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Articles by Mark De La Paz

September 30th, 2013 @ 1:57 am by Mark De La Paz

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USDJPY
Resistance: 97.90 moderate / 98.18 minor / 98.44 moderate
Support: 97.55 moderate / 97.30 minor / 96.86 moderate

After a bearish engulfing candle Friday we have USDJPY gapping lower at the open for the week helped by seasonal cycles and equity weakness. Daily indicators now show a confluence of bears with stochastic pushing oversold and macds easing through the zeroline. From the price chart we also see dead crosses forming among the daily EMA lines. In the lower time frames we are also seeing sell signals in both hourly and 4h charts with stochastic oversold for both time frames and macd’s dropping while under the zero threshold to underscore a bear trend. We prefer looking for further weakness with early losses in equity charts likely to convince us to sell from under 98.44 the daily pivot.

GBPUSD
Resistance: 1.6178 strong / 1.6226 moderate / 1.6300 moderate
Support: 1.6131 minor / 1.6104 moderate / 1.6062 moderate

Cable saw a strong close Friday pushing us further to the 1.6300 objective congestion resistances from the same period last year. At the open we have seen a quick rally up though having trouble with the 1.6178 resistance area, previous weekly highs. Indicator wise we havea confluence of buys with stochastic pushing further into overbought areas while macd is also opening up. In the lower timeframes we have a confluence of buys from the 4H picture with stochastic overbought and macd’s on the rise. Hourly charts for their part also has stochastic oscillating around 80 and macd heading up. Note price action actually suggests a loss of momentum which means that in combination with a strong resistance, our more immediate risk is for a rejection. Look for shorts from under the 1.6178 region for a limited pullback to 1.6131.

EURJPY
Resistance: 132.35 minor / 132.64 moderate / 132.96 minor
Support: 131.87 moderate / 131.62 minor / 131.00 moderate

With seasonal cycles and a bearish equity market we saw EURJPY selling off Friday closing just above the weekly lows then and opening the new week with a sharp bearish gap. We now find EURJPY inside the daily EMA lines with stochastic pushing further into oversold levels and macd also opening up with its signal line heading down to the zero threshold. Intraday we have a confluence of bears with both 4H and hourly stochastic pushing well into oversold levels while their macd lines are also heading lower beneath the zero threshold. Given the almost daily range for our bearish gap we find it difficult to look for a follow through sell-off. The longer that we stay just above 131.85 and build a base intraday the more that we will look at closing the gap later in the day.

AUDUSD
Resistance: 0.9338 moderate / 0.9370 minor / 0.9402 moderate
Support: 0.9285 moderate / 0.9258 moderate / 0.9226 moderate

Aussy continued to drop Friday pulling us back to the 38.2 Fib retracement level for the rally in September and around the 21DEMA, currently 0.9301. Daily indicators show a confluence of bears with stochastic oversold and macd’s dropping though given the support our preference would be to look for a bounce. From the 4H picture we have a confluence of bears with stochastic oscillating around 20 and macd’s heading lower. Hourly charts also see a confluence of bears with stochastic in oversold areas and macds just crossing down. Given the overwhelming bearish tone from multiple timeframes and good support we suggest looking for base building before going long confirming the recovery in Chinese manufacturing data at 0130GMT.

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September 26th, 2013 @ 1:48 am by Mark De La Paz

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EURUSD
Resistance: 1.3537 moderate / 1.3568 moderate / 1.3595 moderate
Support: 1.3512 minor / 1.3494 minor / 1.3473 moderate

Seeing steady gains EURUSD managed to see a big bounce off the 23.6 Fib retarcement level for the September rally with price action holding much of its gains. It appears worries about the US budget and debt ceiling is once again weighing on the greenback. Indicators show daily stochastic continue to ease off while macd’s are heading up. In the 4H level we are seeing confused signals with stochastic coming off overbought levels and macd crossing up while candlesticks has a 3-white soldiers pattern. Hourly charts for their part are also mixed with stochastic heading up and macd’s seeing a bear cross. For now we prefer remaining sidelined perhaps looking for a rejection from the swing highs at 1.3568.

