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Asian Session Notes 7/31/13

Asian Session Notes 7/31/13
Wednesday, July 31st, 2013 @ 1:26 am by Mark De La Paz

About Mark De La Paz:

Mark De La Paz Mark de la Paz has been a mentor at the educational Forex portal FX Instructor since 2007 providing live analysis on the impact of economic and geopolitical events on the Foreign Exchange market and other asset classes. Over the years Mark has also been a consultant to HNI’s and have helped setup several brokerages and trading operations for different asset classes in the Asia /Oceania region drawing on his vast experience in the OTC market for both buy side and sell side of the business. You may contact Mark de la Paz at mdelapaz@fxinstructor.com.

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AUDUSD
Resistance: 0.9075 minor / 0.9106 moderate / 0.9128 moderate
Support: 0.9041 strong / 0.9000 psychological / 0.8944 moderate

Aussy Tuesday saw a sharp sell-off down to the 0.9041 region our range play floor for the past month. Daily indicators are showing a confluence of shorts with stochastic pushing oversold and macds seeing a new bear cross. Note EMA lines have been bearish with the 34D EMA acting as a good rejection area. From the lower time-frames we are seeing a bearish bias as 4H stochastic oscillate in oversold levels while macd is dropping. Hourly charts has a new bear cross in stochastic while macd is pointing up. Bias at this point is for the sell-side of Aussy with a close under 0.9041 in the hourly charts paving the way for a retest of the psychological price point 0.9000. Alternative entry will be a rejection from 0.9075.

GBPUSD
Resistance: 1.5265(72) moderate / 1.5322 moderate / 1.5354 minor
Support: 1.5223 moderate / 1.5192 moderate / 1.5157 minor

Finally we have Cable retreating from the 61.8 Fib retracement level of our sell-of for June, with the close under the daily EMA lines and triggering a double top pattern. At the moment we have a confluence of bears among the daily indicators with stochastic pushing for oversold areas while macd also has a new bear cross. In the lower time frame we also have a confluence of bears with stochastic oversold in 4H charts while macd has push through the zero line heading lower. Hourly charts for their part are seeing mixed signals with stochastic getting a new bear cross and macd a new bullish crossover. Immediate risk calls for further losses with a break of 1.5223 serving as a possible bearish entry immediate objective at 1.5196 ultimately looking to down to the 1.5050 region.

EURUSD
Resistance: 1.3267 moderate / 1.3300 moderate / 1.3335 minor
Support: 1.3232 moderate / 1.3208 moderate / 1.3174 moderate

Euro has been showing signs of lost momentum since Friday last week with yesterday again showing a high wave candle. From indicators we have daily stochastic coming off overbought levels while macd is topping out. Intraday we are seeing mixed signals as 4h stochastic and macd is dropping while hourly indicators has both stochastic and macd crossing up. For now we continue to see markets ignore news coverage out of Europe with little conviction on either side of EURUSD. That said given the daily candlesticks and our rally the past three weeks we are looking for people to book profits ahead of NFP Friday. Consider shorts just under the 1.3232 price point.

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