Daily Market Technicals

EUR/USD: Holds Above 23.6% Level, Bulls Eye Jan 14 High At $1.3404. The pair struggles to maintain a break below the 23.6% of $1.2877-1.3404, former initial support at $1.3280, current price action holds just above. Daily studies remain bullish, however are still a touch weaker. The bearish engulfing candle looms but weekly and monthly studies are also bullish. Initial supp now seen at $1.3203/05, the 38.2% level and 21-DMA. The pair needs to break above $1.3404, the Jan 14 high, to return to a bullish trend.
RES 4: $1.3442 100-month MA
RES 3: $1.3404 High Jan 14
RES 2: $1.3385/87 Upper daily Bollinger band, 100-week MA
RES 1: $1.3321 5-day moving average
LATEST PRICE: $1.3281
SUP 1: $1.3203/05 38.2% of $1.2877-1.3404 & 21-DMA
SUP 2: $1.3140/50 50.0% of $1.2887-1.3404, Former 38.2% of $1.4940-1.2043
SUP 3: $1.3072/78 Former May 1 trendline, 61.8% of $1.2877-1.3404
SUP 4: $1.3026/33 Lower daily Bolli band & Jul 24 support line, 55-DMA

GBP/USD: Close Below Jun 2012 Support Line Encourages Bears. GBP moves below the former Jun 2012 support line, now initial resistance at $1.6041. Daily studies are mainly bearish and the pair may move down to test initial support, the lower daily Bollinger band at $1.5967 alongside the 76.4% level and 100-week MA at $1.5959/61. Below here lies the 200-DMA at $1.5909. Bulls will be looking to test and break above the former Jun 2012 support line as daily slow stochastic study enters oversold territory.
RES 4: $1.6208 Former Apr 2011 Trendline
RES 3: $1.6127 21-day moving average
RES 2: $1.6063/73/74 55-DMA, 21-week MA, 100-DMA
RES 1: $1.6040 Jun 2012 supp line, former 61.8% of $1.5829-1.6381
LATEST PRICE: $1.5997
SUP 1: $1.5959/61/67 76.4% of $1.5829-1.6381, 100-week MA, Lower Bolli band
SUP 2: $1.5909 200-DMA
SUP 3: $1.5844/70 200-week MA, 55-week MA
SUP 4: $1.5829 Low 15 Nov

USD/JPY: Buying Pressure Cautions Bears, Studies Still Slide. USD/JPY has been leaving some long lower shadows, highlighting the buying pressure as it recovers some lost ground in early trading today. The pair appears to have bounced from the Dec 21 supp line and Tenkan line at Y88.20/25, respectively. Daily studies remain bearish however are a touch firmer. Initial res seen at Y88.87, the Jan 16 high. A break above here could see dollar-yen move up to challenge Y89.67, the Jan 14 high.
RES 4: Y90.51 3.00% MA Envelope
RES 3: Y89.67 High Jan 14
RES 2: Y89.22 Monthly Ichimoku cloud base
RES 1: Y88.87 High Jan 16
LATEST PRICE: Y88.71
SUP 1: Y87.79 23.6% of Y81.69-89.67
SUP 2: Y87.06 21-day moving average
SUP 3: Y86.40/62 Kijun line, 38.2% of Y81.69-89.67
SUP 4: Y85.68 50.0% of Y81.69-89.67

EUR/JPY: Key Initial Support At Y116.79/85, Bulls Eye Jan 14 High. EUR/JPY holds above the 23.6% of Y105.98-120.13 and the Tenkan line at Y116.79/85, our initial support level. Daily studies are mixed as 10-day momentum is chopping and changing while slow stochastic study looks overbought. Bears will be looking to break and close below initial support to test the Dec 10 support line at Y115.63. A close below here will confirm a bearish trend. Bulls will aim to regain the Jan 14 high at Y120.13.
RES 4: Y127.91 High April 2010
RES 3: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 reversal high
RES 2: Y120.13 High Jan 14
RES 1: Y118.25 High Jan 16
LATEST PRICE: Y117.72
SUP 1: Y116.79/85 23.6% of Y105.98-120.13, Tenkan line
SUP 2: Y116.31 Jan 10 Marabuzo mid-point
SUP 3: Y115.99 High Jan 2
SUP 4: Y115.63 Support line from Dec 10

 

EasyForexNews Research Team