EUR/USD now hanging around just below the 21-DMA, still initial resistance at $1.3285 and just above the weekly Feb 2013 res line at $1.3279. A break above here would likely open topside to further gains while dly studies remain bullish, further res at $1.3319 and $1.3370, the 61.8% and 76.4% of $1.3452-1.3105. However, continued failure at initial res may spark a reversal lower – initial support at $1.3237, the former Feb 2013 resistance line.
R 4: $1.3400 High Aug 8
R 3: $1.3370 76.4% of $1.3452-1.3105
R 2: $1.3319 61.8% of $1.3452-1.3105
R 1: $1.3285 21-day moving average
Latest price: $1.3254
S 1: $1.3237 Resistance line from Feb 2013
S 2: $1.3215 5-day moving average
S 3: $1.3198 55-day moving average
S 4: $1.3151 200-day moving average
USD/JPY pushes higher above key Y100.00 level, above monthly Ichimoku cloud top but still remains below daily Bolli band top – initial res at Y100.74. Above here, further res at Y100.87 – Jul 19 high – followed by 76.4% of Y103.74-93.79 at Y101.39. Daily studies still bullish but are stretching further into overbought territory, bulls will look to hold above Y100.00 but bears will aim to retest support – initial suppt at Y100.04 the monthly cloud top.
R 4: Y101.53 Reversal high Jul 8
R 3: Y101.39 76.4% of Y103.74-93.79
R 2: Y100.87 High Jul 19
R 1: Y100.74 Daily Bollinger band top
Latest price: Y100.45
S 1: Y100.04 Monthly Ichimoku cloud top
S 2: Y99.94 61.8% of Y103.74-93.79
S 3: Y99.25 Daily Tenkan line
S 4: Y99.03 100-DMA
GBP/USD still making new highs and testing the daily Bollinger band top, still initial resistance at $1.5742 just above the 200-week MA at $1.5738. A break above then quickly runs into the Jun 17 reversal high at $1.5752 and above here is the 61.8% of $1.6381-1.4814 at $1.5782. However, dly & wkly studies are becoming more overbought – failure to make a higher high and close above key initial res could prompt a reversal, despite bullish mthly studies.
R 4: $1.5845 High Feb 8
R 3: $1.5782 61.8% $1.6381-1.4814
R 2: $1.5752 Reversal high Jun 17
R 1: $1.5738/42 200-week MA, Daily Bollinger band top
Latest price: $1.5720
S 1: $1.5672/75 23.6% of $1.5431-1.5746, 5-day moving average
S 2: $1.5635 55-week MA
S 3: $1.5626 38.2% of $1.5431-1.5746
S 4: $1.5603 High Sept 3 & 21-DMA
EUR/JPY storms above a triangle pattern and if bulls hold above the breakout should target a measured move to around Y134.39. However, daily studies are beginning to look overbought and monthly studies have been overbought for some time – bears will aim to close back within the daily Bollinger band while bulls look to hold their current level. Initial resistance is at Y133.67, the weekly Bolli band top and initial support is at Y132.74 – the May 14 high.
R 4: Y135.57 Apr 2009 reversal high
R 3: Y134.38/39 Jan 2010 reversal high, Measured move target
R 2: Y133.80 Reversal high May 22
R 1: Y133.67 Weekly Bollinger band top
Latest price: Y133.09
S 1: Y132.74 High May 14
S 2: Y132.04 50.0% of Y169.96-Y94.12
S 3: Y131.92 Former Trendline from May 22
S 4: Y131.35 Daily Tenkan line