EUR/USD: The pair continues to pressure the top of the daily Bollinger band as tech studies still rise. Yesterday saw bulls test the former 23.6% of $1.2043-1.3711, a break above runs into the 61.8% of $1.3711-1.2746, further res at $1.3342. The pair is looking pretty bullish and the longer-term trend may see a test of the Feb 1 high at $1.3711 but ahead of here strong res seen around $1.3450 – May 2011 res line and 200-week MA.
R 4: $1.3483 55-month MA & 76.4% of $1.3711 to $1.2746
R 3: $1.3439/54/57 100-month MA, Resistance line from May 2011, 200-week MA
R 2: $1.3336/42 Daily Bollinger band top, 61.8% of $1.3711 to $1.2746
R 1: $1.3317/18 Former 23.6% of $1.2043-1.3711, High Jun 11
Latest price: $1.3300
S 1: $1.3269 5-DMA
S 2: $1.3228 Former 50.0% of $1.3711-1.2743
S 3: $1.3200 High Apr 17
S 4: $1.3144 100-week MA
GBP/USD: The cross moves back within the rising channel from Mar 12 and also closes above the 50.0% of $1.6381-1.4832 which previously held the topside in early May. If bulls hold above initial supp we expect the pair to extend gains, but first bulls need to break above the 200-DMA – further res at $1.5702. Ahead of here, initial res at $1.5683/84/89, the upper daily Bolli, Jun 6 high, 55-wk MA and Feb 13 high. We also note, monthly studies look likely to turn bullish.
R 4: $1.5781 Channel mid-line from Mar 12 low
R 3: $1.5731 55-month MA
R 2: $1.5702 200-DMA
R 1: $1.5683/84/89 High Jun 6, 55-week MA & High Feb 13
Latest price: $1.5636
S 1: $1.5604/06/16 5-DMA, 50.0% $1.6381-1.4832, Former channel base Mar 12
S 2: $1.5489/90 Low Jun 7, 23.6% of $1.4832-1.5694
S 3: $1.5424 38.2% of $1.6381-1.4832
S 4: $1.5325/32/64 55-DMA, 100-DMA, 38.2% of $1.4832-1.5694
USD/JPY: The pair collapsed yesterday – moving back within the daily Ichimoku cloud to retest the 61.8% of Y90.88-103.74, now initial support at Y95.79, just below the hourly low at Y95.93. Weekly studies have fallen off a cliff, monthly studies are turning bearish in overbought levels and daily studies are now a bit mixed. Bulls are recovering some losses but bears will likely be eyeing a retest of key support around Y95.00, May 2010 reversal high.
R 4: Y99.03/36 55-DMA, Daily Kijun line & Weekly Tenkan
R 3: Y98.83/87 38.2% of Y90.88-103.74, Low Jun 3
R 2: Y98.13 Daily Tenkan line
R 1: Y97.28/31 Daily Ichimoku cloud top, 50.0% of Y90.88-103.74
Latest price: Y96.80
S 1: Y95.79/93 61.8% of Y90.88-103.74, Hourly low
S 2: Y95.54 Ichimoku cloud base
S 3: Y94.99 May 2010 reversal high & Jun 7 reversal low
S 4: Y93.91 76.4% of Y90.88-103.74
EUR/JPY: The cross fell through support to bounce from just above the daily Ichimoku cloud top, now support at Y126.93, but initial support seen at Y127.49/72, the Jun 6 low and hourly low. Daily studies are choppy but weekly studies are bearish and monthly studies look bullish but overbought, resistance now seen at Y128.96/129.13, the 55-DMA and daily Tenkan line. A break above here would target the daily Kijun line at Y129.99 but risk to the downside remains.
R 4: Y131.12/18 High Apr 11, Low May 15
R 3: Y130.70/78 Apr 22 high, 21-DMA
R 2: Y129.91/97/99 Highs Apr 25 & May 2, Low May 23, Daily Kijun line
R 1: Y128.96/129.13 55-DMA, Daily Tenkan line
Latest price: Y128.66
S 1: Y127.49/72 Jun 6 low, Hourly low
S 2: Y126.93/127.06/21 Daily Ichimoku cloud top, Apr 29 low, Apr 30 low
S 3: Y126.46/53 50.0% of Y119.11-133.80, 100-DMA
S 4: Y126.04/18 Reversal high Mar 12, Jun 7 reversal low