EUR/USD opened above weekly resistance line from May 2011 and already making strong gains up through the 200-week MA. Daily studies remain bullish but weekly/daily studies are becoming increasingly overbought, initial resistance at $1.3400 – Aug 8 high and above here is key resistance at $1.3452, Aug 20 reversal high. A break above this level would accelerate gains, however failure here could reopen the downside. Initial support at $1.3289 – the 21-DMA.
R 4: $1.3520 Reversal high Feb 13
R 3: $1.3483/85 76.4% of $1.3711 to $1.2746, 55-month MA
R 2: $1.3452/55 Reversal high Aug 20, Daily Bollinger band top
R 1: $1.3400 High Aug 8
Latest price: $1.3360
S 1: $1.3289 21-day moving average
S 2: $1.3265 Former May 2011 resistance line,
S 3: $1.3215 55-day moving average
S 4: $1.3155/57 100 & 200-day moving averages
GBP/USD bursts above the daily Bollinger band and breaks above the former Jul 3 channel top and also back above the former monthly triangle base, bulls require to hold above Jun 17 reversal high at $1.5752 if they wish to confirm double-bottom reversal pattern. However, daily/weekly studies are increasingly overbought which adds downside pressure, initial support at $1.5838, 5-DMA, despite this monthly studies are reversing higher.
R 4: $1.6107 High Oct 2010
R 3: $1.6081 4% 10-week MA envelope top
R 2: $1.6011 76.4% of $1.6381-1.4814
R 1: $1.5993 Reversal high Mar 2012
Latest price: $1.5950
S 1: $1.5838 5-day moving average
S 2: $1.5776 Low Sept 12
S 3: $1.5752 Reversal high Jun 17
S 4: $1.5736 200-week MA
USD/JPY continues to descend from the Sept 11 high while daily studies slide sharply – the monthly chart shows another failed attempt to break above the cloud top and 50.0% of Y124.14-75.35, which adds pressure to the downside. Bears now eye the daily cloud top and daily Kijun line at Y98.27, but ahead of here initial support is at Y98.46 – the hourly low. A break into the cloud threatens a new support line from Aug 12 – seen at Y97.78.
R 4: Y100.23 High Sept 6
R 3: Y100.04 Monthly Ichimoku cloud top
R 2: Y99.94 61.8% of Y103.74-93.79
R 1: Y99.52/54 Hourly high, Daily Tenkan line
Latest price: Y98.89
S 1: Y98.46 Hourly low
S 2: Y98.27 Daily Ichimoku cloud top & Daily Kijun
S 3: Y97.78 Support line from Aug 12
S 4: Y97.66 50.0% of Y93.79-101.53 & Daily Cloud base