Wednesday saw Cable continuing its broad market rally to see daily stochastic pushing further into overbought levels and macd’s crossing up. As with the rest of the dollar pairs thus far we see GBPUSD attempting to pull back though stuck above the 0.6511 support. In 4H charts we see a dark cloud cover and an attempt at a follow through sell-off as stochastic come’s off overbought areas and macd top-off. Hourly charts see stochastic pushing further to oversold levels and macd crossing lower. Consider shorts on a close under 1.6511 for 1.6472 possibly 1.6390.
We have kiwi between the 55D EMA and the 21D and 34D EMA while daily indicators are showing mixed results stochastic coming off overbought levels and macd bottoming out. It appears we have a failed attempt at a bullish break given yesterday’s close. In intraday charts we are seeing mixed signals from the 4H level with macd above the signal line though barely seeing a positive slope, stochastic for its part is dropping. In price action 4H candles are seeing long wick and tails along with small bodies to under score indecision. In hourly charts we have more mixed signals with stochastic up and macd down. Consider playing the range game with buys from just above 0.8273 or sells from just under 0.8423.
We have USDCAD just above a series of strong supports from 0.9745 to 0.9765, 200D SMA, 21D EMA, and an actual day low at 0.9760. Daily indicators show stochastic poised to cross higher while macd has topped off and is poised for a bear cross. In 4H charts we have a bottoming macd while stochastic is pointing higher, hourly indicators see a confluence of buys from both. Note we have little in the way of a bullish reversal pattern in price action from the lower time frames, 4H charts see a series of lower highs and lowers. As such we prefer using a buy on dips approach with tight stops at 0.9645.
After a slow steady rally for the week we have AUDUSD around the daily EMA lines with indicators still seeing stochastic overbought and macd crossing higher. From the lower time frames we have a double top in the hourly charts with stochastic and macd dropping. In 4H charts we have stochastic coming off overbought areas while macd is topping off. We are currently in the process of taking out the double top breakout point at 1.0521, given the support immediately under it at 1.0515 we prefer a push below 1.05151 before taking action for 1.0465 then 1.0406.
At the close EURUSD was back inside the range of Tuesday’s candle with daily indicators turning mixed stochastic failing to push to overbought levels and crossing lower while macd and the EMA lines remain bullish. After getting rejected from the strong resistances at 1.4533 we are currently seeing an attempt to extend EURUSD losses with the push through 1.4420 our ultimate objective 1.4413 the previous symmetric triangle resistance line. In the lower time frames we have a confluence of bears between 4H and hourly macd and stochastic. Consider shorts at market with stops just above the days highs at 1.4429.
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