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Asian Session Notes 9/13/13

Thursday, September 12, 2013 20:35
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Resistance: 1333.69 minor / 1337.84 moderate / 1347.09 moderate
Support: 1327.98 minor / 1320.47 minor / 1309.91 moderate

With the US Sec.of State Kerry heading in Geneva for negotiating the Syrian disarmament with his Russian counterparts we have Gold selling off sharply as geopolitical risks are reduced. Note the weeks sell-off has taken XAUUSD down to its head and shoulder target of 1323.62. Indicator wise we have daily stochastic in oversold levels while macd is looking to ease under the zero-line. Intraday we have 4H stochastic oversold while macd is also heading lower. From the hourly picture we have stochastic poised to push overbought and macd with a new bullish crossover. Note we have a piercing pattern from the 4H candles which suggest we look for a push higher. Today being Friday and with ongoing geopolitical issues over the weekend we risk position squaring, a bounce to the 1347.09 region 38.2 fib of our sell-off.

Resistance: 132.75 minor / 133.02 moderate / 133.38 moderate
Support: 132.37 moderate / 131.88 moderate / 131.37 minor

Thursday ended up with a long tail as markets bounced following the open of the US and we saw more delays on the planned US air strikes in Syria. Daily indicators retain a bullish bias as macd’s stay above the signal lines and the zero threshold even as EMA lines point up though stochastic is once more trying to come off overbought levels. In 4H charts we have mixed signals as stochastic heads up along with price action while macd remains bearish, we had a dragon fly doji from the European midday break. Hourly charts has an overbought stochastic while macd is looking to push up through the zero line. With a bullish overall bias consider a buy on dips to the 132.37 region.

Resistance: 0.9281 moderate / 0.9318 moderate / 0.9355 minor
Support: 0.9255 minor / 0.9209 moderate / 0.9177 moderate

Aussy saw a bearish engulfing with yesterdays close as attempts to bounce failed to hold their highs, withthe coming weekend and event risks we now face a potential technical correction. From indicators we have stochastic coming off overbought areas while macd is also topping out, we risk mean reversion play after a two week rally. In the lower time-frames we have mixed signals as 4H stochastic heads upcoming off oversold levels while macd for its part is dropping. Hourly charts for their part has stochastic pushing oversold while macd is flat above the signal line. It appears that there is little sense of urgency with the pairs though given the engulfing candle we favor looking for further weakness. Consider shorts on a push below 0.9255,our objective the 38.2 Fib retracement level of our rally the past two weeks at 0.9177, projected lows are at 0.9180. Note we are equally willing to buy on an hourly close above 0.9281.

Resistance: 1.5805 moderate / 1.5839 moderate / 1.5891 moderate
Support: 1.5772 moderate / 1.5743 minor / 1.5685 moderate

Cable saw a consolidation as attempts for a follow through surged failed to see prices stay above 1.5820 the previous weekly double top breakout point. From indicators we remain bullish with stochastic overbought still though seeing a cross while macd is still heading up, price action suggests a loss of momentum. From the lower time frames we have a bearish divergence in stochastic while macd also has a new bear cross, note we have prices under the daily pivot to underscore the down siderisks. In hourly charts we have stochastic crawling in oversold levels while macd is also heading lower. Note after a sharp rally the past two weeks, and given signs of loss momentum along with the weekend our objective for now is to trigger the hourly double  top and possibly get a mean reversion play going.


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