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Asian Session Notes 9/03/12
GBPUSD
Resistance: 1.5881 minor / 1.5912(13) strong / 1.5962 minor
Support: 1.5842 minor / 1.5802 minor / 1.5775 strong
Friday saw GBPUSD with a volatile reaction to the Jackson Hole opening remarks by Chairman Bernanke as traders read hawkish or dovish according to their own bias. From indicators we have a bullish looking setup at the daily level as both stochastic and macd points higher. Note we also appear to have formed the second high of a daily level double top with trigger at 1.5751. In the lower time frames we are seeing mixed signals from the 4H level with stochastic crossing lower and macd’s pointing up. Hourly charts for their part has a confluence of bears with an oversold stochastic and macd just crossing lower. Consider shorts from just under 1.5881 or on a break of the 1.5842 region to form our daily double top.
AUDJPY
Resistance: 80.66 moderate / 80.97 minor / 81.30 moderate
Support: 80.04 moderate / 79.51 moderate / 78.95 moderate
Friday gave us an inverted hammer for a daily candle in AUDJPY though the week appears to have opened with a downside gap looking for a follow through sell-off. Among indicators have daily stochastic still crawling in oversold levels while the macd line is also bearish, note we are beginning to see dead crosses form among the daily EMA lines. In the lower time frames we have sell signals in both hourly and the 4H picture with stochastic in oversold levels for both. Consider shorts coming off the 80.66 region for a further sell-off on a daily scale a break of 80.05 may also be seen as an entry with the key support at 79.50 break of which opens us to a possible reversal of the June rally. Note we have an event risk at 0130GMT.
AUDUSD
Resistance: 1.0299 minor / 1.0340 minor / 1.0369 minor
Support: 1.0255 moderate / 1.0211 strong / 1.0175 minor
Friday saw a very mixed response by Aussy to the speech by Fed Chairman Bernanke at the Jackson Hole symposium. In the end we still saw a white candle though coming off its earlier highs. Among indicators we have daily stochastic crawling in oversold areas while the macd line is heading lower. We appear to be poised at a possible reversal of the rally from June 1. At the moment we have a bearish gap from the open of Wellington markets with intraday seeing stochastic just pushing oversold as well in hourly and 4H time frames while the macd indicator is already bearish for both. For now look for a follow through to our bearish gaps consider shorts on a break of 10255 for 1.0211. A daily close under 1.0211 opens the possibility of easing off to parity. Note we face key Australian data at 0130GMT look at this as a possible catalyst.
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2012-09-02 21:26:56
Source: http://www.fxinstructor.com/blog/asian-session-notes-90312
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