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Asian Session Notes: 8/24/12
EURUSD
Resistance: 1.2588(90) moderate / 1.2622 minor / 1.2663 moderate
Support: 1.2536 minor / 1.2488 minor / 1.2443 strong
Euro has seen smaller real bodies since Tuesday’s big spike up suggesting bullish momentum has dissipated. At the moment we have stochastic overbought and macd’s pushing higher. Given the gap between prices and the daily EMA’s mean reversion is also a risk. From the lower time frames we have a bearish bias in 4H charts as macd’s top off while stochastic is heading lower. Hourly charts for their part are mixed with stochastic coming off oversold areas while macd is dropping. Given the loss of momentum we prefer looking for shorts from just under 1.2588, with intraday charts more mixed than bearish there is no call for taking immediate action.
EURJPY
Resistance: 98.75 moderate / 99.18 minor / 99.75 moderate
Support: 98.27 moderate / 97.94 minor / 97.72 moderate
We have EURJPY still around the 61.8 Fib retracement of the June 21 sell-off, 98.75 a moderate resistance level. Among indicators we have a bullish macd while stochastic has come-off overbought areas. Note we appear to be oscillating around the said price with earlier false breakouts and unsustainable rejections. From the 4H picture we have a confluence of bears with stochastic crossing lower inline with the bearish macd. Hourly charts for their part has a flat stochastic and bearish macd. Consider building shorts from just under 98.75 with a break of 98.27 signalling a real sell-off is in the making.
GBPJPY
Resistance: 124.64 moderate / 124.96 moderate / 125.26 minor
Support: 124.33 minor / 123.91 strong / 123.65 minor
In the end we saw a bearish spinning top in GBPJPY for Thursday with daily stochastic heading lower and macd’s flat above the signal line. Note we have qualifiable tweezer tops in the daily candles from Wednesday. In intraday charts we have a confluence of bears from the 4H picture with macd’s dropping and stochastic poised to push into oversold levels. Hourly charts for their has mixed signals with new crossovers, bullish for macd and bearish for stochastic. There appears to be little sense of urgency we prefer looking for shorts from just under 124.64.
AUDUSD
Resistance: 1.0455 minor / 1.0488 minor / 1.0529 moderate
Support: 1.0411 strong / 1.0386 moderate / 1.0344 moderate
Thursday saw a sharp sell-off with Aussy closing just above a strong support at 1.0411. Among indicators we have a new bear cross in stochastic while the macd line has been bearish for the last week. In the lower time frames we are seeing stochastic in oversold levels for both hourly and 4H charts while macd is also heading down. For now immediate risk is for further weakness though we need a close below 1.0411 before new shorts can be taken. Any form of base building above 1.0411 in the Asian session may provide a nice buy area by the time European markets open.
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2012-08-24 05:20:58
Source: http://www.fxinstructor.com/blog/asian-session-notes-82412
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