EUR/USD left another lower high and lower low while daily studies descend. However, weekly slow stochastic rises as the pair struggles to close below the key 23.6% level at $1.3206. Initial support is at $1.3264/65, the hourly low and 5-DMA. The mthly chart shows indecision as studies trend sideways and bulls/bears range between suppt just below $1.2800 and res above $1.3400. Initial res is at $1.3302-08 – from highs of Jul 30, Jun 6 and Dec 19.
R 4: $1.3390 High Jun 13
R 3: $1.3342/45 High Jul 31
R 2: $1.3318/19 High Jun 11 & Resistance line from Feb 2013, Low Jun 17
R 1: $1.3302/06/08 Highs Jul 30, Jun 6, Reversal high Dec 19
Latest price: $1.3273
S 1: $1.3264/65 Hourly low, 5-DMA
S 2: $1.3228 50.0% of $1.3711-1.2746
S 3: $1.3200/06/07/08 High Apr 17, High Jul 11, 5-wk MA
S 4: $1.3150 21-DMA
GBP/USD made a strong recovery off support around the 50% of $1.4814-1.5435 – at $1.5124, now joined by numerous daily lows to form a key suppt level. Bulls then pushed up to the 55 and 100-DMAs, the 100-DMA now forms res alongside hourly high at $1.5298, also 21-wk MA is at $1.5302. Daily studies are a little firmer but still in sell-mode. The pair needs to close above initial res to turn bullish, however, bears eye suppt and downside risk remains.
R 4: $1.5424/35 High Jul 25
R 3: $1.5384/92/94 Highs Jul 22, 23
R 2: $1.5352/63/68 Former suppt line from May 29 low, Jun 21 low, High Apr 19
R 1: $1.5298/5302 100-DMA & Hourly high, 21-week MA
Latest price: $1.5259
S 1: $1.5254 High Jul 31
S 2: $1.5198/5208/25 21-DMA, 5-DMA
S 3: $1.5169/72 High Jul 16
S 4: $1.5104/11/24/26 Lows Aug 2, 1, Low Jul 31
USD/JPY fades from initial res around Y100.00 to test just below the daily Ichimoku cloud top – still part of initial suppt despite the pair having tested just below. Initial suppt at Y98.57/60/76 – the 38.2%, 100-DMA and daily cloud top. A break below here would find the pair back within the cloud and looking to test the cloud base, at Y97.76 and further suppt alongside the 50.0% and weekly Tenkan at Y97.66 and the Aug 2009 high at Y97.79.
R 4: Y100.87 High Jul 19
R 3: Y99.94/100.19 Resistance line from May 22
R 2: Y99.41/56/70 21-DMA, Daily Kijun line
R 1: Y99.08/15 55-DMA, Hourly high
Latest price: Y98.75
S 1: Y98.57-76 100-DMA, Dly Ichimoku top
S 2: Y97.66-79 Wkly Tenkan, Dly Ichimoku base, Aug 2009 high
S 3: Y96.75/87 Jun 21 low
S 4: Y95.62/77 High Jun 18
EUR/JPY hasn’t moved a great deal over the previous two sessions while daily studies stall during the reversal higher. Current price action testing initial suppt and initial res – suppt seen at Y131.04/07, the daily Tenkan line and hourly low, while res is at Y131.57/59, the hourly high then 100-mth MA and rising channel base. The past months has seen the pair struggling to hold above Y132.04, which adds risk lower.
R 4: Y133.80 Reversal high May 22
R 3: Y133.61 Rising channel mid-line
R 2: Y132.56 Daily Bollinger band top
R 1: Y131.57/59 Hourly high, 100-Month MA & Rising channel base
Latest price: Y131.07
S 1: Y131.04/07 Daily Tenkan line, Hourly low
S 2: Y130.71/82 21-DMA, High Jul 16
S 3: Y130.33/38 Daily Kijun line
S 4: Y129.70/92 High Jun 21, 55-DMA