Asian Session Notes: 9/18/13 NZDUSD Resistance: 0.8247 moderate / 0.8269 minor / 0.8300 minor Support: 0.8210 moderate / 0.8181 minor / 0.8155 moderate Kiwi surge to the 61.8 Fib retracement level of its big sell-off from May 5 closing Tuesday barely above the 0.8220 pullback point. Daily indicators are seeing mixed signals with stochastic showing a bearish divergence as it comes-off overbought levels while macd is pushing higher. From the 4H picture we are seeing a bearish bias as stochastic comes-off the 80 threshold while macd is opening lower, note we have a three black-crows pattern in 4H charts. Hourly’s for their part has stochastic pushing oversold while macd sees a new bear cross. Immediate risk is for a rejection from the 61.8% Fib retracement level for a retest of the 0.8155 area. Note we suggest a scaled entry at market and then off 0.8247 should we bounce. AUDUSD Resistance: 0.9358 moderate / 0.9387 moderate / 0.9416 minor Support: 0.9327 moderate / 0.9304 minor / 0.9284 moderate Earlier attempts at covering the gap failed for Aussy as we briefly say new lows for the week before bouncing backup to close with a bullish spinning top. Daily indicators show macd’s heading up with gradual bullish slope while stochastic is at risk of a bear cross and bearish divergence over all-though we are bullish in the medium with recent golden crosses. From the 4h picture we have formed a double-top from this weeks price action while stochastic is coming-off overbought levels and macd has a bullish cross. Hourly charts for their part has a confluence of bears. Immediate risk calls for a bear market, completing the double top in 4H charts though our preferred course of action is looking for buys off the 0.9284 region. EURJPY Resistance: 132.67 moderate / 132.89 minor / 133.36 moderate Support: 132.39 moderate / 132.13 moderate / 131.71 moderate Tuesday saw EURJPY marginally higher with a limited bullish breakout as conflicting triggers weighed on the ability to generate range. At the moment we appear to have charts in the process of seeing another bullish run as daily stochastic has crossed up though macd has yet to open higher. In the lower time-frames we are seeing mixed signals as macd’s head up and stochastic points lower. Hourly charts are the opposite with stochastic heading up and macd’s down. For the moment we are seeing little sense of urgency in EURJPY, as such we prefer remaining sidelined though a bounce off 132.39, the daily pivot would be ideal. Source: mdelapaz/fxinstructor
Posted on: Wed, 18 Sep 2013 01:44:55 +0000
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