MyFXIdeas.com

EURGBP
Res: 0.8347/0.8375/0.8398
Sup: 0.8308/0.8278/0.8240
Once more we have had a failed attempt at triggering the ascending triangle with yesterdays merely giving a new bar for false breakouts at 0.8398. Among indicators we have stochastic crossing lower while macd is still heading up. Note we also have prices right around the 34D EMA with the 55D EMA just at 0.8393 and 21D EMA acting as a support at 0.8330. In the lower time frames we have 4H stochastic in oversold territory while macd is dropping. Hourly indicators also has stochastic heading lower and macd pointing down. At the moment we are already seeing an ongoing breakout with prices pushing under 0.8347 we prefer looking for a Cable rally and Euro sell-off before jumping in ourselves.

NZDUSD
Res: 0.8243/0.8273/0.8313
Sup: 0.8204/0.8180/0.8154
Despite the bullish Kiwi failed to push past the strong resistance at 0.8243, Thursday with market seeing a smaller white candle in the end. Among the indicators we continue to see daily stochastic pushing further into overbought levels while macd is also heading up. From the lower time frames we continue to see a bullish bias among the 4H indicators with stochastic once more crossing up and macd inching higher above its signal line, candlesticks however are indecisive. In hourly charts we have stochastic looking to reenter overbought areas while macd is also poised to cross up. For now we prefer looking for a confirmed break of 0.8243 before going long. Alternative entry will be coming from just above 0.8180.

EURJPY
Res: 101.58/101.98/102.20
Sup: 101.05
We see a qualifiable ‘dark cloud cover’ in daily EURJPY with indicators showing stochastic poised to come off overbought territory even as macd’s remain bullish. In intraday charts we have 4H stochastic pushing to oversold levels while macd has a relatively new bear cross. Hourly indicators for their part has stochastic coming off oversold levels while macd is dropping. From the big picture price action suggest we generate a pullback though we also face a strong support immediately at 101.05. For now we prefer remaining sidelined any hourly close under 101.05 should pave the way for a steep pullback of the weeks big rally. See a congestion just above 101.05 and we will likely see a bounce by the European session.

USDCAD
Res: 1.0050/1.0075/1.0102
Sup: 1.0012/0.9981/0.9947
It appears USDCAD is having trouble staying under parity with Thursday turning into a hammer at the end of the trading day. Among indicators we have daily stochastic in the process of crossing higher while macd is still pointing down. In intraday charts we are seeing hints of a pullback as 4H stochastic heads up and macd bottoms out. Hourly indicators for their part has stochastic overbought while macd is also rising. Note that we are merely 20 pips away from the 38.2 Fib of the weeks sell-off at 1.0050, a strong resistance level. For now we prefer remaining sidelined and looking for patterns just under the 1.0050 area later on.

AUDUSD
Res: 1.0608/1.0655/1.0687
Sup: 1.0573/1.0540/1.0510
Much as the other majors we AUDUSD with a ‘shooting star’ in the daily charts though indicators here apper to be more mixed than seeing signs of a pullback in the works. Daily indicators show stochastic is flat while macd is still rising. In 4H charts we have a three black crows among the candles while stochastic is pushing to oversold levels and macd poised to cross lower. Hourly indicators for their part has stochastic reentering oversold areas while macd is heading lower. We already have an hourly close below a minor support this after prices gave up on the strong resistance at 1.0655 in the daily charts. As such we prefer taking the sell side from just under 1.0608 with stops tightly above 1.0655.

GBPUSD
Res: 1.5695/1.5734/1.5774
Sup: 1.5650/1.5628/1.5590
GBPUSD Thursday turned out to be qualifiable ‘shooting star’ with daily indicators showing stochastic coming off overbought levels though macd’s are still on the rise. In 4H charts we are seeing a confluence of bears develop as stochastic head for oversold territory while macd is crossing lower and candlesticks sees an evening star. Hourly indicators for their part has stochastic oversold and macd still heading lower. Note we are in the process of pushing under the 1.5670 strong support, a 4H close below this confirms a breakout. Immediate risk is for technical correction of the weeks’ gains though this looks limited to a move to the 1.5625 region.

EURUSD
Res: 1.3133/1.3194/1.3244
Sup: 1.3085/1.3051/1.3014
In the end Euro saw a long wick for Thursday to end up with a qualifiable ‘shooting star’ with daily indicators now seeing stochastic come off overbought levels and macd still pointing up. In the lower time frames we have stochastic pushing to oversold levels while macd has just crossed lower. In the hourly charts we have stochastic crawling in oversold territory after a double was triggered in New York trade while macd is heading lower. At the moment we are in the process if pushing under the support at 1.3085, an hourly close under this opens the way for a possible pullback of the week’s rally. We may be looking at a pullback to the 1.2993 region, 61.8 Fib of the weeks rally should equity indices remain weak.

