EUR/USD: M/T Outlook Bearish Whilst Below 19-Mth Res Line. The recovery back above the 55-day moving average and subsequent hammer candlestick is seen as as red-herring and m/t risks still seen to the downside whilst below the long-term resistance line from May 2011. The daily studies are turning lower from overbought territory with stochastic on verge of a sell-signal.
RES 4: $1.3072/84 Resistance line from 29 Feb, High 22 Oct
RES 3: $1.3027/52 76.4% of $1.3140-$1.2662, 76.4% of $1.3172-$1.2662
RES 2: $1.2990/1.3003 Res line fm May 2011, Daily Bollinger band top
RES 1: $1.2958/61 5-day moving average, hourly high
LATEST PRICE: $1.2947
SUP 1: $1.2869/76 Low 23 Nov, 38.2% of $1.2662 to $1.3009
SUP 2: $1.2830/36 21-day moving average, 50.0% of $1.2662 to $1.3009
SUP 3: $1.2795/97 61.8% of $1.2662 to $1.3009, 200-day moving average
SUP 4: $1.2730 Low 19 Nov
GPD/USD: Consolidating Between 21 & 55-DMA’s. The pair is consolidating between the 21 & 55-day moving average’s at $1.5960 & $1.6058, respectively. Above here, a 2-month channel resistance line is today valued at $1.6084 — falling 5 pips/session. Whilst this caps, the m/t risks remain skewed lower as the daily studies begin to top out in overbought territory.
RES 4: $1.6175 Failure high 1 Nov
RES 3: $1.6135 High 2 Nov
RES 2: $1.6084 Resistance line from 21 Sep
RES 1: $1.6058/69 55-DMA, 50.0% of $1.6309-$1.5829
LATEST PRICE: $1.6012
SUP 1: $1.5997 Low 26 Nov
SUP 2: $1.5960/69 21-day moving average, 38.2% of $1.5829-$1.6056
SUP 3: $1.5919 Low Nov 11
SUP 4: $1.5829/62 Low 15 Nov, 200-day moving average
USD/JPY: 10-Day Momentum Study Sharply Lower. The fast 10-day momentum study is sharply lower and stochastic oscillator remains firmly in sell-mode following reversal from overbought territory. Support is seen at Y81.49/72, where former is 23.6% of Y77.13-Y82.84. Minor resistance at Y82.26 but Y82.85 – 38.2% of Y94.99 to Y75.35 — is seen as stronger level.
RES 4: Y83.30 High 2 Apr
RES 3: Y83.13 Resistance line from 6 Apr, 2011
RES 2: Y82.84/85/94 High 22 Nov, 38.2% of Y94.99 to Y75.35, High 4 Apr
RES 1: Y82.26 50.0% of Y82.84 to Y81.69
LATEST PRICE: Y82.16
SUP 1: Y81.49/69 23.6% of Y77.13-Y82.84, Low 28 Nov
SUP 2: Y80.68/99 High 2 Nov, 21-day moving average
SUP 3: Y80.96 Kijun Line
SUP 4: Y79.87 200-day moving average
EUR/JPY: M/T Risks Skewed Lower Whilst Y107.35 Fibonacci Caps. Impressive bounce off Y105.28 seen yesterday and just ahead of Tenkan line at Y105.20. However, m/t risks are seen skewed lower as
the daily stochastic study confirms bearish cross and 10-day momentum fast losing steam. Initial Fibonacci resistance seen at Y106.70, but Y107.35 – 76.4% of March to July decline – is key topside level.
RES 4: Y108.73 50.0% of Y123.33 to Y94.12
RES 3: Y108.00 High 20 Apr
RES 2: Y107.14/35 High 26 July, 76.4% of Mar-July decline
RES 1: Y106.70 76.4% of Y107.13-Y105.28
LATEST PRICE: Y106.45
SUP 1: Y105.20/28 Tenkan line of Ichimoku cloud, Low 28 Nov
SUP 2: Y104.59 High 23 Oct
SUP 3: Y103.69/74 Low 20 Nov, Kijun line, 21-day moving average
SUP 4: Y102.23/81 200-day moving average, 55-day moving average
EasyForexNews Research Team