Resistance: 0.9464 minor / 0.9483 moderate / 0.9528 moderate
Support: 0.9441 moderate / 0.9412 moderate / 0.9378 moderate
Aussy charts are beginning to show indecisive price action with another narrow real body a doji for Wednesday’s candle though over all trend remains bullish still in search for he next higher high with our long tails. Daily indicators for their part has stochastic coming off overbought areas while macd itself is crossing up. Note we risk forming a double top with the loss of momentum though data at 0030GMT could see us on the move again. We have Australian jobs number consensus forecast for the Unemployment Rate at 5.8% and Employment Change expected to show 15200 new jobs. In the lower timeframes we are seeing mixed signals with stochastic crossing up and macd’s down in 4H charts while hourly indicators has stochastic heading lower and mac’sup. Given data releases we plan on straddling Aussy just before the release.
Resistance: 92.39 moderate / 92.75 minor / 93.05 minor
Support: 91.92 minor / 91.66 minor / 91.32 minor
We have had AUDJPY in a range play for the last two weeks though price action from Tuesday till yesterday suggests an attempt at a bullish breakout is once more in progress. Among indicators we have daily stochastic poised to push into overbought levels macd is also looking for a bullish cross, currently we have prices once more above the daily EMA lines following yesterdays surge to the congestion resistances. From the lower time frames we are seeing a confluence of buys with the stochastic indicators for both hourly and 4H charts looking to push overbought. The macd indicators also shows a new bullish cross in the hourly level while heading up as well in 4H charts. Note we have just seen mixed numbers from Australia he Unemployment Rate dropped to 5.6% against the steady 5.8% expectation though we fell short in the number of jobs generated as Employment Change read 9,100 consensus at 15,200 though still a reversal of the prior contraction. Given he data we prefer taking the buy side of AUDJPY on a push past 92.39 or a bounce off 91.92.
Resistance: 1.5966 minor / 1.5996 moderate / 1.6025 moderate
Support: 1.5918 minor / 1.5884 moderate / 1.5839 minor
Cable saw a big sell-off as hard economic data failed to confirm the optimism among managers with Manufacturing Production and Industrial Output contraction against the picture of growth from CIPS alowng with a worse than expected Trade balance. As a consequence of yesterdays sharp drop we are now back inside the daily EMA lines with stochastic crossing lower poised to reenter oversold areas and macd’s dropping. Price charts show lower highs and lower lows. Note this could be a confirmation of the weekly dark cloud cover. In 4H charts we are seeing mixed signals as price action suggests loss of momentum while stochastic comes off oversold areas and macd is dropping. Hourly charts for their part has mixed signals with stochastic poised to push oversold and macd heads up. Given the overall picture we prefer looking for shorts as we set out to confirm the weekly dark cloud cover. Look for shorts at the break of 1.5918.
Resistance: 1306.51 moderate / 1310.17 minor / 1315.94 moderate
Support: 1299.00 minor / 1294.51 moderate / 1290.71 moderate
Gold saw a sharp drop Wednesday following the spinning top in daily charts the previous day below the daily EMA lines. At the close we had a large black real body with new lows for the week and looking set fora test of the key support at 1277.07, 61.8 Fib retracement of the rally from June lows. Daily indicators show macd’s flat with its signal line while stochastic is heading lower. In the lower time frames we are seeing mixed signals with 4H stochastic coming off oversold areas while macd is dropping. Hourly charts for their part has a bullish macd and stochastic looking to cross higher. For now we prefer looking for a follow through bear market, our main objective the next day or so a sell-off to the swing lows at 1277.07. We can use a break of the immediate minor supportat 1299.00 which also means you’ve taken out the psychological 1300 area.