EURGBP
Res: 0.8397/0.8421/0.8455
Sup: 0.8350/0.8314/0.8296
Once more we are seeing attempts at generating a bullish breakout for the daily level ascending triangle with prices currently above the 0.8376 region though we note the false breakouts from Tuesday and Wednesday. Daily indicators show a confluence of buys with stochastic rising and macd also heading up. In 4H charts we have just seen overbought territory in stochastic while macd has also just crossed higher. Hourly indicators are also showing a confluence of buys. Note we have seen false breakouts in EURGBP before as such we prefer remaining sidelined. Look for prices to norm above the 0.8376 region and then a follow through rally. A daily close above 0.8376 should pave the way for a run to 0.8500(20).

GBPJPY
Res: 122.05/122.65/122.84
Sup: 121.21/120.76/120.23
Wednesday saw GBPJPY with a follow through rally following the prior day’s big spike keeping the daily stochastic flat in overbought territory while macd is on the rise. In the lower time frames we have 4H macd’s crossing lower while stochastic is also pointing down. Hourly indicators for their part has stochastic coming off oversold levels while macd is still dropping. For now we prefer remaining sidelined with the range thus far well within average daily ranges, breakout play will be viable though we prefer a buy on dips to the 121.21 better 120.76.

EURJPY
Res: 101.98/102.56(58)/103.00
Sup: 101.58/101.05/100.44
EURJPY appear to be in the process of generating a follow through rally with price action thus far, half the average daily ranges. Among indicators we have daily stochastic pushing further into overbought levels while macd is also on the rise. From the lower time frames we have 4H stochastic oscillating around the 80 level while macd is flat above the signal line. Hourly indicators has stochastic coming off oversold levels while macd is bottoming out. For now we suggest buys keep a close eye on the 102.56(58) region as this represents the target for our pullback the last two weeks, 38.2 Fib of the sell-off since October last year.

NZDUSD
Res: 0.8192/0.8224/0.8243
Sup: 0.8142/0.8118/0.8081
After initially pulling back to the 200D SMA we also saw Kiwi managing a big turn-around for a new high at the close courtesy of the US FOMC. Daily indicators now has us with stochastic in overbought territory while macd is also rising. From the lower time frames we have hourly charts with mixed signals as stochastic come’s off overbought levels while macd is rising. In 4H charts we have a confluence of buys with stochastic just reentering overbought levels while macd has new bullish cross. At this point we see little sense of urgency consider a buy on dips to the 0.8142 price point.

USDCAD
Res: 1.0050/1.0075/1.0102
Sup: 1.0004/0.9953/0.9879
After playing a tight congestion below the daily EMA lines in European midday, USDCAD sold off going to the FOMC announcement to end the day below the 1.0050 strong support dragging daily stochastic into oversold levels while macd remains bearish. From the lower time frames we continue to see a confluence of bears with 4H stochastic in oversold territory while macd is dropping, candlesticks show signs of waning momentum. hourly indicators are mixed with macd still bearish while stochastic has come-off oversold territory. Note we also face a strong support at the psychological 1.0000(04) area, where we also have the 200D SMA. Considering the strong immediate resistance and immediate support we prefer looking for a breakout trade. An hourly close above 1.0050 for a pullback an hourly close under 1.0000 for a follow through sell-off.

AUDUSD
Res: 1.0619/1.0655/1.0726
Sup: 1.0573/1.0540/1.0510
Aussy turned out a big white candle at the end of the trading day bouncing off its European sell-off lows. Daily indicators show stochastic reentering overbought territory while macd is also on the rise. Note we face a strong resistance at 1.0655. In intraday charts we have a confluence of buys from 4H stochastic and macd, the former just managing to push to overbought levels while the latter seeing a new cross up. Hourly charts for their part see a flag pattern while indicators has macd heading up and stochastic looking to cross back up. We prefer looking for a bounce off the 1.0573 region given the proximity of a strong resistance once 1.0619 gives way.

GBPUSD
Res: 1.5671/1.5708/1.5774
Sup: 1.5628/1.5590/1.5533
Courtesy of the US Fed Cable managed to bounce back up once more with GBPUSD seeing new highs though falling short of taking out the strong resistance at 1.5671. Among indicators we have stochastic in overbought territory while macd is rising. In the lower time frames we have a confluence of buys with stochastic oscillating around the 80 level while macd has crossed up. Hourly indicators are looking mixed with stochastic coming off overbought areas while macd is on the rise. At this point we prefer looking for buys off the 1.5628 region, Tuesday’s highs and breakout point. Note an hourly close above the 1.5671 area may also pave the way for the next surged up with Cables key resistance at 1.5774.