EURJPY
Resistance: 133.09 moderate / 133.50(54) moderate / 133.92 minor
Support: 132.68 moderate / 132.35 minor / 131.85 moderate

Wednesday saw EURJPY with a high wave candle just above the daily EMA lines and a bullish channel support, this after a sharp sell-off in the first half of the week. Among indicators we are seeing a bearish view from daily stochastic and macd’s the latter with a new bear cross and the former now pushing for oversold areas. Note however that we do have bullish EMA lines with prices just above the 21D EMA. In intraday charts we have mixed signals from the hourly levelas stochastic tries to get out of oversold levels while macd is heading lower crossing back under the zeroline. From the 4h level we have a confluence of bears as stochastic see a new bear cross while macd is under zero and the signal-line though flat. Immediate risk calls for a test of 132.68 our weekly lows requiring a close beneath it for further losses. Otherwise base building around the said price may see us look for buys in European trade.

GBPJPY
Resistance: 158.35 minor / 158.90 moderate / 159.17 moderate
Support: 157.87 minor / 157.37(45) moderate / 156.99 minor

After all the whipsaw we have a high wave spinning top in GBPJPY as opposing pressures buffeted the pair, half year cycles suggesting a stronger yen while Europe saw risk appetite. From indicators we have a confluence of bears stochastic pushing for oversold levels while macd is also heading lower to the zero line. For the moment we have prices below the pivot after opening the day above it suggesting some bearish risk perhaps similar to yesterday’s Asian weakness. In intraday charts we are seeing mixed signals with 4H stochastic crossing lower even as macd’s cross up. Hourly charts are bearish with macds heading down to zero and stochastic stuck in oversold levels. Immediate risk calls for weakness a retest of yesterdays lows possibly the 21DEMA though we have data coming out of the UK that could potentially lead to a bounce as such we expect limited duration for the bearish tone.

GBPUSD
Resistance: 1.6087 minor / 1.6114 moderate / 1.6162 moderate
Support: 1.6062 minor / 16026 moderate / 1.6000 psychological

Cable saw a follow through to Tuesday’s recovery seeing a huge rally yesterday with the daily candle turning into a bullish engulfing. We could argue a bounce-off 23.6 Fib retracement for the three week rally with mean reversion at an end. Daily indicators has a confluence of buys with stochastic heading back to overbought levels while levels while macd is right above its signal line. From the 4h picture we have a confluence of buys with stochastic in overbought areas while macd is also heading up. Hourly charts for their part are bearish with stochastic heading down and a new bearish crossover in macd’s. Note calendars show the UK Final GDP figures up for release at 830GMT with consensus forecast at 0.7%. Considering the strength in previous UK numbers we have an upside risk for the figure which would match our bullish technical scenario. Consider a buy on new highs particularly during market open our objective at 1.6162 swing highs.

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September 25th, 2013 @ 1:52 am by Mark De La Paz

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EURJPY
Resistance: 133.23 moderate / 133.54 minor / 133.77 moderate
Support: 132.92 minor / 132.47(57)moderate / 131.85 moderate

After several whipsaws EURJPY in the end saw a modest black body getting a follow through drop to our mean reversion as equity markets eventually retreated on concerns over the US budget. From indicators we have daily stochastic poised to push oversold while macd also has a bear cross. Note we are currently well within striking distance of the mean reversion objective 21D EMA at 132.57. In the lower time frames we continue to see a bearish bias with macd’s pushing under the zero line and stochastic also looking to ease back under 20%. Hourly charts for their part has macd’s flat above the signal while stochastic has come out of oversold levels. Given the proximity to the daily EMA lines the preferred course of action will be shorts coming off the daily central pivot.

NZDUSD
Resistance: 0.8266 minor / 0.8297 minor / 0.8345 moderate
Support: 0.8247 moderate / 0.8204 minor / 0.8162 moderate

Kiwi saw a sharp sell-off Tuesday getting mean reversion going, after daily bearish fractal patterns from the previous week. Daily indicators now has macd’s poised at a bear cross while stochastic has senits bearish divergence turn into a big sell-off the indicators looking poised to push into oversold levels. Intraday we are seeing more sell signals with 4H stochastic crossing lower beneath the oversold threshold while macd has also dropped under the zero line. Hourly charts has macd’s crossing lower while stochastic is also poised to ease to oversold levels. For now we are looking for a close beneath 0.8247 to signal the next down leg, our objective the 21D EMA, incidentally also around 38.2 Fib retarcement of the previous three week rally, 0.8162.

