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Asian Session Notes 9/12/12: Bullish ahead of the FOMC
NZDUSD
Resistance: 0.8193 minor / 0.8224 moderate / 0.8252 minor
Support: 0.8167 minor / 0.8127 minor / 0.8079 moderate
Kiwi saw a sharp rally Tuesday on broad dollar dumping bouncing off the daily EMA lines and pushing past its daily averages. Indicators show an overbought stochastic while macd is following through with its new bullish cross. In the lower time frames we have a confluence of buys in 4H charts with stochastic overbought and macd pushing back up again. Hourly charts for their part has a new bullish cross in stochastic while the macd indicator is flat with roughly equal values for the signal line and macd line. Consider buys on a break of 0.8193 though a more prudent course of action is to look for a close above the 0.8224 price point.
AUDUSD
Resistance: 1.0451(59) moderate / 1.0490 minor / 1.0516 moderate
Support: 1.0427 minor / 1.0400 moderate / 1.0368 minor
Along with the rest of the majors we have Aussy rallying to push back up above the daily EMA lines with indicators showing an overbought stochastic and new bullish crossover in macd. Note we are just under the 14.6 Fib retracement of our rally from June 01, 1.4059 a moderate resistance area. In the lower time frames we have a confluence of buys from 4H charts with an overbought stochastic though price action suggests a loss of momentum. Hourly charts for their part has a double top with mixed signals stochastic coming off oversold levels while macd is slightly under the signal line though flat. We prefer a buy on dips to the 1.0400 area should the hourly double top be triggered.
EURUSD
Resistance: 1.2871 moderate / 1.2894 moderate / 1.2934 minor
Support: 1.2847 minor / 1.2817 moderate / 1.2769 minor
Euro managed to push past the 200D SMA as markets continue to dump the greenback ahead of the QE3 decision Thursday and following fresh comments on a ratings downgrade from Moody’s. Among indicators we have the daily stochastic crawling in overbought levels suggesting a bullish trend persists while the macd indicators is also pointing up. In intraday charts we have a confluence of buys from the 4H picture with stochastic overbought and macd flat above its signal. Hourly charts however has a confluence of bears with stochastic looking to push to oversold levels while macd has a new bear cross. Immediate risk calls for a technical correction with a break of 1.2847 though given the big picture Euro should be a buy on dips to the said price.
GBPUSD
Resistance: 1.6083 minor / 1.6124 moderate / 1.6183 minor
Support: 1.6065 minor / 1.6048 moderate / 1.6018 moderate
Cable saw a push past its key resistance at 1.6048 closing the day well above the said price as markets continue to price in a QE3 from the Fed. Daily indicators continue to see a confluence of buys with stochastic overbought and macd’s rising while the big white real body negates the preceding ‘hanging man’ in the candlesticks. In 4H charts we have an overbought stochastic while macd is heading up, candles suggests a loss of momentum with market consolidating for most of the US session following the opening the surge. Hourly charts for their part has a mixed view with stochastic coming off oversold levels and macd just crossing lower. Given the big picture we prefer looking for a buys on dips to the 1.6048 breakout point.
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2012-09-11 19:44:23
Source: http://www.fxinstructor.com/blog/asian-session-notes-91212-bullish-ahead-of-the-fomc
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