EUR/USD: Tests Dly Bolli Top, Holds Below 38.2% At $1.3112. The pair pushes higher again to test the daily Bollinger band top, now at $1.3110 and part of initial res. Daily studies still sharply higher and 10-day momentum is almost at the highs seen after the rally ending on Feb 1. Weekly slow stochastic lines are almost crossing to form a buy-signal but 10-wk momentum still shows negative divergence. Key res at $1.3112, the 38.2% of $1.3711-1.2743, bulls aim to break above but failure opens downside.
RES 4: $1.3308 Reversal high Dec 19
RES 3: $1.3227 50.0% of $1.3711 to $1.2743
RES 2: $1.3145/50/57 100-DMA, 38.2% of $1.4940 to $1.2043, 55-DMA
RES 1: $1.3103/10/12/16 Apr 9 high, Dly Bolli top, 38.2% $1.371-1.2743 21-mth MA
Latest price: $1.3087
SUP 1: $1.3021/40/47 5-DMA, Highs Apr 5, Mar 25
SUP 2: $1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of $1.3711 to $1.2746
SUP 3: $1.2926 21-DMA
SUP 4: $1.2902 200-DMA
GBP/USD: Third Inside-Day Adds Caution To Upside. The cross posts a third inside-day, with a lower high and higher low, despite the slightly bullish daily and weekly studies. Monthly studies still a bit bearish. Bulls will be aiming to break above the Apr 5 high at $1.5363, above here would see the pair extend gains past the daily Bolli top to the 38.2% of of $1.6381- 1.4832 at $1.5424. However, cable may fail at $1.5363 and turn lower. Bears target the Mar 12 support line at $1.5082.
RES 4: $1.5531 76.4% of $1.5269-1.6381
RES 3: $1.5485 Reversal low 28 Jun 2012
RES 2: $1.5424 38.2% of $1.6381-1.4832
RES 1: $1.5363 Upper daily Bolli band & High Apr 5
Latest price: $1.5331
SUP 1: $1.5296 5-day moving average
SUP 2: $1.5235 Weekly low Jan 2012
SUP 3: $1.5173/98 21-day moving average, 23.6% of $1.6381-1.4832
SUP 4: $1.5082 Support line from Mar 12 low
USD/JPY: Studies Weaken But Still Bullish, Focus On Key Initial Support. Dollar pauses after declining a little yesterday and it slips below the Feb 11 res line. Daily studies weakened a little but are still very bullish, focus on the Apr 9 high at Y99.66. A break above here reaffirms the bullish trend, but failure opens the downside. Initial key supp around Y98.19/29/33, the 38.2% Y135.15-75.35, the 100-mth MA and the 3.00% MA env top.
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 April 9 high
Latest price: Y99.13
SUP 1: Y98.19/29/33 38.2% of Y135.15 to Y75.35, 100-month MA, 3.00% MA envelope top
SUP 2: Y97.79/99 Aug 2009 high, 23.6% of Y92.57-99.66
SUP 3: Y96.95 38.2% of Y92.57-Y99.66
SUP 4: Y96.12 Tenkan and Kijun lines
EUR/JPY: New High At Y130.09, Weekly Slow Stochastic Buy-Signal. The pair manages to break above Y130.00 to leave a high of Y130.09 on Apr 9. Daily studies still sharply bullish although 10-day momentum is a little weaker. Focus on Apr 9 high as break above here opens topside to 100-mth MA at Y131.87. Bears may look to break below 4.00% MA env top, at Y128.18, with eyes on Y127.50, the 23.6% Y119.11-129.94. 10-wk momentum continues to show negative divergence but wkly slow stochastic now shows buy-signal.
RES 4: Y132.50 123.6% Projection of Y119.11 to Y130.09
RES 3: Y132.04 50.0% of Y169.96-Y94.12
RES 2: Y131.87 100-month MA
RES 1: Y130.09 Apr 9 high
Latest price: Y129.63
SUP 1: Y128.18 4.00% MA envelope top
SUP 2: Y127.50 23.6% of Y119.11 to Y129.94
SUP 3: Y126.95 3.00% MA envelope top
SUP 4: Y125.90 38.2% of Y119.12 to Y129.94
EasyForexNews Research Team