XAUUSD
Resistance: 1328.04 minor / 1334.49 moderate / 1339.76 minor
Support: 1320.05 moderate / 1313.34 minor / 1306.91 moderate

Gold saw a turnaround in European midday trade as the earlier sell-off was reversed for a hammer in the daily charts and a very long tail. Daily indicators however continue to look bearish with stochastics heading lower and macds beneath zero and the signal line. Note we have EMA’s with dead crosses suggesting overall trend remains bearish. In the 4H picture we are seeing a confluence of buys with stochastic poised to push overbought following an earlier bullish divergence while macd’s are also seeing a new bullish crossover. Hourly charts has macd’s rising while stochastic is looking to push back into overbought areas. For the moment we are looking for a push past 1328.04 as our trigger for a rally backup to the daily EMA lines.

AUDUSD
Resistance: 0.9412 minor / 0.9438 moderate / 0.9459 minor
Support: 0.9373 moderate / 0.9338 moderate / 0.9304 minor

Aussy saw a false bearish breakout of its descending triangle suggesting a good support at the 0.9373 region with double bottoms now forming in both hourly and 4H scale. From indicators we have a confluence of bears with macds seeing a new bear cross and stochastic heading for oversold areas. Note however that we are nearing the tip of our descending triangle which makes any bearish breakout suspect and at risk of a quick turnaround. In the 4H picture we have mixed signals with macd’s dropping while stochastic is flat at risk of a bear cross should we find little momentum to kick things up. For now we prefer looking for buys triggering the hourly double bottom and making a run for the 4H trigger as well just under the projected highs of 0.9461.

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September 24th, 2013 @ 2:00 am by Mark De La Paz

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EURJPY
Resistance: 133.37 moderate / 133.57 moderate / 134.06 moderate
Support: 132.77 moderate / 132.54 moderate / 131.85 moderate

EURJPY saw big sell-off Monday as he equity market relief from last weeks no taper decision begin to erode as the Fed states that it remain on track with its reduction of monetary stimulus. At this point we now have prices nearing a mean reversion objective the 21DEMA’s with stochastic coming off overbought areas while macd’s are poised at a bear cross. Intraday we have stochastic in oversold levels for both hourly and 4H charts while the latter also has a bearish view looking to ease below zero though hourly macd has actually crossed up though under he zero line. For now we prefer looking for shorts off 133.37 continuing the mean reversion play to 132.54.

NZDUSD
Resistance: 0.8351 moderate / 0.8390 minor / 0.8435 moderate
Support: 0.8322 minor / 0.8298 minor / 0.8247 moderate

Kiwi is currently breaking lower possibly defining a medium term top after Friday’s fractal pattern and Mondays indecision. Note we appear to have triggered mean reversion with the current bearish breakout with a big gap between prices and EMA lines, and indicators now showing a bearish divergence in daily stochastic and topping off in macd’s. From the lower time frames we are seeing signs of a build up of bearish views as both 4H and hourly indicators show a confluence of bears even as price action shows an increase in the size of the bearish real body. For now look for shorts from under 0.8351 our moderate resistance a former congestion floor. Projected lows calls for merely an 0.8281 target though given the penchant of sudden extreme movement in Kiwi we look forward to seeing 0.8247 the previous bullish breakout point.

Gold
Resistance: 1330.05 moderate / 1339.76 minor / 1348.00 moderate
Support: 1320.47 minor / 1313.36 minor / 1306.91 moderate

Monday saw a hammer at the close in Gold this as attempts at a follow through to Friday’s sell-off could not stay near the lows for a long tail in the daily candle. From indicators we have daily stochastic heading lower in line with a bearish macd that’s already below the zero line. Note we have new dead crosses among the daily EMAs reinforcing the idea that we now have a bearish trend in the big picture. In intraday charts we are seeing mixed signals as 4H indicators has stochastic with a new bearish crossover while macd is also dropping. Hourly charts for their part has stochastic heading for overbought areas and macd also pushing up. Given the mixed signals we prefer remaining sidelined but the long tail and a hammer along with hourly buys suggests a break of 1330.05 could see a run for the EMA lines, 1348.00.

