Asian Session Notes 11/29/12
29 Nov, 2012 @ 02:12 am BST | By mdelapaz
Resistance: 86.10 minor / 86.43 moderate / 86.78 minor
Support: 85.82 minor / 85.57 minor / 85.35 moderate
In the end we have a long tail for AUDJPY Wednesday with the real body large enough to prevent us from calling a hammer. Daily indicators look mixed as stochastic comes off overbought areas while macd is flat above the signal line. From the 4H picture we have a lower high and lower low setup with the congestion generally drifting lower. Indicators has 4H stochastic overbought while macd has bottomed out. Hourly charts for their part has mixed signals with stochastic heading lower and macd’s pointing up. For now we prefer remaining sidelined though a dip to 85.57 and 85.35 may be seen as a bullish entry with tight stops under yesterdays lows at 85.23.
Resistance: 1.0469 moderate / 1.0490 minor / 1.0519 moderate
Support: 1.0438 minor / 1.0423 minor / 1.0396 moderate
Wednesday saw a sharp turn-around in Aussy after a very whipsawish market closing once again just above the 1.0469 area. Despite the bullish engulfing candle in the daily charts indicators still has stochastic coming off overbought areas while macd was heading up underscoring the inability to generate a follow through to our wide range play breakout. Intraday we have a confluence of bears in the making with 4H stochastic just crossing lower while macd is also heading down. Hourly charts for their part has a bearish stochastic, poised to push oversold while macd is topping off. Immediate risk calls for furthewr weakness possibly forming a double top in 4H charts. Look for a buy on dips to the 1.0438 area the double top breakout point.
Resistance: 106.45 minor / 106.74 minor / 107.12 moderate
Support: 106.13 moderate / 105.69 moderate / 105.27 minor
At the close we have hammer for EURJPY with markets turning around in US trade. Among indicators we now have daily macd’s flat though above the dignal line while stochastic has come-off overbought levels. Note unlike the EURUSD we fell short of seeing the daily EMA lines with the earlier pullback. In the lower time frames we have 4H stochastic poised to push overbought while macd has bottomed out. Hourly charts has a mixed signals with stochastic coming off overbought areas while macd is heading up. We do not have a sense of urgency from the indicators nor intraday price action. As such we prefer waiting for the open of European markets before looking to buy off the 106.13 price point. Alternative entry will be off 105.69.
Resistance: 1.2944 moderate / 1.2968 minor / 1.2999 minor
Support: 1.2915 minor / 1.2880 moderate / 1.2856 minor
With the turn around at the open of New York market we have a hammer in EURUSD from the daily chart with its tail stretching from the daily EMA lines. Among indicators we currently have a mixed view as daily stochastic were coming yesterdays while mac is still heading up. From the lower time frames 4H stochastic is on the rise while macd is bearish. Hourly indicators are also mixed with stochastic heading lower and ,acd’s pointing up. Given the hammer in daily charts we have a bullish bias despite the mixed intraday picture. For the moment we want to get a clear close above 1.2944 for a possible buy and a run to the swing highs.
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