EUR/USD has made a series of lower highs after reaching $1.3452 on Aug 20, bulls still attempt to close above $1.3400 but downside pressure remains to force the pair back below. Studies are mainly a little bullish, but either near or becoming overbought, a close below the 21-DMA, support at $1.3322, could prompt the start of a reversal, but strong support also seen below at $1.3270/88, the former Feb 2013 res line and 23.6% of $1.2755-1.3452.
R 4: $1.3520 Reversal high Feb 13
R 3: $1.3475/83 55-month MA
R 2: $1.3444/52 100-month MA, High Aug 20
R 1: $1.3400/10/16/17/26 Highs Aug 8, 23, Jun 18, 19, Daily Bollinger band top
Latest price: $1.3373
S 1: $1.3342/45/57 Highs Jul 31 & Aug 7, Low Aug 26
S 2: $1.3322 21-DMA
S 3: $1.3270/88/3300 Res line from Feb 2013, High Aug 5
S 4: $1.3217/28/34 Lower daily Bolli band, Low Aug 13
GBP/USD now holds just below $1.5600 after declining from the shooting-star candle pattern posted on Aug 21, however inside-day yesterday could see the pair stall at this level. Strong support seen around $1.5500, former pennant top & 5-week MA and the 200-DMA. A break below here would confirm the reversal in sentiment and could see bears attack further support at $1.5490 and $1.5479.
R 4: $1.5748-89 200-wk MA, High Jun 17 & 55-mth MA, Wkly Bolli top
R 3: $1.5689/96/5708/18 100-wk MA, 21-mth MA, Res line from Jul 3, High Aug 21
R 2: $1.5657/73 High Aug 16, High Aug 19
R 1: $1.5594/5606 5-DMA
Latest price: $1.5577
S 1: $1.5539 Low Aug 26
S 2: $1.5505-14 Pennant top Jun 17 & 5-week MA, 200-DMA
S 3: $1.5490 Resistance line from Jan 2013
S 4: $1.5477/79 High Jun 25, 21-DMA
USD/JPY remains below the daily Ichimoku cloud – still key res around Y98.76/78 – and now daily tech studies look likely to reverse lower while monthly studies remain in overbought levels. Initial suppt just below current price action at Y98.03 – daily Tenkan line – a break below here targets the 21-DMA at Y97.82 and then the 23.6% of Y77.13-103.74 at Y97.46. Upside risks are thin while below dly cloud and also key trendline from May 22 high at Y98.12.
R 4: Y99.70/94 23.6% of Y93.79-101.53, 61.8% of Y103.74-93.79
R 3: Y99.49 Daily Bollinger band top
R 2: Y98.98-99.15 100-DMA, Lows Jul 17, 15, Trendline from May 22, Aug 5 high
R 1: Y98.57-78 Ichimoku base & 50% Y103.7-93.8, Cloud top
Latest price: Y98.19
S 1: Y97.82/98.03 21-DMA, Daily Tenkan line
S 2: Y97.46 23.6% of Y77.13-103.74
S 3: Y96.75/91/97.05/06 Lows Aug 20, 16, 15
S 4: Y96.16 Daily Bollinger band base
EUR/JPY descends from the May 22 trendline while daily studies appear to be reversing lower also. The monthly chart shows the pair has stalled below the 50% of Y169.96-94.12 – still part of key res at Y132.04-32. Bulls may aim for a retest but
pressure appears to be to downside, initial suppt Y130.72/86, Aug 15 high and
dly Tenkan. Break below sees test of Y130.32-36 – 21-DMA, 23.6% and dly Kijun.
R 4: Y133.80 Reversal high May 22
R 3: Y133.09 Weekly Bollinger band top
R 2: Y132.04-32 50% Y169.96-Y94.12, Trendline May 22, Dly Bolli top
R 1: Y131.75 Hourly high
Latest price: Y131.19
S 1: Y130.72/86 High Aug 15, Daily Tenkan line
S 2: Y130.32/33/36 21-DMA, 23.6% of Y119.11-133.80, Daily Kijun line
S 3: Y129.91/93 100-DMA, Daily Ichimoku cloud top
S 4: Y129.39 Daily Ichimoku cloud base