Resistance: 1.3536 minor / 1.3570 minor / 1.3600 moderate
Support: 1.3506 minor / 1.3482 moderate / 1.3460 moderate
Euro saw more than its daily averages yesterday with a bearish daily candle for a close as we find prices back under the daily EMA lines. Among indicators we have stochastic crossing lower while macd’s are also dropping. Note we remain inside the congestion for the past month, waiting for a catalyst to push through our floors. From the lower time frames we are seeing an indecisive combination of signals with 4H macd’s down and stochastic heading up. Hourly charts are also mixed with stochastic heading lower and macd’s up. Given the broader picture we prefer taking the sell side of Euro following a break of 1.3507, an hourly close below 1.3482 could spark the next big down leg.
Resistance: 1281.28 minor / 1288.15 minor / 1294.41 moderate
Support: 1274.19 minor / 1266.59 moderate / 1260.86 minor
Gold continues to discount the possibility of a default by the US with Tuesday price action seeing bears drag Gold charts to new lows as we continue to ease beneath the the 61.8 fib retracement level of the rally from June 28. Note we ended up with along tail for a high wave spinning top in the daily charts potentially defining the bottom of our bear trend. Daily indicators has macd’s dropping while stochastic is coming off oversold areas. From the lower time frames we are seeing a confluence of buys in 4H indicators stochastic and macd, the former pushing for overbought levels. Hourly charts has stochastic at risk of seeing oversold levels while macd is above the signal line. Given the nearing deadline over raising the US debt ceiling we risk haven plays as any solution remains elusive.
Resistance: 0.9547 moderate / 0.9600 minor / 0.9620 minor
Support: 0.9516 minor / 0.9498 minor / 0.9484 moderate
Tuesday has Aussy ending the day above the 38.2 Fib retracement level of our sell-off from April with indicators showing a confluence of buys the daily stochastic back in overbought areas while macd has a new bullish cross, the combination suggesting we are ready for the next surged up. Note yesterdays push effectively invalidates the idea of forming a double top. From the 4H picture we are currently seeing mixed signals with stochastic heading lower and macd’s pointing up though the latest candlesticks suggests we are looking to push past our congestion ceiling with a bullish engulfing. From the hourly picture we are seeing mixed signals with stochastic poised to cross lower and macd’s up. We do not see any sense of urgency from our charts as such we prefer remaining sidelined for now though a close above 0.9547 should open the way for further gains.
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