EUR/USD: Bullish key-day reversal yesterday, which saw price action close and break above the 200-day moving average and also the 2-month channel top. However, momentum study isn’t convinced, which is now back in negative territory. Support is at 21-day moving average, which is valued at $1.2919 and close back below the 200-day moving average likely to see momentum wane further.
RES 4: $1.3115 38.2% of $1.3711 to $1.2746
RES 3: $1.3074/75/81 76.4% of $1.2877-1.3711, Mar 5 high, Bollinger band top
RES 2: $1.3047 High Mar 25
RES 1: $1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of $1.3711 to $1.2746
Latest price: $1.2926
SUP 1: $1.2919 21-day moving average
SUP 2: $1.2894 200-day moving average
SUP 3: $1.2749/46 Daily Bollinger band base, Low 4 Apr
SUP 4: $1.2680/84 61.8% of $1.2043 to $1.3711, Support line from 1 Mar
GBP/USD: Outlook Bearish Whilst Below June 1, 2012 Low. Impressive outside day session seen yesterday, but still remains below the June 1, 2012 low at $1.5269, and whilst below here, the outlook is bearish. Support is at 5-day moving average at $1.5184 ahead of $1.5027/34 and $1.4999, the 61.8% of $1.4832-$1.5269 move. The daily stochastic study is bearish crossed with fast 10-day momentum still threatening a break below the zero line, but as yet unconfirmed.
RES 4: $1.5349 55-DMA
RES 3: $1.5321/28/33 High Feb 22, Low 22/23 Sept 2011
RES 2: $1.5269 High Mar 25, June 1 2012 low
RES 1: $1.5251 Resistance line from Feb 22
Latest price: $1.5219
SUP 1: $1.5185 5-day moving average
SUP 2: $1.5027/34 Low Mar 20, Low Apr 4
SUP 3: $1.4999 61.8% of $1.4832-$1.5269
SUP 4: $1.5027 Low Mar 20
USD/JPY: Not Much Point Standing Infront Of Bullet Train. Impressive rally so far and likely to continue as daily studies recover from oversold territory and 10-day momentum now picking up steam. From here, not much significant resistance until Y97.79 – the Aug 2009 high and Y98.19/26, which is the 38.2% of Y135.15 to Y75.35 and also the 100-month moving average. Above here, focus is on Y99.70/74, which is resistance line from Feb 11 and long-term Fibonacci 50.0% of Y124.14 to Y75.35.
RES 4: Y99.70/74 Resistance line from Feb 11, 50.0% of Y124.14 to Y75.35
RES 3: Y98.19/26 38.2% of Y135.15 to Y75.35, 100-month MA
RES 2: Y97.79 Aug 2009 high
RES 1: Y97.06/19 Bollinger band top, Hourly high
Latest price: Y96.31
SUP 1: Y95.43 38.2% of Y92.57-Y97.19
SUP 2: Y95.09 21-day moving average
SUP 3: Y94.82/88 Kijun & Tenkan line of Ichimoku, 50% of Y92.57-Y97.19
SUP 4: Y92.68 Ichimoku cloud top
EUR/JPY: Rally so far halted by Y125.59 Fibonacci level, 76.4% of Y127.71-Y118.73 move, but upside risks following break above 2-month channel top. From here support is at Y123.85 and Y123.12, which is the 38.2% of Y119.12 to Y125.59 move. The medium-term outlook remains constructive whilst Kijun line of Ichimoku and Ichimoku cloud top holds at Y122.57/77.
RES 4: Y127.71 High Feb 6,
RES 3: Y126.62/95 Daily Bollinger band top, High Feb 12
RES 2: Y126.04 High Mar 12
RES 1: Y125.59 76.4% of Y127.71-Y118.73
Latest price: Y124.25
SUP 1: Y123.85 High Mar 25
SUP 2: Y123.12 38.2% of Y119.12 to Y125.59
SUP 3: Y122.57/77 Kijun line of Ichimoku, Ichimoku cloud top
SUP 4: Y121.87 High Mar 27
EasyForexNews Research Team