EUR/USD descends from the inside-day while daily studies also slowly decline, however haven’t formed proper sell-signals. Initial support is at $1.3266-89. Further key suppt seen around at $1.3248 and just below the 21-DMA at $1.3250. A break below here would confirm the bearish bias but failure here could see a retest of the weekly resistance line from Feb 2013 at $1.3333.
R 4: $1.3474/83 55-month MA
R 3: $1.3444 100-month MA
R 2: $1.3394/95/3400/16/17 200-week MA, Dly Bolli top, Highs Aug 8, Jun 18, 19
R 1: $1.3334/42/45 5-DMA, Highs Jul 31 & Aug 7
Latest price: $1.3309
S 1: $1.3266/70/77/89 Low Aug 7, 5-week MA, Low Aug 12, Hourly low
S 2: $1.3228/48/50 21-DMA
S 3: $1.3200/07 High Apr 17, High Jul 11
S 4: $1.3154/62 55-DMA
GBP/USD tracks lower and slips below 5-DMA, now part of initial res at $1.5477/90. Bulls may look to retest but dly studies suggest they are beginning to turn lower. Initial suppt at $1.5424/35, below here further suppt around $1.5378-94. However, longer-term outlook suggests risk to the upside after a correction lower.
R 4: $1.5640/84/86 55-week MA, High Jun 6, 100-week MA
R 3: $1.5606/16 Low Jun 14
R 2: $1.5529/60/61/74 200-DMA, Res line Jan 2013, Dly Bolli top, High Aug 8
R 1: $1.5477/90 High Jun 25, 5-DMA
Latest price: $1.5459
S 1: $1.5424/35 High Jul 25
S 2: $1.5378-94 Highs Aug 5, Jul 22, 23 & Aug 6
S 3: $1.5315/24/27/35 100-DMA, 21-week MA, 55-DMA, 21-DMA
S 4: $1.5284 38.2% of $1.4814-5574
USD/JPY moving higher to test res while 10-day momentum also rises and looks to form a buy-signal by bullishly crossing the key zero-line. Initial res at Y97.66-88, the former 50.0% level, Aug 2009 high and weekly and daily Tenkan lines. A break above will find res around Y98.00 before hitting a strong res level, seen around Y98.50 to Y98.76, includes various moving averages and Ichimoku base and top, Kijun lines and Fibonacci levels.
R 4: Y99.04/08/15 Lows Jul 17, 15, Aug 5 high
R 3: Y98.57-76 100-DMA, Cloud base, Dly Kijun, Dly Ichimoku top
R 2: Y98.02/27 100-month MA, Low Jul 11
R 1: Y97.66/79/81/88 Aug 2009 high, Wkly Tenkan, Dly Tenkan
Latest price: Y97.43
S 1: Y96.75/87 Jun 21 low
S 2: Y95.62/77/81/91 High Jun 18, Low Aug 8, Dly Bolli base
S 3: Y94.80/99/95.22 Apr 2 suppt line, May 2010 high & Jun 7 low, Jun 17 high
S 4: Y93.79/91/99 Jun 13 low
EUR/JPY now moves higher and breaks above the daily Ichimoku cloud and also 55-DMA, bulls now eye a test of resistance around Y130.00 level, seem from the daily Tenkan line at Y129.98. Daily studies also appear to be turning higher and further res seen around Y130.33-51. However, monthly studies still suggest a bearish reversal so downside risk remains. Initial suppt at Y128.64.
R 4: Y131.57/58 Aug 5 high, 100-Month MA
R 3: Y131.12 High Apr 11 & Jul 2
R 2: Y130.33/36/51 Daily Kijun line, 21-DMA
R 1: Y129.76/98 Hourly high, Daily Tenkan line
Latest price: Y129.68
S 1: Y128.64 Daily Ichimoku cloud base
S 2: Y128.02-31 Low Jul 10, Dly Bolli base, 200-mth MA
S 3: Y127.03/38 Lows Jun 12, 6
S 4: Y126.26/46 Weekly Kijun line