EUR/USD: Daily Studies Turning Higher. The pair continues to pressure to the upside, despite the long upper-shadow a couple of sessions ago. Daily studies are now also turning higher, slow stochastic may even form a buy-signal, initial res already broken as price action moves above the 55-DMA at $1.3051, a level which the pair holds just below. Initial res now at $1.3094/96, Apr 25 and 18 highs. Above here, res at $1.3115/17, the 38.2% and 100-DMA. Key initial support around $1.300/16/20.
RES 4: $1.3189/3200/02 Daily Bollinger top, Apr 17 high, Apr 16 high
RES 3: $1.3150/58 Former 38.2% $1.4940-1.2043, 100-DMA
RES 2: $1.3115/17 38.2% of $1.3711-1.2743, Apr 22 high
RES 1: $1.3094/96 Highs Apr 25, 18
Latest price: $1.3049
SUP 1: $1.3000/16/20 Apr 4 support line, 21-DMA, 5-DMA
SUP 2: $1.2974/89 23.6% of $1.3711 to $1.2746, Low Apr 25
SUP 3: $1.2954/55 200-DMA, Low Apr 24
SUP 4: $1.2893 55-week MA
GBP/USD: Breaks Above Daily Bolli Band. The cross continues to test the limits of the upper daily Bolli as it stretches higher towards the channel top drawn from the Mar 12 low, forms part of initial res at $1.5566, just below the 21-wk MA, 100-DMA and 5-mth MA at $1.5569/74/99, respectively. Daily studies trending higher and break above here could target the 200-DMA at $1.5761, ahead of here a former monthly support line turned res lies at $1.5700. Bears look to return to channel base at $1.5236.
RES 4: $1.5742/61/66 55-month MA, 55-week MA, 200-DMA
RES 3: $1.5700 Mthly Trendline Jan 2009
RES 2: $1.5606 50.0% of $1.6381-1.4832
RES 1: $1.5566/69/74/99 Channel top from Mar 12, 21-week MA, 100-DMA, 5-month MA
Latest price: $1.5520
SUP 1: $1.5473 Hourly low
SUP 2: $1.5424 38.2% of $1.6381-1.4832
SUP 3: $1.5387 5-day moving average
SUP 4: $1.5298/5300 Apr 23 high, 21-day moving average
USD/JPY: Potential Double-Top & Mixed Studies. Dollar declines through support after failing to break above Y99.95, following daily stochastic study lower but 10-day momentum turns higher. Initial support now seen at Y97.13, the 38.2% of Y92.57-99.95, just below the hourly low at Y97.35. Bulls will aim higher, hoping to move back above the 23.6% level at Y98.21, however weekly studies continue to slip from overbought levels. Further support at Y96.71, the Mar 12 high.
RES 4: Y100.51/65 Feb 11 res line, 2.00% upper MA envelope
RES 3: Y100.19 Monthly Ichimoku cloud top
RES 2: Y99.67/90/95 1.00% upper MA envelope, Apr 22 high, Apr 11 high
RES 1: Y98.19/21/56 38.2% Y135.15-75.35, 23.6% Y92.57-99.95, Daily Tenkan line
Latest price: Y97.65
SUP 1: Y97.13 38.2% of Y92.57-99.95
SUP 2: Y96.71 Mar 12 high
SUP 3: Y96.26/40 Kijun line & 50.0% of Y92.57-99.95, Jan 23 support line
SUP 4: Y95.80 Apr 16 low
EUR/JPY: Breaks Below Tenkan Line, Mixed Daily Studies. The pair continues to decline after failing to retest the Apr 11 high at Y131.12 but hit a high of Y130.70 on Apr 22 before heading lower. Daily studies are mixed as slow stochastic decline from overbought territory but 10-day momentum turns higher. Weekly studies continue to slowly slip lower but monthly studies remain bullish. Bulls look to break above daily Tenkan line at Y128.57 and hold above but bears eye below the 38.2% level at Y126.53.
RES 4: Y131.12/44 Apr 11 high, 2.00% MA envelope top
RES 3: Y130.70 Apr 22 high
RES 2: Y129.74/130.15 High Apr 17, 1.00% MA envelope top
RES 1: Y128.29/57 23.6% of Y119.11 to Y131.12, Daily Tenkan line
Latest price: Y127.51
SUP 1: Y127.06 Hourly low
SUP 2: Y126.44/53 Low Apr 17, 38.2% of Y119.11 to Y131.12
SUP 3: Y126.04 High Mar 12
SUP 4: Y125.11/59 Wkly Tenkan line & 50.0% Y119.11-131.12, 76.4% Y127.71-118.73
EasyForexNews Research Team