Asian Session Notes 9/3/13 AUDUSD Resistance: 0.9016(22) moderate / 0.9043 minor / 0.9070 moderate Support: 0.8985 moderate / 0.8962 minor / 0.8935 minor Aussy started the week on a strong footing gaping higher at the open of Wellington markets and pushing on to close the day just under the daily EMA lines with a double bottom clearly forming. Daily indicators has stochastic poised to push into overbought areas while macd has just crossed up, we are looking to takeout the immediate resistance 0.9016(22) 21D EMA. From the lower time-frames we are seeing a confluence of buys with 4H and hourly stochastic poised to push overbought while macd’s in the former time-frame have managed to push through the zero line heading up and in the hourly level is seeing a new bullish crossover. Note we have a busy calendar for Australia with Retail Sales at 0130GMT a possible catalyst for further gains at reads above 0.4%. We also have the RBA with a Rate Statement at 0430GMT. AUDJPY Resistance: 90.11 moderate / 90.55 minor / 91.07 minor Support: 89.52 minor / 89.06 moderate / 88.70 minor With a sharp rally from Asia to European trade we have AUDJPY pushing through bearish daily EMA lines Monday to close just under the 55D EMA and our trigger for a big picture double bottom. Daily indicators has stochastic in overbought areas while macd’s are looking to push through the zero line even as prices are currently tangling with the 55D EMA, 89.84. Intraday we have a ‘Mat Hold’ in 4H charts while stochastic is crawling above 80 and macd continue to push higher. From the hourly picture we have stochastic just inside overbought territory while macd also has a new bullish cross. Immediate risk calls for our daily pattern to be triggered, a push through the 90.11 region may be seen as an entry, technically pattern target is at 93.84 though for today we are looking at a more modest high at 90.55 possibly 91.07 on an equity/commodity market rally. USDJPY Resistance: 99.67 minor / 99.95 minor / 100.30 moderate Support: 99.38 minor / 99.19 moderate / 98.72 moderate USDJPY saw a push through the resistance line from July 7 highs with prices again surging just before the open of Japanese markets. It appears that we have risk appetite as fears of an immediate action against Syria appears to have died down and numbers yesterday suggested global manufacturing has seen a turn. Among indicators we have a bullish picture as stochastic push overbought and macd’s continue to head up while EMA lines are poised at developing golden crosses. In 4H charts we have a ‘Mat Hold’ bullish continuation pattern while stochastic crawls overbought and macd pushes up. Hourly charts has stochastic crawling in overbought levels while macd is looking for a bullish cross. For the moment intraday charts appear to be overextended following yesterdays breakout. We prefer looking for a buy on dips to the daily pivot. Alternatively look for a break higher at the open of European markets. GBPUSD Resistance: 1.5568 minor / 1.5590 moderate / 1.5716 moderate Support: 1.5523 moderate / 1.5500 psychological / 1.5483 moderate Despite a sharp drop in holiday hit North American markets we have GBPUSD still with a bullish daily candle as we bounced off the EMA lines continuing a pattern of higher highs and higher lows. Daily indicators continue to look mixed with stochastic heading up and macd’s pointing lower. Note we have prices oscillating around the daily pivot. In the lower time-frames we are seeing mixed signals as 4H charts show stochastic heading lower and macd heading up above the zero-line to suggest a bullish trend. Hourly charts for now has a confluence of bears. For the moment we have an indecisive intraday picture and prefer to remain sideline. Look for a close above 1.5480, the daily pivot to signal a bullish resolution of the current indecisive action. Source: mdelapaz/fxinstructor
Posted on: Tue, 03 Sep 2013 02:55:26 +0000
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