Resistance: 0.9458 moderate/ 0.9486 minor / 0.9528 moderate
Support: 0.9430 moderate / 0.9408 minor / 0.9388 minor
Aussy saw limited range Friday though still managing to set the highs for the previous week as it continues its bounce off the daily EMA lines and 38.2 Fib retracement level for the September rally from earlier the week past. Daily indicators now see a confluence of buys with stochastic in overbought areas and macd’s a new bullish crossover. In the lower time frames we have mixed signals as 4H stochastic heads down and macd look’s up while price charts have been mixed though overall trend is bullish. Hourly charts for their part are also mixed with stochastic overbought and macd heading down. Note we have a bank holiday in Australia though the AIG Construction Index was still released showing improvement yet remaining under 50. Given these for now we prefer remaining sidelined looking for a close above 0.9458 to confirm bullish interest in what could be a slow day.
Resistance: 1.6063 moderate / 1.6097 minor / 1.6122 moderate
Support: 1.6018 moderate / 1.5982 moderate / 1.5950 moderate
Cable turned out to be a ‘dark cloud cover’ in the weekly charts following Fridays sharp sell-off that added with Thursdays drop more than engulf the price action from earlier in the week. From indicators we have daily stochastic in oversold levels while macd is dropping, we appear to have opened the week though a bullish gap bouncing off the 21D EMA. In the lower time-frames we have mixed signlas as 4H stochastic tries to come off oversold levels and macd is dropping. Hourly charts for their part has stochastic in overbought areas while macds show a new bullish crossover. Given a bare calendar ahead and the mixed signals we prefer remaining sidelined until either side gives. Look for possible buys above the daily pivot 1.6063 or shorts on a push below the moderate support at 1.5983.
Resistance: 1316.09 minor / 1320.41 minor / 1325.36 moderate
Support: 1311.28 minor / 1302.14 moderate / 1295.31 minor
On the weekly close we have a bear candle in Gold though with a substantial looking tail and modest black body. We still saw the close under 23.6 Fib retracement of the sell-off from October 2012 highs and below the real body of the previous weekly candlesticks. Among indicators we are seeing mixed signals with stochastic heading up and macd flat below the signal. From the 4H picture we have a confluence of buys with stochastic crossing highs and macd also looking up nearing a push past the zeroline. Hourly charts however see mixed signals with stochastic coming off overbought levels while macd also has a bullish crossover. Given the mixed view we prefer a straddle with buys above the immediate resistance at 1316.09 or sells under 1311.28 as we cover the minuscule gap at the open. Note any resolution of the US shutdown would likely see Gold charts tanking.
Resistance: 132.12 moderate / 132.38 moderate / 132.77 moderate
Support: 131.64 moderate / 131.39 minor / 131.01 moderate
We have EURJPY opening with a bearish gap and in the process of getting a follow through bear market as we try to push under the daily EMA lines continuing a pattern of lower highs and lower lows. Other indicators has stochastic looking to push oversold while daily EMAs are also poised to push below the zero line, we also have prices under the daily pivot. In intrday charts we have 4H indicators poised to get a confluence of bears with macds already under zero and dropping while stochastic is looking for a bear cross of its own. Hourly charts for their part has mixed signals with stochastic coming off over sold levels while macd has a new bear cross. For now we see little sense of urgency though over all bias is for the sell side, a break of 131.64 can be a bearish entry.
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