EUR/USD: The pair moves back up to the the top of the daily Bollinger band to trade just below the Jun 6 high at $1.3306, now initial resistance. Studies are still fairly bullish, however daily studies are becoming more overbought. Focus turns to initial res, a break and close above would test the 61.8% level at $1.3342 and then the May 2011 resistance line at $1.3354. Failure at these levels could see the pair backtrack and retest support.
R 4: $1.3482/83 55-month MA
R 3: $1.3439/54/57 100-month MA, 200-week MA
R 2: $1.3342 61.8% of $1.3711 to $1.2746
R 1: $1.3306/08 High Jun 6, Reversal high Dec 19
Latest price: $1.3265
S 1: $1.3217/28 5-DMA
S 2: $1.3144/78/86 100-week MA, Low Jun 11
S 3: $1.3104/12/15 100-DMA
S 4: $1.3052/54 200-DMA
GBP/USD: The cross moves back up to the top of the daily Bolli band to hold just below the 50% of $1.6381-1.4832 and also the channel base from Mar 12, now initial res at $1.5604/06/17, the chan base, 50% and Bolli band top. Daily studies become more overbought but still bullish, a break above initial res would put the pair back into the channel from Mar 12 with bulls eying the 200-DMA at $1.5703. However, downside risks remain and initial supp at $1.5540, the 5-DMA.
R 4: $1.5730/69 55-month MA, Channel mid-line from Mar 12 low
R 3: $1.5703 200-DMA
R 2: $1.5684/88/89 High Jun 6, 55-week MA, High Feb 13
R 1: $1.5604-17 Chan base Mar 12, High May 1, Daily Bolli top
Latest price: $1.5578
S 1: $1.5540 5-DMA
S 2: $1.5489/90 Low Jun 7
S 3: $1.5424 38.2% of $1.6381-1.4832
S 4: $1.5339/64/68/76 100-DMA, Highs Apr 19, Jun 3
USD/JPY: The pair now fades after hitting the dly Kijun line yesterday, part of initial res at Y99.03/06/36 – the 55-DMA, hourly high, daily Kijun and weekly Tenkan – which should form strong initial res again today. However, weekly studies slide and bears look to retest the cloud top as supp, part of initial supp around Y97.20/27/31 – the Bolli base, daily Ichimoku cloud top and the 50%
level. But the long lower shadow from Friday should skew risk to the upside.
R 4: Y100.79/82/83 May 9 high, 21-DMA, May 23 low
R 3: Y100.20 Former Jan 23 support line – now res
R 2: Y99.90/95 Highs Apr 22, Apr 11
R 1: Y99.03/06/36 55-DMA, Hourly high, Daily Kijun line & Weekly Tenkan
Latest price: Y98.10
S 1: Y97.20/27/31 Daily Bolli base, Daily Ichimoku cloud top
S 2: Y96.53/75 100-DMA, 21-week MA
S 3: Y95.79 61.8% of Y90.88-103.74
S 4: Y95.41 Ichimoku cloud base
EUR/JPY: The cross currently fades from the 21-DMA, initial res at Y131.06, and holds above the daily Kijun line, initial support at Y129.99. Daily studies are turning higher but weekly studies are declining from overbought levels, failure to break back above the 21-DMA could see bears return to test support, however the long lower shadow from Friday shows the buying pressure, especially if bears fail to break below the daily Kijun line.
R 4: Y133.26 Daily Bollinger band top
R 3: Y132.77/87 High May 14, High May 23
R 2: Y132.04/08 50.0% of Y169.96-Y94.12, May 31 high
R 1: Y131.06/12/18 21-DMA, High Apr 11, Low May 15
Latest price: Y130.22
S 1: Y129.99 Daily Kijun line
S 2: Y129.13/37/51 Daily Tenkan line, Weekly Tenkan line, Low Jun 3
S 3: Y128.48/59 200-month MA, Apr 29 high
S 4: Y128.19 38.2% of Y119.11-133.80