Resistance: 0.8303 moderate / 0.8333 moderate /0.8359 moderate
Support: 0.8272 minor / 0.8247 moderate / 0.8228 moderate
Kiwi saw a sharp sell-off last week with sustained losses taking within distance of the 38.2 Fib retracement level for the September rally. Among indicators we have daily stochastic in oversold levels while macd is dropping and prices are already inside the daily EMA’s having crossed 21D and 34D EMA previously while 55D EMA is right around the 38.2 Fib at 0.8228.In the 4H picture we have stochastic oscillating around the oversold threshold indicative of a bear trend along with the bearish macd’s. Hourly charts for their part has stochastic poised to go overbought and macd’s bullish through prices have been consolidating. With the holiday in New Zealand we see little sense of urgency but proximity to the daily pivot at 0.8303 we are looking for a rejection, a sell-off to the the 38.2 fib at 0.8228, also the 55DEMA.
Resistance: 0.9600 minor / 0.9623 moderate / 0.9643 moderate
Support: 0.9569 moderate / 0.9534 moderate / 0.9500 psychological
Aussy has seen confused price action since Thursday high wave doji, with Friday seeing minimal ranges to underscore the potential change in trend. That said we have yet to see the daily EMA lines, while indicators are still bearish with stochastic pushing oversold and macd’s getting a new bear cross. From the lower time-frames we are seeing the indecision underscored by stochastic crossing and a bearish 4H macd even as we have hourly stochastic barely staying overbought at risk of a bear cross even as macd’s have followed up. For now we retain a bullish medium term view for the Aussy given improved external conditions while policy changes on the fiscal side is also seen boosting the domestic economy. The preferred course of action remains to be a buy on dips to the 21D EMA at 0.9534.
Resistance: 1.6187 moderate / 1.6213 minor / 1.6238 minor
Support: 1.6155 minor / 1.6215 moderate / 1.6096 moderate
Cable spent the past week in a range play though we have a double top forming over the last six weeks, the second top made out of our range play. Daily indicators has mixed signals with stochastic coming out of overbought levels while macd is flat above the signal line. In intraday charts we are seeing mixed signals with 4H stochastic crossing up while macd is below the signal line. Hourly charts for their part has a confluence of buys with stochastic poised to push overbought and macd’s also crossing up. Despite the big picture double top in the making it appears GBPUSD is likely to continue with the ranging action for the past week until we see an external catalyst. Still we prefer a sell on rallies off the 1.6260 region. Take too long to push higher and we may consider shorts off the daily pivot at 1.6187.
Most Popular Slideshows
- Top Ten Richest Americans [PHOTOS]
- Is Orlando Bloom’s Wife, Miranda Kerr Singing Love Songs for James Packer? [WATCH VIDEOS]
- 'Jelena' Romance: Selena Gomez Shares her Most Shocking Date with Justin Bieber Involving $3M- Diamond [PHOTOS/VIDEO]
- Watch Out, Robert Pattinson! Kellan Lutz Reveals He Turned Down The Role Of ‘Twilight’ Lead Edward Cullen [PHOTOS/ VIDEOS]