EUR/USD gave another try to the upside, attempting to close above the 55 and 200-DMAs, now further res at %1.3073/75, but were squeezed lower to close at $1.2979, the lowest it’d been since Jun 3. Daily studies sliding further into oversold but weekly & monthly studies are bearish also. Initial support now at $1.2932/43, the 55-week MA and 76.4% of $1.2797-1.3417. Medium-term downside target is $1.2746, the April reversal low.
R 4: $1.3161/80/83 Low Jun 20, 21-DMA
R 3: $1.3103/07 High Jun 28
R 2: $1.3073/75 55-DMA, 200-DMA
R 1: $1.3012 5-DMA
Latest price: $1.2960
S 1: $1.2932/43 55-week MA
S 2: $1.2902/14 Daily Bollinger band base, Jul 2012 Support line
S 3: $1.2877 50.0% of $1.2043-1.3711
S 4: $1.2797/2804 Reversal low May 17, Reversal low Oct 2012
GBP/USD continues to push lower after testing the ascending triangle base on the monthly chart in June to leave a long upper shadow adding risk to the downside. Initial support now at $1.5089, a new support line from the March low and the daily Bolli band base. A break below here would accelerate losses and target the March 2013 low at $1.4832. However, daily studies are oversold and a slight correction may be overdue, initial res at $1.5183-87.
R 4: $1.5369/80 55-DMA, 50.0% of $1.5009-1.5752
R 3: $1.5288 21-week MA & 100-DMA
R 2: $1.5243 High Jul 1
R 1: $1.5183-87 May 29 supp line
Latest price: $1.5145
S 1: $1.5089/94 Support line from Mar low, Daily Bollinger band base
S 2: $1.5049 76.4% of $1.4832-1.5752
S 3: $1.4974/5009 Monthly Bollinger band base, Low May 29
S 4: $1.4904 Weekly Bollinger band base
USD/JPY breaks above the psychological Y100.00 barrier as studies continue to rise, although monthly & daily studies rise further into overbought territory. Next key res levels are the daily Bolli band top at Y101.05 and then the daily Ichimoku cloud top at Y101.29. The pair has almost retraced 76.4% of the move from Y103.74 to Y98.79, the 76.4% level is further res at Y101.39. We may see a correction to the downside before this level is tested as res.
R 4: Y102.76/89 Highs May 15, 21
R 3: Y102.08/16/34 Low May 21, Monthly Bolli band top
R 2: Y101.29/39 Daily Ichimoku cloud top,
R 1: Y101.05 Daily Bollinger band top
Latest price: Y100.65
S 1: Y99.90/94/95 High Apr 22, High Apr 11
S 2: Y99.24 55-DMA
S 3: Y98.76-87 Weekly Tenkan, Low Jun 3
S 4: Y98.15/16/24 Ichimoku cloud base, Daily Kijun line, High Jun 26
EUR/JPY rose further to test the daily Bollinger band top and daily Ichimoku cloud top, however daily studies are becoming overbought and monthly studies have been overbought for a while. Momentum studies also turned lower showing a little negative divergence. Bears are already testing support from the hourly low and 23.6%, and a break below here would retest the 55-DMA at Y129.69.
R 4: Y133.80 Reversal high May 22
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: Y131.12/14/16 High Apr 11, Daily Bollinger band top, Daily Ichimoku cloud top
Latest price: Y130.50
S 1: Y130.32/33 Hourly low, 23.6% of Y119.11-133.80
S 2: Y129.69/70/91 55-DMA, Highs Jun 21, 20
S 3: Y128.40/45/49/52 200-month MA, High Jun 26, 21-DMA, Daily Kijun line
S 4: Y128.08/12/18 Highs Jun 18, 14, 38.2% of Y119.11-133.80