EUR/USD: Focus Now Turns To 2012 Highs. The EUR/USD continues to distance itself from the 200-DMA with the pair now trading above the previous resistance at $1.3000. Spikes above the sharply rising 21 day upper Bollinger are expected to continue as the pair now focuses on retests of the 2012 highs. The 200-DMA remains our downside pivot point with a close below needed to shift focus lower. Overbought daily tech studies should also be noted.
RES 4: $1.3485 – 2012 High Feb 29
RES 3: $1.3385 – High Mar 27
RES 2: $1.3284 – Monthly high May 1
RES 1: $1.3065 – High May 7
LATEST PRICE: $1.3023
SUP 1: $1.2873 – Low Sept 13
SUP 2: $1.2827 – 200 day moving average
SUP 3: $1.2761 – Hourly support Sept 11
SUP 4: $1.2650 – Hourly breakout level Sept 7
GBP/USD: Fast Approaching 2012 Highs. The 2012 highs are fast approaching with a close below the Sept 12 hourly support at $1.6082 needed to relieve the topside pressure. The 21 day upper Bollinger band continues to head sharply higher with Cable expected to continue to spike above. Overbought daily tech studies are a concern but at present are having no impact as the acceleration higher after the break above $1.6050 earlier this week.
RES 4: $1.6451 – High Aug 29
RES 3: $1.6302 – 2012 high April 30
RES 2: $1.6250 – High May 1
RES 1: $1.6201 – High May 4
LATEST PRICE: $1.6196
SUP 1: $1.6082 – 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: Pausing To Catch Its Breath. USD/JPY is currently correcting a little back towards the initial resistance at Y77.96 but overall a close above the Y79.00-30 resistance region is needed to shift focus higher with the medium term falling trend line off Apr 20 highs coming in around Y79.15. A retest if 2012 lows remains the overall target and daiy tech studies still have room to move before becoming oversold is an issue.
RES 4: Y79.31 – 200 day moving average
RES 3: Y79.01 – Double daily top Sept 6 & 7
RES 2: Y78.32 – High Sept 10
RES 1: Y77.96 – High Sept 11
LATEST PRICE: Y77.64
SUP 1: Y77.43 – 21 day lower Bollinger band
SUP 2: Y77.26 – Low Sept 13
SUP 3: Y76.04 – 2012 low Feb 1 2011
SUP 4: Y75.32 – Monthly low Oct 31 2011
EUR/JPY: 200-DMA Just Above. Fresh 2 month highs for EUR/JPY as the spikes above the rising 21 day upper Bollinger band (Y100.90) continue with the 200-DMA lurking just above. Back above the 200-DMA sees focus shift higher with the 108.00-10 region then targeted. Back below the 100-DMA is now needed to relieve the topside pressure and see focus return to tests of the key Y97.90-00 region.
RES 4: Y104.44 – High May 7
RES 3: Y102.12 – High May 22
RES 2: Y101.76 – 200 day moving average
RES 1: Y101.61 – High June 21
LATEST PRICE: Y101.15
SUP 1: Y100.60 – Hourly low Sept 14
SUP 2: Y99.54 – Low Sept 11
SUP 3: Y99.19 – 100 day moving average
SUP 4: Y97.92 – Low Aug 28
EasyForexNews Research Team