EUR/USD: Closes Above 200-DMA. EUR/USD has taken out the falling daily trend line and closed above the 200-DMA for the first time since late Nov 2011, adding support to the bullish case. The 1.3000 level is now the initial topside target with the potential for a move that sees the long term falling trend line off the April 2011 highs coming in around 1.3210 tested. Daily tech studies are in overbought territory.
RES 4: $1.3284 – Monthly high May 1
RES 3: $1.3065 – High May 7
RES 2: $1.3000 – Psychological level & previous key daily support
RES 1: $1.2875 – 21 day upper Bollinger band
LATEST PRICE: $1.2861
SUP 1: $1.2761 – Hourly support Sept 11
SUP 2: $1.2650 – Hourly breakout level Sept 7
SUP 3: $1.2504 – Low Sept 5
SUP 4: $1.2466 – Low Aug 28
GBP/USD: Breaks Higher, 2012 Highs In Focus. The break higher unfolded nicely as Cable continues to work its way towards the 2012 highs at $1.6302. The 21 day upper Bollinger band ($1.6076) continues to head sharply higher with spikes above expected to continue. Overall a move back below the rising daily trend line around $1.5872 is needed to see focus return to retests of the rising daily channel base ($1.5588).
RES 4: $1.6302 – 2012 high April 30
RES 3: $1.6250 – High May 1
RES 2: $1.6201 – High May 4
RES 1: $1.6121 – High May 14
LATEST PRICE: $1.6074
SUP 1: $1.6060 – Hourly support Sept 12
SUP 2: $1.5962 – Low Sept 10
SUP 3: $1.5924 – Low Sept 7
SUP 4: $1.5872 – Rising daily trend line from Aug 3 low
USD/JPY: 2012 Lows Fast Approaching. The move lower continues for USD/JPY with the pair having traded at fresh 3 month lows and currently pausing just above the now falling 21 day lower Bollinger band. Further stop loss related selling is expected on a break of the 2012 lows with Feb 2011 and then Oct 2011 monthly lows then becoming the focal points. Topside the Y79.00-30 region remains key resistance.
RES 4: Y79.58 – 21 day upper Bollinger band
RES 3: Y79.31 – 200 day moving average
RES 2: Y79.01 – Double daily top Sept 6 & 7
RES 1: Y78.32 – High Sept 10
LATEST PRICE: Y77.84
SUP 1: Y77.70 – 21 day lower Bollinger band
SUP 2: Y77.66 – 2012 low June 1
SUP 3: Y76.04 – Monthly low Feb 1 2011
SUP 4: Y75.32 – Monthly low Oct 31 2011
EUR/JPY: Y99.01-30 Seen As Key Support. The pair continues to remain supported by the 100-DMA and capped by Friday’s high. The Y99.01-30 region is key support with a break lower threatening the rising channel base (Y98.49) and then the multiple daily lows at Y98.01. Overbought daily tech studies are noted and will become an issue eventually but for now while Y99.01-30 remains
in play higher levels are favoured.
RES 4: Y101.79 – 200 day moving average
RES 3: Y101.61 – High June 21
RES 2: Y100.81 – High July 3
RES 1: Y100.41 – High Sept 7
LATEST PRICE: Y100.11
SUP 1: Y99.82 – Hourly support Sept 7
SUP 2: Y99.30 – 100 day moving average
SUP 3: Y99.01 – Previous daily resistance now support
SUP 4: Y98.01 – Multiple daily lows Aug
EasyForexNews Research Team