EUR/USD: Reverses lower to reach the short-term support line at $1.3060, price action holds just above after breaking slightly below today. The shooting-star reversal pattern has almost been confirmed, we believe a break and close below the Apr 4 supp line is also needed to confirm. Initial support at $1.3031/37/60, the 55-DMA, May 2 low and Apr 4 support line. Further supp at $1.2957-89, the daily Bolli base, 200-DMA, former 23.6% and the Apr 25 low.
R 4: $1.3218/20/28/43 High May 2, 100-wk MA, 50.0% $1.3711-1.2743, High May 1
R 3: $1.3200/02 Apr 17 high, Apr 16 high
R 2: $1.3150/60/78 Former 38.2% $1.4940-1.2043, 100-DMA, Daily Bollinger top
R 1: $1.3115/16/17/17 38.2% of $1.3711-1.2743, Apr 29, 22 highs, 5-DMA
Latest price: $1.3070
S 1: $1.3031/37/60 55-DMA, Low May 2, Apr 4 support line
S 2: $1.2957/72/74/89 Dly Bolli base, 200-DMA, 23.6% $1.371-1.275, Low Apr 25
S 3: $1.2893 55-week MA
S 4: $1.2827 Support line from Jul 24
GBP/USD: The pair leaves lower high and low for the first time since Apr 22 as bulls fail at the 50% level and channel top for two sessions. Key initial res at $1.5549/69/85, the 100-DMA, 21-wk MA and upper dly Bolli band, a break above here could extend gains up to 200-DMA at $1.5760, however, daily studies losing steam and we remind of the death-cross seen on the weekly chart. Initial supp at $1.5497, the May 2 low. Further supp at $1.5460/73, 5-month MA and Apr 29 low.
R 4: $1.5760/61/78 200-DMA, 55-week MA, 21-month MA
R 3: $1.5733/43 55-month MA, Mthly Trendline Jan 2009
R 2: $1.5606/14 50.0% of $1.6381-1.4832, Channel top from Mar 12
R 1: $1.5549/69/85 100-DMA, 21-week MA, Upper daily Bollinger band
Latest price: $1.5520
S 1: $1.5497 Low May 2
S 2: $1.5460/73 5-month MA, Apr 29 low
S 3: $1.5424 38.2% of $1.6381-1.4832
S 4: $1.5368/86 21-DMA, 5-week MA
USD/JPY: Failed to break below the 38.2% level again, despite the bearish daily studies. Yesterday, bulls attempted to break above the 21-DMA and daily Tenkan line, now the top half of our initial res level at Y98.19/21/39/47, these being the 38.2% of Y135.15-75.35, 23.6% of Y92.57-99.95, daily Tenkan line and 21-DMA. A break above here could send daily studies higher and start a bullish trend. However, bears will look to test the Jan 23 supp line at Y96.89.
R 4: Y100.19/24/27 Mthly Ichimoku top, 2% upper MA env, Dly Bolli band top
R 3: Y99.90/95 Apr 22 high, Apr 11 high
R 2: Y99.26 1.00% upper MA envelope
R 1: Y98.19/21/39/47 38.2% Y135.15-75.35, 23.6% Y92.57-99.95, Tenkan, 21-DMA
Latest price: Y97.95
S 1: Y97.13/35/41 38.2% of Y92.57-99.95, Low Apr 29, 1.00% MA envelope base
S 2: Y97.01/02 Low Apr 30, Low May 1
S 3: Y96.68/71/89 Lower daily Bollinger band, Mar 12 high, Jan 23 support line
S 4: Y96.26/29/31 Kijun line & 50.0% of Y92.57-99.95, 2.00% MA envelope base
EUR/JPY: Tested res, despite the bearish dly studies, but bears left a long upper-shadow after the pair ended the session lower. Bulls met res last session around the Apr 25 high at Y129.91, now further res alongside the Apr 11 res line at Y130.16. Initial res at Y128.49/55/59/68, dly Tenkan, 200-mth MA, Apr 29 high and 21-DMA. Initial supp at Y127.06/16/21, the Apr 29 low, 1% MA env base and Apr 30 low. Break below would threaten dly Bolli base at Y126.51.
R 4: Y130.70/85 Apr 22 high, daily Bollinger band top
R 3: Y129.91/130.16 Highs Apr 25 & May 2, Apr 11 resistance line
R 2: Y128.70/73 Upper monthly Bollinger band, 1.00% MA envelope top
R 1: Y128.49/55/59/68 Daily Tenkan, 200-month MA, Apr 29 high, 21-DMA
Latest price: Y128.15
S 1: Y127.06/16/21 Apr 29 low, 1.00% MA envelope base, Apr 30 low
S 2: Y126.44/51/53 Low Apr 17, dly Bolli base, 38.2% of Y119.11-131.12
S 3: Y126.04 High Mar 12
S 4: Y125.11/59 Wkly Tenkan line & 50.0% Y119.11-131.12, 76.4% Y127.71-118.73