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Asian Session Notes 9/13/12: Waiting for FOMC
EURUSD
Resistance: 1.2936 minor / 1.2953 moderate / 1.3000 strong
Support: 1.2872 moderate / 1.2847 minor / 1.2817 moderate
Euro continued to rally following the decision of the German Constitutional court to allow a ratification of the ESM and ahead of expectations for more QE from the US Thursday. In the end we say high around the 61.8 Fib retracement for the sell-off from February 24 with daily stochastic crawling in overbought levels while macd is rising. In 4H charts we have stochastic crossing up while macd is flat above the signal line. Hourly charts for their part has stochastic overbought looking poised to ease off while macd is flat below the signal line. For now we prefer remaining sidelined though should prices stay under 1.2936 by the time European markets open we may end up with a double top or descending triangle ahead of the FOMC announcement.
AUDJPY
Resistance: 81.56 minor / 81.78(86) moderate / 82.16 minor
Support: 81.32 minor / 81.06 minor / 80.75 moderate
In the end we saw AUDJPY closing with-in the daily EMA lines failing to hold on to earlier gains. Among indicators we have a confluence of buys with stochastic crossing higher and the macd’s also seeing a new bullish crossover. In the lower time frames we have mixed signals with stochastic heading lower and macds flat in 4H charts while candlesticks are indecisive with a bearish bias. Hourly charts for their part are also mixed with stochastic pushing up and the macd heading lower. Note we could be forming a double top in the big picture though we need a push under 81.32 for the pattern to complete.
GBPUSD
Resistance: 1.6124(35) moderate / 1.6166 minor / 1.6228 moderate
Support: 1.6098 minor / 1.6065 minor / 1.6018 moderate
Cable Wednesday saw a follow through rally managing to push to the moderate resistance at 1.6124 with daily stochastic crawling in overbought levels while the macd indicators is opening up. Note we have a huge gap between prices and the daily EMA lines though little sign of mean reversion. From the 4H picture we have stochastic poised to cross up while the macd line has flattened out above the signal line, price charts are mixed given the pre NEw York trade volatility. In the hourly level we look mixed with stochastic crossing higher and macd’s pointing down.
AUDUSD
Resistance: 1.0504 minor / 1.0546 minor / 1.0581 moderate
Support: 1.0448 minor / 1.0426 minor / 1.0400
Aussy Wednesday closed with a long wick and a big body as well with daily indicators remaining bullish, stochastic overbought and the macd’s heading higher. In the lower time frames we have a confluence of buys in the making from the 4H charts with stochastic crossing higher joining the bullish macd. Hourly charts for their part has a new bullish crossover in stochastic while the macd is bottoming out and a ‘Mat Hold’ is forming. Immediate risk calls for a push to the previous highs at 1.0504 with price action already taking out 1.0475, a minor resistance. Note we have the RBA’s latest bulletin at 0130GMT as a possible catalyst for further strength.
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2012-09-12 20:44:23
Source: http://www.fxinstructor.com/blog/asian-session-notes-91312-waiting-for-fomc
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