GBPUSD

Res: 1.6219/1.6272/1.6336

Sup: 1.6168/1.6131/1.6072

With wedneday’s bug sell-off we have GBPUSD seeing a new bear cross in the daily stochastic inline with the already bearish macd. Note we saw prices swing from bear channel resistances to the channel support line. In 4H charts we have stochastic oversold and macd dropping though candles may be developing a three inside up pattern. From the hourly picture we have an overbought stochastic and macd with a new bullish cross. Immediate risk at this point calls for a push through the 1.6219 region though fail to do so in the Asian morning trade and we will look for a rejection from the said price point for new lows.

USDJPY

Res: 81.03/81.29/81.79

Sup: 80.83/80.40/80.13

Given the broad dollar rally we have USDJPY pushing further inside the daily EMA lines with stochastic crossing higher for a push to overbought levels while macd is also heading up. Intraday we have 4H macd and stochastic pushing higher the latter now in overbought areas. Hourly indicators are also seeing a new push up with stochastic though macd remains flat. We prefer remaining sidelined in USDJPY though a close above the 81.03 region may be considered as a buy for 81.79. Note a sell-off in USDJPY would be preferable from the perspective of the other Yen crosses.

AUDUSD

Res: 1.0587/1.0626/1.0663

Sup: 1.0524/1.0491/1.0442

After a frustrating wait for a bear market Aussy finally found itself with a significant rejection from the daily bear channel resistance level with the New York trade. Among the indicators we now have a bear cross in the daily stochastic while macd is dropping. From the 4H charts we have stochastic coming off oversold levels for a technical correction while macd is dropping. Hourly indicators see macd bottoming out while stochastic is coming off overbought areas with a new bear cross. For now we prefer remaining sidelined and allow for the rest of the Australian numbers to be released though we look forward for sells from just under the 1.0587 region.

EURUSD

Res: 1.4205/1.4263/1.4322

Sup: 1.4156/1.4124/1.4083

Following yesterdays big sell-off we have EURUSD with a new bear cross in the daily stochastic pushing back under the oversold mark while macd is dropping. In 4H charts we have stochastic oversold while macd continues to drop. Hourly indicators see macd bottom out while stochastic is pushing for overbought levels. We have been playing a range following the close of New York market from Wednesday’s lows to the 14.6 Fib retracement level at 1.4205. Given the problems cropping out of Europe we prefer looking for a rejection from the 1.4205 region.

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