EUR/USD: Doji Halted Slide, Daily Studies Turning Higher. The pair looks to reverse after leaving a doji on Tuesday, the pair closed above key res from the 5-DMA, 21-wk MA and 100-DMA, now initial supp at $1.3121/24/28, respectively. Daily studies are reversing and slow stochastic shows a buy-signal in oversold territory turning focus higher. Initial res seen at $1.3182/96, the 23.6% $1.3711-1.3018 and the former 61.8% $1.2877-1.3711. A break above here could see retest the former Jul 2012 supp line at $1.3257.
RES 4: $1.3283/94/96 38.2% $1.3711-1.3018, 50.0% $1.2877-1.3711, 55-DMA
RES 3: $1.3301 Weekly supp line from Jul 2012 low
RES 2: $1.3257/58 Jul 2012 daily supp line, Res line from Feb 1
RES 1: $1.3182/96 23.6% of $1.3711-1.3018, Former 61.8% of $1.2877-1.3711
Latest price: $1.3149
SUP 1: $1.3121/24/28 5-DMA, 21-week MA, 100-day moving average
SUP 2: $1.3074 76.4% of $1.2877-1.3711
SUP 3: $1.3018/22 Low Feb 26, Lower daily Bolli band
SUP 4: $1.2998 Low Jan 4
GBP/USD: Daily Studies Turning Bullish, Wkly & Mthly Studies Bearish. The cross holds above the Feb 25 low at $1.5073, still initial supp alongside yesterday’s low of $1.5081. The pair aims higher and we see initial res at $1.5219/35, the Feb 26 high and Jan 2012 reversal low. Daily studies appear to be turning higher, slow stochastic formed a buy-signal but we wait for the close to confirm. However, wkly and mthly studies are bearish and we still see a measured move to $1.4795, but bulls aim above initial res for now.
RES 4: $1.5445/69 Res line from Jan 2, 5-week MA
RES 3: $1.5382 23.6% of $1.6381-1.5073
RES 2: $1.5321 High Feb 22 & Lower weekly Bolli band
RES 1: $1.5219/35 Feb 26 high, Reversal low Jan 2012
Latest price: $1.5169
SUP 1: $1.5073/81 Low Feb 25, 27
SUP 2: $1.5006 Lower daily Bolli band
SUP 3: $1.4927 3.00% lower MA envelope
SUP 4: $1.4855 61.8% of $1.3503-1.7043
USD/JPY: Fails To Close Below 23.6% Again, Dly & Wkly Studies Slide. USD/JPY continues to ignore declining daily and weekly studies and holds just above the Kijun line and 23.6% of Y81.72-94.77, initial supp at Y91.60/69. The last three sessions have all shown some decent lower shadows, as well as upper shadows, highlighting the indecision in the market. The pair holds below key initial res, the Tenkan line and 21-DMA at Y92.82/93.05, a level which bulls may aim to test. Bears will be looking to close below initial support.
RES 4: Y94.99 May 2010 reversal high,
RES 3: Y94.46/77 Feb 11 high, Feb 25 high
RES 2: Y93.99 38.2% of Y124.14-75.35
RES 1: Y92.82/93.05 Daily Tenkan line, 21-day moving average
Latest price: Y92.36
SUP 1: Y91.60/69 Kijun line, 23.6% of Y81.72-94.77
SUP 2: Y90.88 Low Feb 25
SUP 3: Y90.12/22 Weekly support line from Nov 2012, Weekly Tenkan line
SUP 4: Y89.78 38.2% of Y81.72-94.77
EUR/JPY: 55-DMA Held As Support, Bulls Eye Tenkan & Kijun Lines. The pair bounces from the 55-DMA to trade higher while daily studies appear to be reversing higher. The pair currently holds below the Tenkan and Kijun lines which form part of initial res at Y122.32/58/65, the Tenkan line, former 23.6% and Kijun line. A break above here could turn the pair bullish again, however, bears aim to break below the 55-DMA, further support at Y119.21. Ahead of here, initial supp seen at Y120.13/16, the highs of Jan 14 and 22.
RES 4: Y125.24 Reversal high Feb 2010
RES 3: Y124.28 21-DMA
RES 2: Y123.33/43 Apr 2011 high, Feb 8 low
RES 1: Y122.32/58/65 Tenkan line, 23.6% Y105.98-127.71, Kijun line
Latest price: Y121.42
SUP 1: Y120.13/16 High Jan 14, 22
SUP 2: Y119.21/41 55-DMA, 38.2% of Y105.98-127.71
SUP 3: Y118.89 Monthly Ichimoku cloud base
SUP 4: Y117.26/31 55-month MA, Daily Ichimoku cloud top
EasyForexNews Research Team