EUR/USD: Daily Studies Stalling
The euro sees the recent positive daily studies stalling ahead of overbought territory as the market fails to extend the $1.2748. Bulls remain focused on extending that high past the $1.2786 Fibonacci level, while bears want to turn attention back to the $1.2533 21-day moving average. Initial support comes from the 5-DMA of $1.2640.
RES 4: $1.2825/49 High 21 May, 55-day moving average
RES 3: $1.2786 50.0% retracement of $1.3284 to $1.2288
RES 2: $1.2748 High 18 June
RES 1: $1.2702 Daily Bollinger band top
LATEST PRICE: $1.2670
SUP 1: $1.2562 Low 18 June
SUP 2: $1.2533 21-day moving average
SUP 3: $1.2437 Low 8 June
SUP 4: $1.2359 Daily Bollinger band base
GBP/USD: Holds Over 21-DMA, Studies Remain Firm
Cable bulls pushed over the 21-day moving average, now at $1.5562, which saw a bull-cross with the 5-DMA (providing initial support at $1.5678). The studies remain firm, turning bull’s attention to a sustained break of the 200-day moving average ($1.5753).
RES 4: $1.5840/50 100, 55-day moving average
RES 3: $1.5802 Spike high 18 June
RES 2: $1.5795 Bollinger band
RES 1: $1.5753/57 200-day moving average, High 19 June
LATEST PRICE: $1.5721
SUP 1: $1.5601/03 High 7 June, Low 12 Mar
SUP 2: $1.5562 21-day moving average
SUP 3: $1.5404 Low 8 June
SUP 4: $1.5322 Low 5 June
USD/JPY: Daily Studies Fade
USD/JPY has been capped by the 1% moving average envelope, now at Y80.05, and now sees daily studies showing a bear-cross in the daily stochastic study. Bears will want to turn attention to Fibonacci retracements of the June rally at Y78.74 and Y78.48. The Kijun and Tenkan lines stand at Y79.11/21 along with the 21-DMA, but main resistance starts from Y79.83.
RES 4: Y80.84/91 2% MAE, 50% retracement of Y84.16-Y77.66
RES 3: Y80.32/56 Ichimoku cloud base, 100-DMA, High 16 May
RES 2: Y80.00/14 55-DMA, Bollinger, 1% MAE, 38.2% of Y84.16-Y77.66
RES 1: Y79.83 June high
LATEST PRICE: Y78.86
SUP 1: Y78.61/77 Low 15 June, 200-day moving average
SUP 2: Y78.46/48 1% MAE, 61.8% retracement of June recovery
SUP 3: Y78.28 Bollinger band
SUP 4: Y77.66/67 Recovery low 1 June, 2% moving average envelope,
AUD/USD: Key resistance just above
Sequence of higher highs and higher lows continues with the pair having broken back above the 100 week MA ($1.0177). Key resistance lies just above with a close above the $1.0220-52 region then seeing focus shift back to the $1.0474 April monthly highs. Daily tech studies are in o/b territory but a close back below the June 18 lows is now needed to shift focus lower
RES 4: $1.0328 – 100 day moving average
RES 3: $1.0252 – 200 day moving average
RES 2: $1.0235 – Ichimoku Cloud base
RES 1: $1.0220 – 50.0% retracement of $1.0856-0.9584 move
LATEST PRICE: 1.0187
SUP 1: $1.0104 – Low June 19
SUP 2: $1.0059 – Low June 18
SUP 3: $0.9996 – Low June 15
SUP 4: $0.9922 – Low June 14
EasyForexNews Research Team