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Asian Session Notes 8/28/12
NZDUSD
Resistance: 0.8081 minor / 0.8125 minor / 0.8186 moderate
Support: 0.8036 strong / 0.7989 minor / 0.7923 minor
We have a big double top developing in daily charts for Kiwi with its breakout point at the 0.8036 strong support level. Indicators has daily stochastic pushing oversold while the macd line is also heading lower. Intraday we have stochastic oversold in both 4H and hourly stochastic while macd is dropping. Look for a daily close under 0.8036 to signal a major pullback. Note we appear to have a descending triangle as well.
GBPJPY
Resistance: 123.91 moderate / 124.23 minor / 124.64 moderate
Support: 123.65 minor / 123.38 minor / 123.22 moderate
The previous week’s tweezers tops fas finally seulted into a real bear market with the break of 123.91 in GBPJPY its key support level. Indicators now has daily stochastic pushing to oversold levels while the macd line is poised at a bearish cross-over. Intraday we have a confluence of bears from the 4H and hourly picture with stochastic pushing oversold for both inline with bearish macd’s. Given the ease with which we pushed through 123.9+1 we prefer looking for shorts from under the said price our target at 123.22.
GBPUSD
Resistance: 1.5775 moderate / 1.5795 minor / 1.5828 minor
Support: 1.5731 moderate / 1.5700 minor / 1.5660 minor
We are currently seeing a bearish breakout in Cable with the key support at 1.5775 giving way with little fuss. Daily indicators now has stochastic poised to push oversold while the macd lines has topped off. We look to have a mean reversion play suggesting a price target of 1.5731 the 21D EMA. Given the ongoing bearish breakout we have lower time-frames with sell-signals as 4H and hourly stochastic pushes for oversold levels while macd is also bearish. With the ongoing sell-off we prefer looking for shorts from just under 1.5775 our immediate object for this move a mere 25 pips away from market prices.
EURUSD
Resistance: 1.2510 minor / 1.2538 minor / 1.2564 minor
Support: 1.2488 minor / 1.2441 strong / 1.2422 minor
With the UK holiday Euro saw its tightest range thus far for the summer though candlesticks still suggests a focus on the sell side of the market. Among indicators we have daily stochastic coming off overbought levels while the macd is flat above the signal line. In 4H charts we have a confluence of bears with macd’s heading lower and stochastic pushing for oversold areas. Note we also have a descending triangle at its breakout-point. Hourly indicators for their part has macd’s down and stochastic poised to cross lower, a reentry of oversold levels should be seen as a bear signal. Immediate risk calls for a break of 1.2488 for a sell-off to the 1.2441 strong support level. Look for a possible false break of 1.24441 and subsequent bounce off the said price.
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2012-08-27 22:46:51
Source: http://www.fxinstructor.com/blog/asian-session-notes-82812
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