Resistance: 132.39 minor / 132.59 moderate / 132.85 moderate
Support: 132.12 moderate / 131.64 moderate / 131.38 minor
Friday saw a further pullback in EURJPY though developments over the weekend has the market turning, pushing into the real body of Friday’s drop. Note we have risk taking tone from the open as prospects of Syrian disarmament move forward.From indicators we are currently seeing a mixed view across multiple time frames though we note the below pivot open for the week and subsequent push up above it. We have daily stochastic still heading down while macd is above the signal though flat. In the 4h picture stochastic has a bullish cross while macd is down. Hourly charts for their part has stochastic coming off overbought areas and macd heading up. At the moment with the bullish gap at the open of Euro, we risk getting dragged lower as gaps are covered though we have a buy on dips view from either 132.12 or 131.64 provided price action suggests its time to pickup.
Resistance: 99.04 moderate / 99.36 moderate / 99.59 minor
Support: 98.71 moderate / 98.52 moderate / 98.10 minor
USDJPY gapped lower at the open of Wellington markets as markets dumped the greenback across the board with the threat of US airstrikes in Syria averted. Daily indicators has a confluence of bears with stochastic in oversold levels while macd has also crossed lower. Note we have prices currently within the EMA lines the 55D EMA acting as an immediate support. In the lower timeframes we are seeing a confluence of bears with 4H stochastic remaining oversold and macd’s heading down. Hourly charts for their part see a bear cross in stochastic joining an already bearish macd. At this point we prefer remaining sidelined as fundamentals suggest we look for risk appetite and Japanese markets remain closed. We are waiting for the open of European equities to give us a lift a push backup above the daily EMA’s and cover the bearish gap.
Resistance: 0.9354 moderate / 0.9391 moderate / 0.9416 minor
Support: 0.9318 moderate / 0.9280 moderate / 0.9253 minor
Among the majors AUDUSD appears to have made the most of developments over the weekend as we opened with a bullish gap worth an average daily range. With the threat of financial turmoil out of Syrian campaign averted we now rsume the prior trends AUDUSD looking for a further surge up from he inverted SHS triggered. We have daily stochastic crossing up inline with the macd’s and new golden crosses from the EMA lines. Intraday we have 4H stochastic poised to push overbought while macd also has a new bullish crossover. Hourly charts for their part has stochastic overbought and macd’s rising. Given the big gap from the open we prefer getting some consolidation letting market be comfortable with current prices before looking for the surge through last Thursdays swing highs. Alternative look for a buy on dips to the 0.9280 region. Note this is all part of a correction for the sell-off from April to August.
Resistance: 1.5953 minor / 1.5989 moderate / 1.6000 psychological
Support: 1.5929 minor / 1.5883 minor / 1.5845 moderate
Cable gapped higher at the open getting a further boost on developments over the weekend in Syria following through its own rally Friday as GBPUSD is now back inside the congestion from August of last year to earlier this January, a big double top. Among indicators we have bullish argument for multiple time-frames with stochastic crawling overbought in the daily charts, 4H picture and hourly levels. The moving average convergence divergence is also bullish for the said time frames. Given he recent series of good economic numbers out of the UK we are looking forward to see Cable in a range play from the 1.5800 to the 1.6300 levels, possibly more on the topside of the range. We prefer a buy on dips to 1.5883 though a push through the days highs at the open of Europe may also be seen as a bullish entry.
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