AUDUSD
Resistance: 0.9438 moderate / 0.9458 minor / 0.9484 moderate
Support: 0.9378 moderate / 0.9337 minor / 0.9304 minor

At the close we have AUDUSD giving a good chunk of its gains to see a long wick and a spinning top for a daily candle. Note it appears that mean reversion from end of last week is still around with monday’s price action essentially a breather. Indicators has daily stochastic with a bearish divergence while macd is topping off nearing its own bearish crossover. From the 4H picture we have now formed a descending triangle, double top, while indicators show a confluence of bears with macd nearing zero and stochastic midway to oversold areas. Hourly indicators already has stochastic oversold and macd dropping through the zero line. For now we find ourselves midway to our immediate moderate support at 0.9378. A close below the said price may be seen as a bearish entry for 0.9335 possibly 0.9285. ¬†Alternative entry will be coming off the hypotenuse of your descending triangle in 4H charts. Take too long to break lower and we will look for base building above 0.9378.

EURUSD
Resistance: 1.3500 moderate / 1.3538 minor / 1.3568 moderate
Support: 1.3469 moderate / 1.34333 minor / 1.3391 moderate

Euro eventually closed near its lows for a bearish sen candle following a break of an intraday type descending triangle resolving the indecision that markets have had since Wednesday’s rally. It appears we may have made a near term top Thursday. Daily indicators has stochastic coming off over bought levels with a bearish divergence while macd is topping off. Given the huge gap between prices and the EMA lines we may have started a mean reversion play. From the 4H we are seeing mixed signals as 4H stochastic comes off oversold levels while macd continues to drop. Hourly charts for their part has a confluence of buys with stochastic pointing up and macd opening higher. For now we prefer remaining sideline though the longer we stay under 1.3500 the more we will look for shorts particularly at the open of European markets. A bearish fractal or a bearish engulfing in the hourly charts just below the said price can be seen as an entry signal for a move to the 38.2 Fib retracement level, 1.3391.

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September 23rd, 2013 @ 1:47 am by Mark De La Paz

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AUDUSD
Resistance: 0.9409 minor / 0.9431 moderate / 0.9457 minor
Support: 0.9378(84) moderate / 0.9338 minor / 0.9285 moderate

Following a three week rally, Aussy saw a pull back in the latter half of the previous week with the move going all the way down to slightly under the 23.6 Fib retracement level of 0.9378. Daily indicators has mixed signals with stochastics heading lower and macd still bullish flat above the rising signal line. It appears that we are in the midst of mean reversion. In the 4H picture we still see mixed signals this time with macd’s heading down to the zeroline while stochastic is flat just above the oversold trigger. Hourly charts for their part has a bullish divergence in stochastic with macd’s also seeing a new bullish cross over. Note price action has a double bottom with 0.9431 as its trigger. For now we prefer seeing signs that bulls have really taken over by triggering the pattern before going long. Other wise we will go for a buy on dips to 0.9378(84) 21D EMA and 38.2 Fib levels respectively. ¬†Note we have flash manufacturing PMI numbers for China at 0145 GMT.

EURUSD
Resistance: 1.3538 minor / 1.3568 moderate / 1.3595 moderate
Support: 1.3500 psychological / 1.3472 minor / 1.3451 minor

Euro saw back-to-back spinning tops from Thursday and Friday following Wednesdays late spike off the taper retreat by the Fed. Elections over the weekend in Germany should reinforce the stronger currency on a big victory by Angela Merkel suggesting German opinions with regard to ECB policy will remain unchanged. Daily indicators has stochastic remaining in overbought areas while macd remains bullish. Intraday we continue to see a descending triangle from the 4H picture suggesting riskof a pullback though indicators are mixed at this level with stochastic rising and macd’s heading down. Hourly charts has macd’s crossing up though lines are flat just above the zero threshold. Stochastic has a new bullish crossover. For now we have prices just under the hypotenuse of our descending triangle and above the daily pivot. A drop under 1.3500 ought to be seen as a call for a technical correction.

EURJPY
Resistance: 134.22 moderate / 134.41 minor / 134.73 moderate
Support: 133.92 minor / 133.37 moderate /132.89 minor

Friday saw consolidation after a big rally in EURJPY the previous day, when equity market saw new highs as the Fed failed to taper. From indicators we currently have daily stochastic coming off overbought levels while macd is on the rise. That said we may have a top as intraday signals are bearish. In the 4H charts we have stochastic poised to push over sold while macd has a new bear cross. Hourly charts for their part has stochastic poised to push into over sold levels while macd is also at the brink of dropping through the zero line. Note we saw a drop through the 23.6 Fib retarcement level of our rally from Wednesday last week, while intermarket action suggests that the risks are for the sell side as US equities sold for Friday and their futures are still dropping. For now we prefer looking for shorts from just under 134.22.

