EUR/USD: Bulls Look To Hold Above 21-DMA At $1.3438. The pair rises above the 5 and 21-DMAs, now initial support at $1.3414/38, however daily studies remain bearish but nearing oversold levels. However, monthly studies remain bullish. Bears will look to break below the 21-DMA and perhaps the 38.2% of $1.2877-1.3711, if they can hold to close below we may see a return to the S-T bearish trend. Yet bulls will be aiming higher and initial res seen at $1.3487/91, the Feb 2012 high and 50.0$ $1.4940-1.2043.
RES 4: $1.3561 55-month MA
RES 3: $1.3532 200-week MA
RES 2: $1.3514 23.6% of $1.2877-1.3711
RES 1: $1.3487/91 High Feb 2012, 50.0% $1.4940-1.2043
Latest price: $1.3449
SUP 1: $1.3414/38 5-DMA, 21-DMA
SUP 2: $1.3376/92 100-week MA, 38.2% of $1.2877-1.3711
SUP 3: $1.3275/94 21-month MA, 50.0% of $1.2877-1.3711
SUP 4: $1.3220/38/53 Weekly supp line Jul 2012 low, Lower Bolli band, 55-DMA
GBP/USD: Dragonfly Doji Cautions Bears, Monthly Studies Bearish. The cross posts a new low at $1.5571 yesterday, the lowest since 7th Aug 2012, but also leaves a dragonfly doji after bouncing from the lower daily Bolli band, further supp at $1.5581. Daily studies lend little direction, however monthly studies are reversing lower and a close below the monthly Jan 2009 trendline, at $1.5614, would break the rising triangle which may see a measured move to $1.4795. However, the long lower shadow cautions bears.
RES 4: $1.5866/75 200-wk MA, 200-DMA
RES 3: $1.5813 38.2% of $1.6747-1.5235
RES 2: $1.5746/62/80 Low Jan 25, 23.6% of $1.6381-1.5571, 21-DMA
RES 1: $1.5696/5704 Redrawn short-term res line from Jan 2, 5-DMA
Latest price: $1.5683
SUP 1: $1.5614/31 Monthly Trendline from Jan 2009, Low Feb 5
SUP 2: $1.5571/81 Low Feb 12, Lower daily Bolli band
SUP 3: $1.5531 76.4% of $1.5269-1.6381
SUP 4: $1.5491 Low Aug 2 2012
USD/JPY: Sinks From New High, Weekly Studies Stretched. USD/JPY falls to the Tenkan line at Y93.04, where it holds just above despite breaking lower. Weekly studies remain bullish but stretched and the weekly chart now shows two sessions with long upper shadows, however we await the end of the week to confirm. Daily studies are also kinda bearish. Initial supp now seen at Y92.54, the Dec 21 support line. Bulls will be aiming to retest the Feb 11 high at Y94.46 if they wish to continue the bullish trend.
RES 4: Y94.99/95.13 May 2010 reversal high, 3.00% MA envelope
RES 3: Y94.46 Feb 11 high
RES 2: Y94.20 2.00% upper MA envelope
RES 1: Y93.99 38.2% Fibo of Y124.14 to Y75.35
Latest price: Y93.10
SUP 1: Y92.54 Dec 21 support line
SUP 2: Y91.41/45/46 High Jan 30, 23.6% of Y81.72-94.46, 21-DMA
SUP 3: Y90.65 Kijun line
SUP 4: Y89.22 Monthly Ichimoku cloud base
EUR/JPY: Bears Slip Below Tenkan Line Again, Monthly Studies Bullish. EUR/JPY slips below the Tenkan line once more while daily studies slide further. Initial support now seen at Y124.50, the Feb 7 low. Bears may look to slide to the Dec 10 support line, which now lies at Y122.17, however monthly studies remain bullish and bulls will look to return to the Feb 6 high at Y127.71. Weekly studies are extremely stretched and slow stochastic did show a sell-signal, but this appears to be cancelling itself out.
RES 4: Y128.26 3.00% MA envelope
RES 3: Y127.91 Reversal high April 2010
RES 2: Y127.71 High Feb 6
RES 1: Y127.02 2.00% MA envelope
Latest price: Y125.13
SUP 1: Y124.50 Low Feb 7
SUP 2: Y123.86 High Jan 30
SUP 3: Y123.09/33 38.2% of Y169.96-Y94.12, Apr 2011 high
SUP 4: Y122.91 21-day moving average
EasyForexNews Research Team