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Asian Session Notes: 9/05/12
GBPUSD
Resistance: 1.5909(12) strong / 1.5950 minor / 1.6000 psychological
Support: 1.5849 minor / 1.5798 minor / 1.5745 minor
We appear to have defined a second top in Cable under the 1.5909(12) resistance level, 61.8 Fib of our sell-off from April 30. Daily candles has long wicks and narrow bodies defining the second highs of our double top. Among indicators we have daily stochastic crossing lower while the macd line is flat above the signal. In the lower time frames we have a confluence of bears with a new bear cross in the macd line while stochastic is heading oversold in 4H charts. The hourly picture looks mixed with stochastic pointing up and macd’s heading lower. Look to short from just under 1.5909(12) or on a close below 1.5849 as we complete the double top pattern.
EURUSD
Resistance: 1.2555 minor / 1.2585 moderate / 1.2627 minor
Support: 1.2520 minor / 1.2892 moderate / 1.2466 minor
We have Euro easing off late in the ‘Tuesday”s candle just before the open of Japanese markets for Wednesday giving the daily charts a big black candle and rejection from congestion resistances. Daily charts also has a long wick to underscore the top. From indicators we have daily stochastic with a bearish divergence while the macd is poised to cross lower. In intraday charts we have sell signals from both the 4H and hourly indicators with stochastic oversold in both time frames. Immediate objective for bears is the congestion floor at 1.2492 key price point will be the strong support at 1.2441.
EURAUD
Resistance: 1.2302 minor / 1.2329 minor / 1.2389 strong
Support: 1.2269 minor / 1.2231 moderate / 1.2188 minor
After a five day rally we have EURAUD ending yesterdays with a bearish spinning top, not quite forming a shooting star or an inside day. Note we have prices just around the 50 Fib retracement level of the sell-off from May 18. Among indicators we have daily stochastic overbought and macd pushing higher. Intraday we have mixed signals with 4H stochastic bullish with its new crossover while the macd line also has a new bear cross. Hourly indicators for their part has a confluence of bears. With Australain GDP coming out at 0130GMT we prefer remaining sidelined with a strong read an excuse for pushing under 1.2269 while poor results could see us with further gains.
AUDUSD
Resistance: 1.0211 strong / 1.0242 minor / 1.0273 minor
Support: 1.0175 minor / 1.0123 minor / 1.0088 minor
Tuesday finally saw Aussy with a close below the key support at 1.0211 with daily indicators showing a confluence of bears, macd’s heading lower in a steady pace while stochastic is oversold. We also have the daily EMA lines clearly forming dead crosses to confirm a bear trend. From the 4H picture we have a confluence of bears with stochastic oversold and macd’s dropping. Hourly charts for their part has a bearish macd while stochastic is pushing for oversold territory. Note we have a busy data day for Australia already we saw the Services Index falling further now down to 42.4 against 46.5 previously. We also face the GDP numbers at 0130GMT with consensus forecast at 0.8%. Any read falling short of consensus is a possible catalyst for the next down leg to 0.9963 the days objective is at 1.0123.
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2012-09-04 23:24:16
Source: http://www.fxinstructor.com/blog/asian-session-notes-90512
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