EUR/USD: Nears 38.2% At $1.3112 While Daily Studies Rise. The pair continues to track higher but last three sessions show significant upper shadows, cautioning bulls. Daily studies also point higher but near overbought levels while the pair nears the daily Bollinger band top, part of initial res at $1.3092. Weekly studies suggest potential for reversal if Eur-dol can break above initial res, seen at $1.3068 to $1.3092. Support seen around $1.2967, Mar 1 low and 5-DMA.
RES 4: $1.3227 50.0% of $1.3711 to $1.2743
RES 3: $1.3145/50/57 100-DMA, 38.2% of $1.4940 to $1.2043, 55-DMA
RES 2: $1.3112/16 38.2% of $1.3711 to $1.2743, 21-month MA
RES 1: $1.3068-92 High Apr 9, 76.4% $1.2877-1.3711, Mar 5 high, Dly Bolli top
Latest price: $1.3046
SUP 1: $1.2965/67/74 Low Mar 6, Low Mar 1 & 5-DMA, 23.6% of $1.3711 to $1.2746
SUP 2: $1.2922 21-DMA
SUP 3: $1.2899 200-DMA
SUP 4: $1.2746/52 Low 4 Apr, Daily Bollinger band base
GBP/USD: Inside-Day Cautions While Dly Studies Trend Sideways. The cross leaves an inside-day, adding risk to downside, while daily studies wane a little from trending higher. Weekly studies also rise, albeit weakly, while monthly studies indicate slightly lower. The monthly chart shows a potential dragon-fly doji reversal pattern if cable ends much higher this month. Bulls will aim for the former Jan 2009 support line at $1.5700 while bears look to challenge the Mar 12 support line at $1.5070.
RES 4: $1.5485 Reversal low 28 Jun 2012
RES 3: $1.5424 38.2% of $1.6381-1.4832
RES 2: $1.5352/63 Upper daily Bolli band, High Apr 5
RES 1: $1.5330 55-DMA
Latest price: $1.5270
SUP 1: $1.5235/45 Weekly low Jan 2012, 5-day moving average
SUP 2: $1.5198 23.6% of $1.6381-1.4832
SUP 3: $1.5150 21-day moving average
SUP 4: $1.5070 Support line from Mar 12 low
USD/JPY: Holds Above Feb 11 Res Line At Y98.97. USD broke above the Feb 11 resistance line and currently holds just above, the Feb 11 res line forms initial support at Y98.97, just below the 4.00% MA envelope top at Y99.09. Dly studies still sharply bullish, although 10-day momentum consolidates a little. The hourly high is initial res at Y99.66 and just above is the 50.0% of Y124.14-75.35 at Y99.74. Bears look to break below the Feb 11 res line, bulls aim for the monthly cloud top at Y100.19.
RES 4: Y101.45 Reversal high Apr 2009
RES 3: Y100.19 Monthly Ichimoku cloud top
RES 2: Y99.74 50.0% Fibonacci of Y124.14 to Y75.35
RES 1: Y99.66 Hourly High
Latest price: Y99.34
SUP 1: Y98.97/99.09 Resistance line from Feb 11, 4.00% MA envelope top
SUP 2: Y98.77 Bollinger band top
SUP 3: Y98.13/19/29 3.00% MA envelope top, 38.2% of Y135.15-75.35, 100-month MA
SUP 4: Y97.79 Aug 2009 high
EUR/JPY: Negative Divergence On 10-Week Momentum. Euro pushed up to just below the big figure number Y130.00 to leave an hourly high at Y129.94 and has since slipped to leave a slight upper-shadow. Daily studies are still trending sharply higher and slow stochastic is about to hit overbought level. Focus turns to tests of the hourly high, bulls will aim to break higher but 10-week momentum shows negative divergence as it trends lower. Support at Y128.91, the daily Bollinger band top.
RES 4: Y132.50 123.6% Projection of Y119.11 to Y129.94
RES 3: Y132.04 50.0% of Y169.96-Y94.12
RES 2: Y131.86 100-month MA
RES 1: Y129.94 Hourly high
Latest price: Y129.43
SUP 1: Y128.91 Daily Bollinger band top
SUP 2: Y127.38/80 23.6% of Y119.11 to Y129.94, 4.00% MA envelope top
SUP 3: Y126.57 3.00% MA envelope top
SUP 4: Y125.80 38.2% of Y119.12 to Y129.94
EasyForexNews Research Team