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Asian Session Notes 10/17/12
AUDUSD
Resistances: 1.0326 moderate / 1.0355 minor / 1.0387 moderate
Support: 1.0288 moderate / 1.0251 minor / 1.0217 minor
Aussy is in the middle of the daily EMA lines following a bullish close yesterday. Among indicators we have the 55D EMA as our initial resistance level while stochastic has pushed overbought and macd has seen a new bullish crossover. In the lower time frames we have 4H stochastic pushing back to overbought levels suggesting a bullish trend is in the making while macd is also on the rise. Hourly charts for their part has an overbought stochastic while macd indicators are also pushing up. Immediate risk calls for a close above 1.0326 the 55D EMA, a moderate resistance level. Alternatively a bounce off 1.0288 should also be seen as an entry.
EURJPY
Resistance: 103.52 minor / 103.86 minor / 104.45 moderate
Support: 103.07 minor / 102.77 minor / 102.30 minor
After a pullback at the close of Europe we have EURJPY rallying to fresh highs closing just under the 103.52 level in post New York trade. Daily indicators has stochastic overbought while macd has just crossed higher. From the lower time frames we have 4H stochastic crawling overbought while macd is heading up. Hourly charts for their part has macd poised to cross lower and stochastic also coming off overbought levels. Given yesterdays gains and the hourly charts we prefer a buy on dips ti 102.78 approach though any hourly above 103.52 should also be seen as a bullish entry.
GBPUSD
Resistance: 1.6134 minor / 1.6172 minor / 1.6216 minor
Support: 1.6091 moderate / 1.6056 minor / 1.6018 minor
Tuesday saw Cable closing around its highs with the rally seeing daily averages. Among indicators we have daily stochastic overbought and the macd line bottoming out nearing a cross with the signal line. Note a further rally will push prices through a bearish trendline from the swing highs at 1.6309. In the lower time frames we have 4H stochastic crossing back up into overbought levels while macd’s are rising. Hourly charts for their part has crossed up while macd remains flat with the same values for signal line and main line. Given these we prefer a buy on dips to 1.6093 or jumping a close above 1.6134 for a follow through rally to yesterday’s gains.
EURUSD
Resistance: 1.3140 minor / 1.3170 moderate / 1.3204 minor
Support: 1.3072 minor / 1.3021 minor / 1.2991 moderate
Euro has seen one of its biggest rally since mid-September pushing past a previous lower high opening the way for a surge to the swing highs at 1.3170. Daily indicators now has stochastic in overbought levels while macd has also just crossed. At the close we find prices slightly under the days highs. In intraday charts we have a confluence of buys from the 4H picture with stochastic overbought and macd’s heading up. Hourly charts for their part has macd’s rising while stochastic has been pushing in and out of the overbought threshold. For the moment we seem be easing off, overall we retain a bullish bias preferring a buy on dips to the support at 13020 perhaps 1.3072. Immediate objective now is to a get a run for the next moderate resistance, 1.3170, the latest swing highs.
2012-10-17 07:24:16
Source: http://www.fxinstructor.com/blog/asian-session-notes-101712
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