EUR/USD: Breaks Above Feb Res Line But Upcoming 55/100-DMA Bear-Cross. The cross breaks above re-drawn res line from Feb 1 but holds below the 23.6% $1.3711-1.2844, initial key res at $1.3049. Dly studies little firmer and break above here could see bulls rise to the 100-DMA at $1.3133. However, wkly studies are still bearish and the 55-DMA looks likely to cross below the 100-DMA which would form a sell-signal. Initial supp at $1.2910/11/24, the 55-wk MA, Mar 14 low and Mar 13 low. Key supp at $1.2844, the Mar 19 low.
RES 4: $1.3175 38.2% $1.3711-1.2844
RES 3: $1.3133/42/45/50 100-DMA, Upper dly Bolli, Lw Feb 22, 38.2% $1.494/1.204
RES 2: $1.3074/75 76.4% of $1.2877-1.3711, Mar 5 high
RES 1: $1.3049 23.6% of $1.3711-1.2844
Latest price $1.3024
SUP 1: $1.2910/11/24 55-week MA, Low Mar 14, Low Mar 13
SUP 2: $1.2877-88 Lw Dec 7, 200-DMA & Lw Mar 18, 50% $1.204-1.371, Lwr dly Bolli
SUP 3: $1.2844 Low Mar 19
SUP 4: $1.2736/37 Low Nov 21, 2.00% MA envelope lower
GBP/USD: Weekly Studies Turn Higher, Daily Studies Rise. The cross follows daily studies higher and slips above the former Jan 2 res line, however holds just below the upper daily Bolli band at $1.5280. Daily studies continue to rise, albeit becoming stretched and overbought, and further res at $1.5321/28, the Feb 22 high and Sept 2011 reversal low. Weekly studies
are turning bullish and on the weekly chart a Jan 2012 former supp line seen at $1.5342. Initial supp at $1.5198/99, 23.6% and Mar 5 high.
RES 4: $1.5424 38.2% $1.6381-1.4832
RES 3: $1.5342 Jan 2012 supp line weekly chart
RES 2: $1.5321/28 High Feb 22, Reversal low 22 Sept 2011
RES 1: $1.5273/80 50.0% of $1.3503-1.7043, Upper daily Bolli band
Latest price: $1.5245
SUP 1: $1.5198/99 23.6% of $1.6831-1.4832, High Mar 5
SUP 2: $1.5160/70/77 Mar 18 high, 5-DMA, Mar 15 high
SUP 3: $1.5073/81/83 Low Feb 25, 27, 21-DMA
SUP 4: $1.4982/86 High Mar 13, Low Mar 1 & Lower daily Bolli Band
USD/JPY: Studies Slide But Dol-Yen Holds Just Below Tenkan Line. USD firms a little despite the sharply lower daily studies as the pair holds just above the 23.6% of Y88.06-96.71, our former initial supp level. Price action also holds just below the May 2010 reversal high and Tenkan line at Y94.99/95.08, respectively. Wkly studies also bearish and initial supp seen at Y93.73/79/99, the Mar 4 high, Kijun line and 38.2% of Y124.14/75.35. Further supp at Y93.33/41, the Jan 23 supp line and 38.2% of Y88.06-96.71.
RES 4: Y97.14 2.00% upper MA envelope
RES 3: Y96.71 Mar 12 high
RES 2: Y96.11/13 Mar 21 high, Mar 20 high
RES 1: Y94.99/95.08 May 2010 reversal high, Tenkan line
Latest price: Y94.73
SUP 1: Y93.73/79/99 High Mar 4, Kijun line, 38.2% of Y124.14-75.35
SUP 2: Y93.33/41 Jan 23 support line, 38.2% of Y88.06-96.71
SUP 3: Y92.22/38/55 Ichimoku cloud top, 50.0% of Y88.06-96.71, 55-DMA
SUP 4: Y92.09 23.6% of Y77.13-96.71
EUR/JPY: Bulls Test Cloud Top At Y123.70 Despite Studies. The pair remains towards the top of the Ichimoku cloud on dly chart after gapping lower into the cloud on Mar 18. Price action has since broken out and then followed dly studies back below cloud top. Bulls look to break out of the cloud top, seen at Y123.70, price action has already broken above. Initial res now seen at Y124.13/39/54 the high Mar 19, and lows Mar 12, 11. Initial supp at Y121.22/30/36 Mar 18 low, 2.00% lower MA env, Jan 29 low and Feb 26 high
RES 4: Y126.95 High Feb 12
RES 3: Y125.90/92/126.04/25 High Feb 20, High Mar 8, 12, 2.00% MA envelope
RES 2: Y125.24 Reversal high Feb 2010
RES 1: Y124.13/39/54 High Mar 19, Low Mar 12, 11
Latest price: Y123.42
SUP 1: Y121.22/30/36 Low Mar 18, 2.00% lower MA env, Low Jan 29, High Feb 26
SUP 2: Y120.06/13/16 3.00% lower MA envelope, High Jan 14, 22
SUP 3: Y119.78 23.6% of Y94.12-127.71
SUP 4: Y119.41 38.2% of Y105.98-127.71
EasyForexNews Research Team