EUR/USD: Break Of Initial Support Favoured. The EUR/USD remains heavy as daily tech studies unwind their very overbought condition with the pair looking like retesting the Sept 14 lows. A break lower currently remains favoured that sees the 200-DMA retested with a close above the long term falling daily trend line at $1.3155 needed to see immediate focus shift back to retests of the 2012 highs set in late March. Expect stops below the Sept 14 lows.
RES 4: $1.3385 – High Mar 27
RES 3: $1.3284 – Monthly high May 1
RES 2: $1.3155 – Falling LT daily trend line off May 4 2011 highs
RES 1: $1.3086 – High Sept 19
LATEST PRICE: $1.3049
SUP 1: $1.2985 – Low Sept 14
SUP 2: $1.2873 – Low Sept 13
SUP 3: $1.2828 – 200 day moving average
SUP 4: $1.2761 – Hourly support Sept 11
GBP/USD: Test Of Sept 12 Support Targeted. The correction from the failed tops in the $1.6270-75 region and ahead of the 2012 highs appears to be underway, with correcting very oversold daily tech studies coming into play. A move back to the Sept 12 hourly support is initially favoured. A hold above the Sept 12 hourly support keeps hopes of retests of 2012 highs alive, whereas a close below the $1.6082 level opens up for a deeper pullback.
RES 4: $1.6616 – High Aug 19 2011
RES 3: $1.6451 – High Aug 29 2011
RES 2: $1.6302 – 2012 high April 30
RES 1: $1.6272 – Monthly high Sept 17
LATEST PRICE: $1.6205
SUP 1: $1.6144 – Low Sept 14
SUP 2: $1.6082 – Hourly support Sept 12
SUP 3: $1.5962 – Low Sept 10
SUP 4: $1.5890 – 38.2% retracement of $1.5270-1.6272 move
USD/JPY: 200-DMA And Cloud Top Now Key Topside. The Y79.01-33 region appeared too much for the USD/JPY bounce from Sept lows with the failure to close above ensuring focus remains on retests of the lows for the month so far. The 200-DMA now remains the key to a shift topside in focus with the Ichimoku Cloud top noted just ahead at Y79.27. Sept 17 lows remain initial support with a
break below ensuring initial focus remains on lower levels.
RES 4: Y80.61 – Monthly High June 25
RES 3: Y79.66 – Monthly High Aug 20
RES 2: Y79.32 – 200 day moving average
RES 1: Y79.09 – 21 day upper Bollinger band
LATEST PRICE: Y78.29
SUP 1: Y78.17 – Low Sept 17
SUP 2: Y77.71 – 21 day lower Bollinger band
SUP 3: Y77.26 – Low Sept 13
SUP 4: Y76.04 – 2012 low Feb 1 2011
EUR/JPY: Looking For A Sub 200-DMA Close. The pair dipped below the 200-DMA today as daily tech studies continue to correct from very overbought levels and add weight to calls for a deeper correction. A close below the 200-DMA today would see immediate focus turn to tests of the Y99.00-55 region with the rising daily trend line off 2012 lows also seen supporting here. Topside hopes likely on hold until break above Y103.84 Sept monthly high’s seen.
RES 4: Y104.85 – 61.8% retracement of Y111.42-Y94.14 move
RES 3: Y104.44 – High May 7
RES 2: Y103.84 – Monthly high Sept 17
RES 1: Y102.53 – Hourly resistance Sept 19
LATEST PRICE: Y101.81
SUP 1: Y100.60 – Hourly low Sept 13
SUP 2: Y99.54 – Low Sept 14
SUP 3: Y99.08 – 100 day moving average
SUP 4: Y97.92 – Low Aug 28
EasyForexNews Research Team