EURJPY
Res: 116.89/117.61/118.54
Sup: 116.47/116.07/115.50
We have a bullish engulfing pattern from the daily candles while stochastic has come out of oversold levels, macd is still heading lower. Intraday we have an overbought stochastic from the 4H charts along with a rising macd. Hourly indicators are mixed with macd’s rising and stochastic coming out of overbought. We appear to have risk appetite across the board consider buys on any dip in EURJPY or use a break of the 116.89 area as a possible entry point for a run to 117.61.

GBPUSD
Res: 1.6418/1.6459/1.5616
Sup: 1.6359/1.6331/1.6294
Our morning star from the daily charts remain in effect despite yesterdays black candle. Daily stochastic has come out of oversold levels while macd is dropping. Looking at intraday charts we have a confluence of buys from the 4H picture with macd bottoming out while stochastic is rising. Hourly charts are mixed with macd rising and stochastic dropping. Given the overall picture risk appetite should see GBPUSD bouncing further consider buys from just above 1.6359 though we may have limited upside. Look for a test of the 1.6418 region.

EURUSD
Res: 1.4441/1.4516/1.4585
Sup: 1.4374/1.4327/1.4286
After Monday’s spinning latest daily candle is a hammer with a long tail further suggestion that we look for a turn-around. From the indicators we have stochastic coming out of oversold levels while macd is heading lower. Intraday we have 4H charts with a confluence of buys, stochastic pushing to overbought levels. Hourly indicators are mixed with macd rising but stochastic is heading for oversold territory. Looking at hourly candles there appears to be risk for a slight pullback, consider buys from 1.4374 region for a test of the 1.4441.

USDCAD
Res: 0.9603/0.9651/0.9709
Sup: 0.9547/0.9518/0.9483
Tuesday saw a bearish close for USDCAD with daily macd topping off and stochastic heading lower as prices push back under bearish EMA lines. From the big picture notice the failure to see a higher high in the prior week opening the possibility of another run for swing lows. Intraday we have a confluence of bears from the 4H charts while hourly stochastic is coming off oversold levels. We prefer looking for a sell on rallies, a rejection from 0.9603, given chinese data wait for 0200GMT.

NZDUSD
Res: 0.7971/0.8002/0.8061
Sup: 0.7907/0.7882/0.7856
Kiwi has been playing a modest range trade for the last week with daily stochastic rising and macd’s heading lower. Note we have daily EMA’s actually suggesting a bullish market. In 4H charts we have a confluence of buys from macd and stochastic, hourly indicators has stochastic dropping with macd topping off. For now we prefer remaining sidelined ahead of chinese releases, note a buy dips from the 0.7907 region would be nice.

AUDUSD
Res: 1.0877/1.0926/1.0979
Sup: 1.0833/1.0805/1.0874
We are continuing Friday’s bounce from the 34D EMA with daily stochastic now in overbought levels while macd is bottoming out. Note we have China data coming out at 0200GMT, it would best to wait for these first before taking action. Intraday we appear to have stochastic overbought in 4H and hourly charts with macd’s also rising in both time frames. Immediate risk is for further gains though we prefer remaining sidelined for now. Consider a buy on dips, note strong Chinese data, excluding inflation, would likely have a bullish impact for Aussy.

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