EUR/USD: Fades From Key 38.2% At $1.3112, Studies Slip. The pair was turned away by the key res level at $1.3112, the 38.2% of $1.3711-1.2743, which is joined by the 21-month MA, daily Bollinger band top and the Apr 10 high at $1.3116/19/22, respectively. Bulls require a close above here to return an upward trend, however, dly studies are weakening and 10-wk momentum still declines. Initial supp at $1.3040/44, the Apr 5 high and 5-DMA. In the longer-term, bears look to decline to 200-month MA at $1.2048.
RES 4: $1.3308 Reversal high Dec 19
RES 3: $1.3227 50.0% of $1.3711 to $1.2743
RES 2: $1.3147/50 55-DMA, 100-DMA & 38.2% of $1.4940 to $1.2043
RES 1: $1.3112-22 38.2% of $1.3711-1.2743, 21-mth MA, Dly Bolli top, High Apr 10
Latest price: $1.3059
SUP 1: $1.3040/44 Highs Apr 5, 5-DMA
SUP 2: $1.2965/67/74 Low Mar 6, Low Mar 1, 23.6% of $1.3711 to $1.2746
SUP 3: $1.2930 21-DMA
SUP 4: $1.2905 200-DMA
GBP/USD: Hourly Rising Triangle Baseline At $1.5295. The cross barely makes a higher high as it managed to move one pip higher yesterday, however, price action has become incredibly muted and the hourly chart shows cable in a rising triangle, the baseline is around $1.5295, just below the 200-hour MA at $1.5303. Initial support at $1.5314/16, the 55 and 5-DMAs. The rising triangle ceiling seen around $1.5351/59, Apr 8 high and upper dly Bolli band and Apr 5 high, failure to break above threatens the downside
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: $1.5351/59 High Apr 8, Upper daily Bolli band & High Apr 5
Latest price: $1.5331
SUP 1: $1.5314/16 55 and 5-day moving averages
SUP 2: $1.5235 Weekly low Jan 2012
SUP 3: $1.5192/98 21-day moving average, 23.6% of $1.6381-1.4832
SUP 4: $1.5093 Support line from Mar 12 low
USD/JPY: New High At Y99.88 But Studies Overbought. The pair makes a new high yesterday at Y99.88, now part of initial res with the upper daily Bollinger band at Y99.89. Daily studies are losing a little steam but still trend higher, albeit now in overbought territory. A break above initial res could see dollar-yen extend gains, but weekly and monthly studies also overbought. Initial support seen at Y99.19, former Feb 11 res line. Key support at Y98.15/19/29, a combination of Fibonacci levels and 100-month.
RES 4: Y101.45 Reversal high Apr 2009
RES 3: Y100.96 Upper weekly Bollinger band
RES 2: Y100.19 Monthly Ichimoku cloud top
RES 1: Y99.88/89 April 10 high, Upper daily Bollinger band
Latest price: Y99.61
SUP 1: Y99.19 Former resistance line from Feb 11
SUP 2: Y98.69 3.00% MA envelope top
SUP 3: Y98.15/19/29 23.6% of Y92.57-99.66, 38.2% Y135.15-75.35, 100-mth MA
SUP 4: Y97.79 Aug 2009 high
EUR/JPY: Daily Studies Slowing, 10-Wk Momentum Slides. Euro breaks above the recent high to hit Y130.54, new initial resistance. Further key resistance at Y131.77/87, the upper daily Bollinger band and 100-month MA. A break above here would encourage bulls and force daily studies higher, but studies show signs of slowing and enter overbought levels. Initial support seen as the 4.00% MA envelope top at Y128.78, below here supp at Y127.84, the 23.6% Y119.11-130.54. 10-wk momentum shows negative divergence.
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: Y131.77/87 Upper daily Bollinger band, 100-month MA
RES 1: Y130.54 Apr 10 high
Latest price: Y130.21
SUP 1: Y128.78 4.00% MA envelope top
SUP 2: Y127.84 23.6% of Y119.11 to Y130.54
SUP 3: Y127.54 3.00% MA envelope top
SUP 4: Y126.17 38.2% of Y119.12 to Y130.54
EasyForexNews Research Team