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Daily Technical Analysis 8/20/12
AUDUSD
Resistance: 1.0441 strong / 1.0464 moderate / 1.0529 moderate
Support: 1.0417 moderate / 1.0376 moderate / 1.0342(52) moderate
Friday saw AUDUSD with a sharp sell-off finally getting a close below 1.0441 then a key support area with the move dragging indicators into a confluence of bears as daily stochastic drops back below 20 and the macd’s head lower. Note in previous dips to the EMA lines we saw prices easing down to the 55D EMA, 1.0342(52), before bouncing for new highs. From the 4H level we have mixed signals as an attempt to recoup the 1.0441 area fizzled with macd still bearish while stochastic has come off oversold levels. Hourly indicators actually has a confluence of buys though price action suggests a loss of momentum. For now we prefer looking for a close under 1.0417 alternatively a bullish break out may turn into a false break with the 21D EMA acting as the next barrier, consider shorts from under 1.0464 as well.
USDJPY
Resistance: 79.76 minor / 80.00 strong / 80.16 moderate
Support: 79.37 moderate / 79.18 strong / 79.00 minor
USDJPY closed the previous week strongly holding on to its gains with relatively decent body size and almost a white marubozu for the daily candle. From indicators we have just push past the 200D SMA with indicators showing an overbought stochastic and rising MACD. This suggests we remain generally bullish with little hint of a pullback. From the lower time frames 5-hour stochastic has oscillated around 80 for the past week in line with the bullish market while macd at this point has flattened though staying above its signal line. Hourly charts for their art are mixed with stochastic overbought while macd has actually dipped under the signal line though still looking flat. There appears to be no sense of urgency for the moment consider buy on dips to the 79.37 region.
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2012-08-19 22:04:06
Source: http://www.fxinstructor.com/blog/daily-technical-analysis-82012
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