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Asian Session Notes 10/08/2012
NZDUSD
Resistance: 0.8194 moderate / 0.8229 minor / 0.8264 moderate
Support: 0.8155 moderate / 0.8127 / 0.8083 moderate
At the close Friday we saw Kiwi triggering a multiple top setup with prices now between the 34D and 55D EMA. Daily indicators has stochastic pushing for oversold areas while the macd indicator is also bearish. In the lower timeframes we also have a confluence of bears from the 4H picture with stochastic looking to push oversold and macds heading lower. Hourly charts for their part has stochastic in overbought levels while macd remains bearish. Note we have prices just around the breakout point at at 0.8194, consider shorts from the said levels around the open of European markets.
GBPUSD
Resistance: 1.6125 moderate / 1.6169 minor / 1.6202 minor
Support: 1.6102 minor / 1.6066 moderate / 1.6020 minor
With the firm read in the US jobs market we saw Cable retreat against a resurgent dollar Friday for a qualified dark cloud cover. Among indicators we have daily macd’s heading lower and stochastic also crossing down. Note prices are back inside the daily EMA lines with the 21D EMA as an immediate resistance and 34D EMA keeping the floor. In the lower time frames we have an oversold stochastic while macd has just crossed lower in the 4H picture. This as hourly stochastic is poised to reenter oversold levels and macd is dropping. Consider shorts from just under the 1.6125 region.
EURUSD
Resistance: 1.3029 moderate / 1.3072 minor / 1.3120 minor
Support: 1.2993 minor/ 1.2967 minor / 1.2930 minor
Euro saw a high wave spinning top at the close of Friday with indicators now looking mixed in the daily charts as stochastic crosses lower coming off overbought levels while macd for its part has just crossed higher. Note we could be forming the second top of a daily scale double top pattern. In intraday charts we have a generally bearish bias with stochastic poised to push oversold while macd has topped off in the 4H picture. Hourly charts for their part has stochastic pushing oversold while macd is dropping. For now we prefer looking for shorts on a close below 1.2993 or coming off our moderate resistance at 1.3029, the 61.8 Fib retracement level.
AUDUSD
Resistance: 1.0196 minor / 1.0238 moderate / 1.0275 minor
Support: 1.0165 strong / 1.0131 moderate / 1.0093 minor
At the close of the week we had Aussy just above a double top trigger failing to keep an intraday push under 1.0165. Indicators show stochastic oversold in both daily and weekly levels with the daily macd also heading lower. Note we have the EMA lines seeing more dead crosses suggesting a follow through sell-off is in the making. From the lower time frames we have sell signals in both macd and stochastic, the latter oversold. Hourly charts for their part are mixed with stochastic coming off oversold levels and macd bottoming out. Given the weekly double top we prefer looking for a bear market. Consider shorts coming off 1.0238 the modersta e resistance or on a close below 1.0165 on a daily level.
2012-10-08 05:46:08
Source: http://www.fxinstructor.com/blog/asian-session-notes-10082012
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