GBPUSD
Resistance: 1.6024 moderate / 1.60666 minor / 1.6100 moderate
Support: 1.5988 moderate / 1.5959 moderate / 1.5935 minor

Cable saw a pull back on the second half of the past week following a four week rally that culminated with last Wednesdays surge up. We currently have price just at the 23.6 Fib retracement area of the rally with Friday’s candle a consolidation suggesting the worst may be over with the retreat. Note we are also in a mean reversion play. In intraday charts we are seeing mixed signals with stochastic heading up from the 4H picture while macd is bearish. Hourly charts has a confluence of buys with stochastic poised to push overbought and macd’s also rising. Bias calls for triggering an hourly double bottom with a close above 1.6024 serving as our entry. However we also have equal risk of a further pullback given the current mean reversion with the 21D EMA line still at 1.5825. Shorts may also be taken under 1.5988.

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September 20th, 2013 @ 1:53 am by Mark De La Paz

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EURUSD
Resistance: 1.3535 minor / 1.3568 moderate / 1.3596 minor
Support: 1.3500 psychological / 1.3451 minor / 1.3383 minor

A day after the Fed pulled back from the taper story we have EURUSD failing to hold in its attempts at a follow through rally the daily candles now showing a long wick for a shooting star. Daily indicators has stochastic in overbought areas while macd is also pushing up though the huge gap between prices and the EMA lines suggests we have pressure for mean reversion. In the lower time frames we have the hourly charts with a bearish macd while stochastic is trying to cross lower, 4H charts for their part has macd’s flat above the signal though stochastic is at risk of crossing higher. Price action itself is very mixed with spinning tops in the hourly charts. Given the big rally for the week, mixed intraday charts and this being Friday along with our bare calendar we expect to see some pullback, consider shorts at the break of 1.3500.

AUDUSD
Resistance: 0.9464 moderate / 0.9483 minor / 0.9500 psychological
Support: 0.9425 minor / 0.9387 moderate / 0.9365 minor

Aussy saw a pull back in New York markets after the earlier consolidation following the strong rally in off the FOMC’s decision to hold-off any taper in the QE program. From indicators we have a bearish divergence forming out of stochastic while daily macd is heading up, prices for the moment are just under the daily pivot while EMA lines see more golden crosses. In thr 4h level we have mixed signals with stochastic trying to come off oversold levels while macd has a new bear cross and candlesticks see attempts to breakthrough the previous spinning top highs. Hourly charts has a bullish stochastic quickly heading for overbought levels while macd is bottoming out. Consider buys on a push back up above the daily pivot at 0.9464 for a rally toward the psychological 0.9500 though we are looking to see our inverted head and should target at 0.9580.

EURJPY
Resistance: 135.00 psychological / 135.44 moderate / 136.10 minor
Support: 134.45 minor / 134.22 moderate / 134.00 moderate

Thursday saw the delayed response by Yen pairs to the FOMC’s decision for a status quo on the QE program. EURJPY took the lead on the extent of the rally as USDJPY’s finally managed to move up in tandem with the European equity rally. Indicators now have stochastic in overbought levels for EURJPY while macd is also heading up. Note we are now entering levels last seen in 2010. In intraday charts we have mixed signals as stochastic comes off overbought levels while macd is rallying up in the 4H picture. hourly charts for their pat has stochastic just crossing lower and macd’s dropping as well. Note we appear to be forming a double top in hourly charts with the trigger at 134.22 23.6 fib retracement of the FOMC driven rally. For now we prefer remaining sidelined until the open of Europe, looking for shorts under 134.22.

XAUUSD
Resistance: 1368.27 minor / 1373.77 moderate / 1382.08 moderate
Support: 1359.18 moderate / 1354.00 minor / 1349.95 moderate

Thursday saw gold a with a modest range play staying above the daily EMA lines following Wednesday bullish break though seeing little progress, stuck on a range play post FOMC announcement. Note we have XAUUSD hitting the bearish trendline from August 28 highs, while the main reason for Gold’s prior rally has dissipated, risk of a Syrain confrontation. indicator wise we have daily stochastic overbought and macd seeing a new bulish crossover. From the lower time frames we have macd’s topping off while stochastic is poised to push oversold. Hourly charts for their part has a confluence of bears. Given the fundamental picture and elevated prices we prefer looking for shorts with a drop under 1359.18 triggering a pullback immediate object the 1350 area.

