EUR/USD: Daily Studies Firming But 21 & 55-DMAs Bear Cross. The pair recovers some ground just above the March low of $1.2967 while daily studies appear to be turning higher, however the 21-DMA has just bearishly crossed below the 55-DMA, cautioning bulls. Initial res seen as the Mar 5 high at $1.3075, the 100-DMA is further res at $1.3128 and the key 23.6% of $1.3711-1.2967 lies at $1.3143. Initial supp seen at $1.3044, the 5-DMA, and further supp at $1.2967, the Mar 1 low. Bulls will attempt to hold above again.
RES 4: $1.3186/96 Res line from Feb 1, Former 61.8% of $1.2877-1.3711
RES 3: $1.3143/45/50 23.6% $1.3711-1.2967, Low Feb 22, 38.2% $1.4940/1.2043
RES 2: $1.3128 100-day moving average
RES 1: $1.3075 Mar 5 high
Latest price: $1.3063
SUP 1: $1.3044 5-day moving average
SUP 2: $1.2967 Low Mar 1
SUP 3: $1.2917/22 Lower daily Bolli band, 55-week MA
SUP 4: $1.2877 Reversal low Dec 7, 50.0% of $1.2043-1.3711
GBP/USD: Bulls Fail To Break Higher But Daily & Weekly Studies Firming. The cross still holds just above the low of $1.4986 from Mar 1, bulls appear to be trying to break higher but meet res around $1.5199, yesterday’s high. Daily studies show signs of recovery, but we note the measured move of the broken mthly rising triangle pattern still targets $1.4795. Initial res still at $1.5157/63, the lower mthly and wkly Bolli bands. Initial supp seen at $1.5117, the 5-DMA. Monthly studies remain bearish but weekly studies are firmer.
RES 4: $1.5273 50.0% of $1.3503-1.7043
RES 3: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 2: $1.5199 High Mar 5
RES 1: $1.5157/63 Lower Mthly Bolli band, Lower wkly Bolli
Latest price: $1.5142
SUP 1: $1.5117 5-DMA
SUP 2: $1.5073/81 Low Feb 25, 27
SUP 3: $1.4986 Low Mar 1
SUP 4: $1.4887 Lower daily Bolli band
USD/JPY: Daily Studies Wane, Bears Eye Close Below Tenkan $ Kijun Lines. The pair left a lower high and lower low, albeit barely, as the pair trades just above the Tenkan line and Kijun line, initial supp at Y92.71/82 respectively. Daily studies had turned higher but appear to be weakening once more. Bears look to break and close below initial supp to test the 23.6% level at Y91.69. Bulls aim above the Mar 3 high at Y93.73 and 38.2% of Y124.14-75.35 at Y93.99, a close above here encourages a test of the Feb 25 high at Y94.77.
RES 4: Y95.87 3.00% MA envelope
RES 3: Y94.94/99 2.00% upper MA envelope, May 2010 reversal high
RES 2: Y94.46/77 Feb 11 high, Feb 25 high
RES 1: Y93.73/99 High Mar 4, 38.2% of Y124.14-75.35
Latest price Y93.18
SUP 1: Y92.71/82 Kijun line, Tenkan line
SUP 2: Y91.69 23.6% of Y81.72-94.77
SUP 3: Y90.85/80/88 Wkly supp line from Nov 2012, Wkly Tenkan line, Low Feb 25
SUP 4: Y90.33 55-DMA
EUR/JPY: Pennant Pattern Forming, Holds Below Tenkan Line. EUR/JPY hasn’t moved much since last week as it holds just below the Tenkan line, initial res at Y122.05. The pair is forming a pennant pattern, the baseline appears as initial supp at Y120.44, drawn from the Feb 25 low, and the top from Feb 6 res line at Y124.11. We await a breakout of this pattern. Dly studies still bullish, mthly studies rise but wkly studies are bearish. Bears look to test the pennant baseline if the pair holds below the Tenkan line.
RES 4: Y125.01/07/24 Low Feb 12, 2.00% MA envelope, Reversal high Feb 2010
RES 3: Y124.11 Res line from Feb 6 high
RES 2: Y123.22/33/43/48 Kijun line, Apr 2011 high, Feb 8 low, 21-DMA
RES 1: Y122.05/17/58 Tenkan line, High Mar 1, 23.6% Y105.98-127.71
Latest price: Y121.75
SUP 1: Y120.44 Support line from Feb 25
SUP 2: Y120.00/13/16 55-DMA, High Jan 14, 22
SUP 3: Y119.41 38.2% of Y105.98-127.71
SUP 4: Y119.13 Daily Ichimoku cloud top
EasyForexNews Research Team