EUR/USD remains just below 200-DMA while yesterday saw bears test support just below $1.3000 area but left another long lower shadow, adding pressure to the upside. Daily studies remain bullish and wkly studies firmer bulls look to break above $1.3076/77, key initial res from the hourly high. Further res at $1.3100, the Jul 12 high. However, monthly studies bearish, close below $1.3000 could flip sentiment lower
R 4: $1.3200/07 High Apr 17, High Jul 10
R 3: $1.3168 Resistance line from Jun 19
R 2: $1.3100-15 High Jul 12, High Jun 28, 38.2%
R 1: $1.3076/77 Hourly high, 200-DMA
Latest price: $1.3069
S 1: $1.3030/32/34/55 100-DMA, Jul 3 high
S 2: $1.2981/85/94/98 Lows Jun 26, Jul 15, High May 22
S 3: $1.2923-46 Low Jul 3, 55-wk MA, Jul 2012 Supp line
S 4: $1.2877/83 Low Jul 4
GBP/USD left a lower high and lower low despite, bullish daily studies, after testing support below at $1.5035. 10-wk momentum study shows positive divergence which cautions bears, a break below yesterday’s low at $1.5028 could skew risk lower. However, bulls may look to the $1.5172, break above targets $1.5200. We note potential double-bottom, $1.5752 is the target to confirm.
R 4: $1.5252/64 Former support line from May 29 low, 100-DMA
R 3: $1.5221/22 21-DMA, High Jul 11
R 2: $1.5172 38.2% of $1.5732-1.4814
R 1: $1.5132 High Jul 15
Latets price: $1.5104
S 1: $1.5028/35/49 Low Jul 15
S 2: $1.5009/18 Low May 29, High Jul 10
S 3: $1.4966 High Jul 8 & Monthly Bollinger band base
S 4: $1.4832/45/55 Reversal low Mar 12th, Low Jul 10
USD/JPY still above the daily Ichimoku cloud but yesterday broke above Y100.00 to only close below, leaving a fairly large upper shadow which will encourage bears. Another failed test of this level will skew risk lower as daily and weekly studies are bearish, may look to retest the cloud top at Y98.88 but ahead of here initial supp is at Y99.45. We note a res line at Y101.13, break above would spur bulls.
R 4: Y102.05/08 Daily Bollinger band top, Low May 21
R 3: Y101.39/45/53 Reversal high Apr 2009, High Jul 8
R 2: Y100.48/77/79 High Jul 15, Low Jul 9, May 9 high
R 1: Y100.07 Hourly high
Latest price: Y99.72
S 1: Y99.45 55-DMA
S 2: Y99.08 Low Jul 15
S 3: Y98.76/88/99 Weekly Tenkan, Daily Ichimoku top, 21-DMA
S 4: Y98.57 38.2% of Y93.79-101.53
EUR/JPY still trades towards base of the rising channel, which may be tested as supp at Y129.08. However, daily/weekly slow stochastic studies appear to be turning higher, initial res at Y130.65/70, a break above here would target key res around Y131.11/12. But 10-day and 10-week momentum studies slip lower and initial support is at Y129.70-97.
R 4: Y132.77/87 High May 14, High May 23
R 3: Y132.04/08 50.0% of Y169.96-Y94.12, May 31 high
R 2: Y131.11/12 Daily Bollinger band top, High Apr 11
R 1: Y130.65/70 Hourly high, Apr 22 high
Latest price: Y130.45
S 1: Y129.70/83/97 High Jun 21, 55-DMA, Low May 23
S 2: Y129.37/39 Daily Tenkan line, Weekly Tenkan line
S 3: Y129.08/15 Rising channel base, 21-DMA
S 4: Y128.93/98 High May 1, Low May 8