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September 18th, 2013 @ 1:41 am by Mark De La Paz

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NZDUSD
Resistance: 0.8247 moderate / 0.8269 minor / 0.8300 minor
Support: 0.8210 moderate / 0.8181 minor / 0.8155 moderate

Kiwi surge to the 61.8 Fib retracement level of its big sell-off from May 5 closing Tuesday barely above the 0.8220 pullback point. Daily indicators are seeing mixed signals with stochastic showing a bearish divergence as it comes-off overbought levels while macd is pushing higher. From the 4H picture we are seeing a bearish bias as stochastic comes-off the 80 threshold while macd is opening lower, note we have a three black-crows pattern in 4H charts. Hourly’s for their part has stochastic pushing oversold while macd sees a new bear cross. Immediate risk is for a rejection from the 61.8% Fib retracement level for a retest of the 0.8155 area. Note we suggest a scaled entry at market and then off 0.8247 should we bounce.

AUDUSD
Resistance: 0.9358 moderate / 0.9387 moderate / 0.9416 minor
Support: 0.9327 moderate / 0.9304 minor / 0.9284 moderate

Earlier attempts at covering the gap failed for Aussy as we briefly say new lows for the week before bouncing backup to close with a bullish spinning top. Daily indicators show macd’s heading up with gradual bullish slope while stochastic is at risk of a bear cross and bearish divergence over all-though we are bullish in the medium with recent golden crosses. From the 4h picture we have formed a double-top from this weeks price action while stochastic is coming-off overbought levels and macd has a bullish cross. Hourly charts for their part has a confluence of bears. Immediate risk calls for a bear market, completing the double top in 4H charts though our preferred course of action is looking for buys off the 0.9284 region.

EURJPY
Resistance: 132.67 moderate / 132.89 minor / 133.36 moderate
Support: 132.39 moderate / 132.13 moderate / 131.71 moderate

Tuesday saw EURJPY marginally higher with a limited bullish breakout as conflicting triggers weighed on the ability to generate range. At the moment we appear to have charts in the process of seeing another bullish run as daily stochastic has crossed up though macd has yet to open higher. In the lower time-frames we are seeing mixed signals as macd’s head up and stochastic points lower. Hourly charts are the opposite with stochastic heading up and macd’s down. For the moment we are seeing little sense of urgency in EURJPY, as such we prefer remaining sidelined though a bounce off 132.39, the daily pivot would be ideal.

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September 17th, 2013 @ 1:53 am by Mark De La Paz

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AUDUSD
Resistance: 0.9325 moderate / 0.9354 moderate / 0.9386 moderate
Support: 0.9304 minor / 0.9280 moderate / 0.9253 minor

In the end we have along wick in Aussy as attempts to see a follow through to our bullish gap failed to hold for a ‘grave stone doji’ in the daily candlestick. Note we have an event risk at 0130GMT with the RBA releasing the minutes for the latest Monetary Policy Meeting, talk about changes in domestic fiscal policy and improvement in the external situation will be seen as hawkish. From indicators we have buy signals allover with the daily stochastic seeing a new bullish cross in line with the rising macd’s while EMA lines has new golden crosses. Note our previous inverted head and shoulder pattern remain valid with its target at 0.9580. Intraday we have a bearish bias with 4H stochastic oversold and macd at risk of a bear cross. Hourly charts for their part has a confluence of bears with stochastic seeing anew bearish crossover and macd poised to push under the zero line. Immediate calls for covering our gap with a break of 0.9304 as a possible entry though medium term we are a buy on dips.

EURUSD
Resistance: 1.3350 minor / 1.3385 moderate / 1.3405 moderate
Support: 1.3324 moderate / 1.3307 minor / 1.3281 moderate

New York trade eventually saw EURUSD begin the process of covering its big gap from the open with prices also hitting levels that define the years range play in the earlier jump. We are now in the process of mean reversion though indicators has daily stochastic coming off overbought levels while macd is also heading up. From the lower time-frames we are seeing sell signals with stochastic pushing oversold and macd’s also crossing lower in 4H charts. Hourly charts has stochastic poised at a bear cross while macd is looking to ease under the zero line. Given yesterdays price action and the intraday charts we prefer looking for a pull back to the daily EMA lines with 21D EMA at 1.3281 and projected lows at 1.3265.Consider shorts just under the 1.3324 moderate support, last weeks highs. Note we could be forming a big picture double top.

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