Resistance: 1321.92 moderate / 1328.41 moderate / 1335.14 moderate
Support: 1316.09 minor / 1313.67 moderate / 1293.15 minor
With Gold prices again just under the daily EMA lines we find ourselves unable to see a follow through to Mondays strong open. Daily indicators has stochastic pushing for over bought levels along with a new bullish cross in MACD. From the 4H level we are seeing a confluence of bears as macd is in the process of crossing lower and heading back under the zeroline while stochastic is poised to push oversold. Hourly charts for their part has mixed signals with stochastic heading up and macd’s down. Note with a pattern of lower highs and lowers along with rejections from the EMA lines our preference is to look for shorts on a break of a support line.
Resistance: 0.9458 minor / 0.9483 moderate / 0.9528 moderate
Support: 0.9413 moderate / 0.9375 moderate / 0.9354 minor
Aussy again saw new highs Tuesday though our close was disappointing given the inability to hold for a high wave spinning top in the daily charts. From indicators we have a new bullish crossover in the making out of the macd’s while daily stochastic is coming off overbought levels. The EMA lines are bullish with a steady ascent. In intraday charts we are seeing sell signals with stochastic bearish in both 4H and hourly time frames while macd has a new bearish crossover in the 4H level even as hourly macd has pushed back under the zero line. At the moment immediate risk calls for a break lower but with a moderate support from S1 at 0.9415 this may be difficult a test without an external catalyst. Take too long to break lower and we will call for buys of the said price around the open of European markets.
Resistance: 1.6124 minor / 1.6156 moderate / 1.6177 minor
Support: 1.6074 minor / 1.6048 minor / 1.6025 moderate
Tuesday saw Cable with a roller coaster ride initially selling off 1.6098 38.2 Fib retracement of its drop from last week only to close back up with a along tail in the daily charts. Note the initial sell-off saw GBPUSD down to the 21D EMA line allowing argue a big picture bounce. Indicators show stochastic coming off oversold levels while macd is dropping. From the 4H picture we have a confluence of buys with stochastic looking to push back into overbought areas while macd is looking for a move backup above the zeroline. In hourly charts we have mixed signals with stochastic coming off overbought levels while macd is heading up with a new bullish crossover. For now we appear to have lost some steam in the earlier rally with a double top forming from hourly charts. We also have a slew of UK data Industrial Production and Manufacturing, Credit Conditions Survey and Trade Balance all set for release at 0830GMT. Given this we prefer remaining sidelined with a close under 1.6074 a bearish trip, as it triggers the hourly double top for 1.6028 projected lows.
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