EUR/USD sank to test the Jul 2012 support line, now initial support, but reversed higher to leave a hammer candle pattern, eyes turn to today’s price action to confirm. Dly studies are likely to reverse higher but weekly & monthly studies are bearish. We may see a slight correction to the upside, R 2 should be key at $1.3072/76, the 55 and 200-DMAs. However, bulls are cautioned as the 55-DMA crossed below the 200-DMA to form a sell-signal
R 4: $1.3161/80/81 Low Jun 20, 21-DMA
R 3: $1.3103/07 High Jun 28,
R 2: $1.3072/76 55-DMA, 200-DMA
R 1: $1.3032/34/53 Jul 3 high, 100-DMA
Latest price: $1.2985
S 1: $1.2921-43 Jul 2012 Supp line, Low Jul 3, 55-wk MA
S 2: $1.2895 Daily Bollinger band base
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 posts a white candle after having closed below the May support line and pushed higher to test the 100-DMA as res, now initial res at $1.5287 just below the 21-week MA at $1.5293. Daily studies have turned higher but look a little weak again while monthly and weekly studies bearish, failure to break above the 100-DMA could send the pair lower again. Initial supp at $1.5225, the 5-DMA and further supp around $1.5183/84/95, the 61.8%, 76.4% and May supp line.
R 4: $1.5467/68 21-DMA
R 3: $1.5415/24 Low Jun 20
R 2: $1.5371/80 55-DMA
R 1: $1.5287/93 100-DMA, 21-week MA
Latest price: $1.5260
S 1: $1.5225 5-day moving average
S 2: $1.5183-95 61.8% $1.4832-1.5752, May 29 supp line
S 3: $1.5091/5100 Support line from Mar low, Daily Bollinger band base
S 4: $1.5049 76.4% of $1.4832-1.5752
USD/JPY moves back below the key psychological Y100.00 level which appears to be turning daily studies bearish. We could be seeing the beginning of a pullback before returning to the upside, initial supp now at Y99.25, the 55-DMA which was tested as support yesterday. There is a dark cloud cover pattern on the daily chart which needs to be confirmed today, bears look to break below initial supp to confirm – includes new 23.6% level at Y99.19.
R 4: Y101.24/39 Daily Ichimoku cloud top
R 3: Y101.02 Daily Bollinger band top
R 2: Y100.71/79/83 May 9 high, May 23 low
R 1: Y100.09 Hourly high
Latest price: Y99.85
S 1: Y99.19/25 55-DMA
S 2: Y98.76/83/87 Weekly Tenkan, Low Jun 3
S 3: Y98.15/16/24 Ichimoku cloud base, High Jun 26
S 4: Y97.24/41/49/50 Low Jun 26, 100-DMA, 21-DMA
EUR/JPY descends from the daily Bolli band top and daily Ichimoku cloud top, both are key further resistance at Y131.06/16 and yesterday’s price action left a long lower shadow after testing support around the daily Kijun line and daily Tenkan, Kijun is at Y128.52 and Tenkan at Y128.85. The long shadow adds pressure to the upside but daily and monthly studies are looking oversold and likely to turn lower.
R 4: Y132.77/87 High May 14, High May 23
R 3: Y132.04/08 May 31 high
R 2: Y131.06/12/16 Daily Bolli band top, High Apr 11, Daily Ichimoku cloud top
R 1: Y130.33 23.6% of Y119.11-133.80
Latest price: Y129.78
S 1: Y128.40/45/47/52 200-month MA, High Jun 26, 21-DMA, Daily Kijun line
S 2: Y128.08/12/18 Highs Jun 18, 14
S 3: Y126.96/127.14/34 High Jun 17, 100-DMA, 21-week MA
S 4: Y126.46 50.0% of Y119.11-133.80 & Daily Ichimoku cloud base