EUR/USD closed back above the key 38.2% level and now holds just above the 55-DMA, seen at $1.3188. Below here next support is the daily Bolli band base and then the 200-DMA at $1.3156 and $1.3147, respectively. Bears will be aiming to retest these levels while weekly studies are overbought, but daily studies begin to look oversold and a reversal higher is possible. Initial res at $1.3128, yesterday’s high. A break above runs into the Feb res line at $1.3249.
R 4: $1.3304 21-day moving average
R 3: $1.3288/92 Former May 2011 resistance line
R 2: $1.3249 Resistance line from Feb 2013
R 1: $1.3128 High Sept 4
Latest price: $1.3180
S 1: $1.3156 Daily Bollinger band base
S 2: $1.3145/47 5-month MA, 200-DMA
S 3: $1.3103 50.0% of $1.2755-1.3452
S 4: $1.3073 Jul 2012 Support line
GBP/USD breaks and closes above $1.5600 which held as res for the previous two sessions – bears will retest this level before bulls take control. Dly studies are reversing higher, wkly studies remain bullish and mthly studies show potential to turn north. Initial res at $1.5637 – 55-wk MA, above here further res at $1.5650. Bears failed to retest the Jul 9 support line which may see bulls target the Aug 21 reversal high at $1.5718.
R 4: $1.5718 Reversal high Aug 21
R 3: $1.5689/94 100-week MA, Daily Bollinger band top
R 2: $1.5650 76.4% of $1.5718-1.5429
R 1: $1.5637 55-week MA
Latest price: $1.5604
S 1: $1.5603 High Sept 3
S 2: $1.5565/70 21-day moving average, 5-day moving average
S 3: $1.5498/5505 200-DMA
S 4: $1.5486 Jul 9 support line
USD/JPY edges higher while remaining just above dly Ichimoku cloud – cloud top forms initial support at Y99.36. Bulls push up to just below the Y100.00 key level – initial resistance just above at Y100.04/07, monthly Ichimoku cloud top and daily Bollinger band top. A break above here could target Y101.53, the Jul 8 reversal high – however daily studies are becoming overbought and we remind that monthly studies have been overbought for months.
R 4: Y101.53 Reversal high Jul 8
R 3: Y100.87 High Jul 19
R 2: Y100.18 76.4% of Y101.53-95.81
R 1: Y100.04/07 Monthly Ichimoku cloud top, Daily Bollinger band top
Latest price: Y99.93
S 1: Y99.36 Daily Ichimoku cloud top
S 2: Y99.01 100-DMA
S 3: Y98.74/76 55-day moving average, Daily Ichimoku cloud base
S 4: Y98.40 Daily Tenkan line
EUR/JPY currently fades from just below the May 22 trendline, now initial res at Y132.01, just below the historic 50.0% of Y169.96-Y94.12 at Y132.04 and key initial resistance. Bulls may aim to retest this level but current price action is looking to test support, initial suppt at Y131.23, the short-term 23.6% of Y129.31-131.82. A break below here would then test the daily Tenkan line at Y130.81 and then the daily Ichimoku cloud top at Y130.47.
R 4: Y132.74 High May 14
R 3: Y132.43 High Aug 23
R 2: Y132.35 Daily Bollinger band top
R 1: Y132.01/04 Trendline from May 22
Latest price: Y131.45
S 1: Y131.23 23.6% of Y129.31-131.82
S 2: Y130.81/86 Daily Tenkan line
S 3: Y130.47 Daily Ichimoku cloud top
S 4: Y130.21/27 Daily Kijun line