Resistance: 1.3546 minor / 1.3585 minor / 1.3607 minor
Support: 1.3519 moderate / 1.3486 minor / 1.3463 moderate
Thursday turned out to be a consolidation with attempts to get a follow through bear market thwarted by the daily EMA lines. Among indicators we continue to have sell signals with stochastic looking to push oversold on the daily scale while macd is also bearish. Note we have prices just around the 21D EMA and barely above the daily pivot. From the lower time-frames we have triggered a double-bottom in 4H charts while signals are mixed with stochastic crossing lower and macd in the process of crossing up. hourly charts for their part has stochastic poised to cross lower and macd technically above the signal line though barely so. Given the mixed intraday picture good supports and bearish daily signals we prefer remaining sidelined. We need an external catalyst for sustained price action, a follow through rally in equity markets could push us off the EMA lines or a resolution in the US debt-ceiling and government shut could drive us clear through the EMA lines.
Resistance: 1294.51 moderate / 1300.00 minor / 1305.61 moderate
Support: 1282.58 moderate / 1275.27 moderate / 1267.63 moderate
Gold saw a follow through sell-off late in New York markets as we continue the pattern of lower highs, hoping for a lower low. We once again find gold around the 61.8 Fib retracement level of our rally from June. Daily indicators show stochastic pushing oversold while the macd indicator is also dropping. In the lower time-frames we have a confluence of bears with stochastic pushing oversold and macd’s dropping though candlesticks has a dragonfly doji. Hourly charts for heir part has macd bottoming out and stochastic off oversold levels. We appear to have an ongoing pullback, for now look for the current bounce to stabilize around the 1294.51 area with a subsequent distribution a signal for us to take the sell side. Consider a scaled entry from 1294.51 hen on from 1300.00 and R1 of pivots at 1305.61.
Resistance: 133.30 moderate / 133.56 minor / 133.94 minor
Support: 132.94 minor / 132.52 moderate / 132.08 moderate
EURJPY managed to rally past our bearish trend-line likely breaking the pattern of lower highs and lower lows from mid September. Daily indicators has stochastic pushing for over bought levels while macd is in the process of crossing up even as we find yesterdays bounce completely pushing past the daily EMA lines. In the lower time-frames we have 4H charts with a confluence of buys, as stochastic crawls in overbought levels and macd is rising with price action showing along tail. Hourly charts for their part has stochastic reentering overbought levels and macd’s beginning to pickup. For now immediate risk seems to be for further gains, however given the extent of our rally from yesterday we prefer waiting for the European open ad sign weakness in European equities could easily see EURJPY change course.
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