| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Asian Session Notes 9/27/12: looking for end of quarter position squaring
EURJPY
Resistance: 100.13 moderate / 100.49(59) moderate / 101.02 minor
Support: 99.73 minor / 99.48 moderate / 99.05 strong
EURJPY saw a bounce in New York trade to close around the 34D EMA though daily indicators remain bearish with stochastic oversold and the macd’s still heading down after its bear cross earlier in the week. In intraday charts we have a confluence of buys from 4H indicators stochastic heading up and macd just crossing higher with candlesticks generally indecisive. Hourly charts for their part also has a confluence of buys with stochastic just crossing up joining a bullish macd. Immediate risk calls for a push past 100.13 with the upside possibly looking for the 21D EMA a moderate resistance at 100.49(59). We prefer looking for shorts off the 21D EMA.
AUDUSD
Resistance: 1.0386 moderate / 1.0414 moderate / 1.0441 minor
Support: 1.0364 minor / 1.0340 minor / 1.0323 moderate
Wednesday saw a bullish hammer at the close with the earlier sell-off reversed in New York trade bouncing off the 200D SMA. Daily indicators however continue to be bearish with stochastic pushing for oversold levels while macd is also dropping. Note we are already seeing the impact of the hammer in early price action with Aussy testing the immediate moderate resistance at 1.0386. Break of this would suggest we look for the 21D EMA at 1.0414. From the lower time frames we have a confluence of buys in the 4H picture with stochastic pushing overbought while macd has bottomed out. Hourly charts for their part are mixed with stochastic coming off overbought levels and macd bullish. Given the ongoing and moderate resistance we prefer remaining sidelined though shorts may be considered from the 21D EMA 1.0414 on from the current levels if we fail to push past 1.0386 over the course of the Asian morning trade.
GBPUSD
Resistance: 1.6182 minor / 1.6210 minor / 1.6232 minor
Support: 1.6137 minor / 1.6117 moderate / 1.6093 minor
Cable saw a long tail out of the New York trade though the daily close still has a bearish real body. We have yet to see the 21D EMA with our break from the previous weeks congestion looking modest thus far. Daily indicators remain bearish with stochastic heading for oversold levels while macd has crossed lower. From the lower time frames we have a piercing pattern in 4H charts from New York with market already seeing a follow through bounce as stochastic pushes up from oversold levels while macd bottoms out. Hourly charts for their part already has an overbought stochastic while macd is pointing up. For now we prefer waiting for the bounce to falter for possible shorts from 1.6210 possibly 1.6267.
EURUSD
Resistance: 1.2891 moderate / 1.2913 minor / 1.29740 minor
Support: 1.2852 minor / 1.2835(37) moderate / 1.2798 moderate
Euro saw a bounce in New York trade to close the day with a hammer off the 21D EMA. Among indicators we have a confluence of bears with stochastic pushing further into oversold areas and the macd’s dropping. Note the end of the quarter and Eurozone issues should keep the single currency weighed. In the lower time frames we have 4H charts coming off a technical correction with stochastic pointing higher while macd remains bearish. From the hourly level we have mixed indicators as stochastic come’s off overbought areas while macd is still pointing higher though candlesticks see a shooting star confirmed by the bearish close of the previous hour. Look for shorts from under 1.2891 or on a break of 1.2852, for 1.2800 our target for the week remains to be 1.2739/55 region.
©2012 FX Instructor Forex Blog – For Traders, By Traders. All Rights Reserved.
.
2012-09-27 04:29:39
Source:
