing a confluence of buys as stochastic heads back up and macd stay above the signal line though looks flat. Price action itself suggests the market is waiting for a catalyst given the mostly ranging action. For now, look for a close above 1.3324 for a possible bullish entry with targets at 1.3385.
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