12 Aug 2013

EUR - D closed negative reacting to the June high, RSI showing divergence and crossed below its signal line. The 1hr did not want to go higher for 4 hrs then gave a 3 bar reversal negative close going into the US open. We have W pivot at 1.3323 and a support/resistance level at 1.3300. Only time will tell if this is dip in uptrend or start of move down. No bias can go either way.

GU - D closed an inside candle rejecting the identified resistance level. 4hr RSI crossed lower after divergence. We pulled back to an area 1.5490 that gave support in June-Aug 2012. I suspect down but no bias can go either way.

EJ - D a lower high negative close. 4hr on lower high lower low but showing positive divergence. For now we have stopped at the 10 July low with our next identified support level about 100 pips lower. Bias down.

EURAUD - D closed an over sized candle at the 12 July high. Often these over sized candles do not follow through immediately. A bounce up would not be unexpected but bias down.

AUD - D closed positive. 4hr shows a series of 'weak' negative closes that could not close below the 8lwma. After several days straight up a pause/retrace is due but bias remains up.