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Asian Session Notes 10/10/12
USDJPY
Resistance: 78.43 minor / 78.79 moderate / 79.07 minor
Support: 78.15 moderate / 77.98 moderate / 77.81 minor
Tuesday saw a spinning top in USDJPY though looking at the trendlines we appear to be in the process of resuming our bearish primary trend. Among indicators we have stochastic looking poised to push oversold while the macd indicators is topping off. Prices for the moment are just under the daily EMA lines. From the lower time frames we are getting mixed signals as 4H candles see a series of spinning tops and doji’s while stochastic is crossing higher and macd is bearish. Hourly charts are mixed with stochastic flat though bearish while macd is flat above the signal. While we do not intent to trade USDJPY intraday a close below 78.15 should dragged the other yen crosses down, and reinforce the idea of resuming USDJPY’s bear market.
EURUSD
Resistance: 1.2885 minor / 1.2927 moderate / 1.2964 minor
Support: 1.2850 moderate / 1.2803 moderate / 1.2755 strong
Euro saw a huge sell-off Tuesday with prices closing just above the 34D EMA, its daily low. Indicators has daily stochastic pushing for oversold levels while macd is also heading lower. Note we have clearly formed a dou7ble top pattern in the daily charts though we face a series of moderates support and a strong support once the pattern is triggered. In the lower time frames we have an oversold stochastic while macd is heading lower. Hourly charts for their part has stochastic crossing up while macd is also poised at a bullish crossover. Overall bias remain bearish though givem our supports we prefer a rejection from 1.2927 as our entry. Alternative entry point will be a close below 1.2850.
GBPUSD
Resistance: 1.5995(06) moderate / 1.6046 minor / 1.6064(68) moderate
Support: 1.5959 moderate / 1.5922 minor / 1.5889 minor
Cable saw a bear market Tuesday though stymied by the 55D EMA in its sell-off. Nonetheless daily indicators show stochastic oversold and macd’s dropping with prices just above the 55D EMA for the moment. In the lower time frames we have a bullish divergence forming in 4H stochastic with %K just crossing higher while the macd is bottoming out. Hourly indicators for their part has stochastic poised to cross higher while macd is above the signal line. We appear to be in the process of seeing a correction an hourly close above 1.6006 should signal that we have a bounce off the 21D EMA 1.5995. This opens the possibility of rallying towards the 34D EMA. 1.6064(68). Given the overall sentiment we plan on looking for a rejection from the 34D EMA.
AUDUSD
Resistance: 1.0213 minor / 1.0238 moderate / 1.0275 minor
Support: 1.0165 strong / 1.0122 minor / 1.0092 minor
Despite a whipsawish action in New York trade Aussy still managed to close the day with a black body for a qualified dark cloud cover keeping the weekly double top in play. Among indicators we continue to see the EMA’s heading lower along with the macd indicators stochastic however has yet to hook lower after coming off oversold areas. Intraday we have 4H stochastic poised to cross higher while the macd indicators is heading up. Hourly charts for their part has macd’s down and stochastic bearish with it. Given the strong immediate support we prefer looking for shorts either from 1.0238 or on a close below 1.0165.
2012-10-10 07:28:33
Source: http://www.fxinstructor.com/blog/asian-session-notes-101012
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