EUR/USD failed to retest lows around $1.3480 but soared above dly Bolli band to test Apr 2007 reversal high at $1.3681, now initial res alongside yesterday’s high at $1.3682. Bears aim to regain daily Bolli band, top is suppt at $1.3651, however, dly studies turned higher and bulls aim to retest $1.3682 – break above now targets Jan 2013 reversal high at $1.3711 and a push above here could see a move to res line from Jul 2008 seen around $1.4000.
R 4: $1.3853 138.2% Projection of $1.3105-1.3646
R 3: $1.3774 Monthly Bollinger band top
R 2: $1.3711 Reversal high Jan 2013
R 1: $1.3681/82 Reversal high Apr 2007, High Oct 17
Latest price: $1.3662
S 1: $1.3646/51 High Oct 3, Daily Bollinger band top
S 2: $1.3607 High Oct 8
S 3: $1.3592 5-day moving average
S 4: $1.3546/49 23.6% of $1.3105-1.3682, 21-DMA
GBP/USD posts a long white candle to burst above the 21-DMA which capped in the session prior – bulls left a high at $1.6172 (now initial resistance) and today bears recoup some of yesterday’s gains. Studies are mixed, dly/mthly studies move higher while wkly studies remain overbought. Next key res at $1.6214, channel top from Jul 3 and above here targets Oct 1 high at $1.6260. Risk lower remains if bulls fail to break resistance – initial suppt at $1.6124.
R 4: $1.6260 High Oct 1 & Weekly Bollinger band top
R 3: $1.6240 Daily Bollinger band top
R 2: $1.6214 Channel top from Jul 3
R 1: $1.6172 High Oct 17
Latest price: $1.6144
S 1: $1.6124 High Oct 8
S 2: $1.6100 High Oct 7
S 3: $1.6064/66 23.6% of $1.5429-1.6260, 21-DMA
S 4: $1.6002 High Oct 11
USD/JPY fell through support yesterday after testing above daily Ichimoku cloud to just below 61.8% level – however sentiment appeared to reverse lower while daily studies turn weaker, suggesting an upcoming reversal. Initial support at Y97.79 – daily Tenkan line, a break below targets Y97.14 the 200-DMA. A move below the 200-DMA could see bears take control but first must break below the Oct 8 low at Y96.57 and then a support line from Apr lows at Y95.93.
R 4: Y98.67 Daily Ichimoku cloud base
R 3: Y98.42 100-day moving average
R 2: Y98.28 Daily Kijun line & 55-DMA
R 1: Y98.14/16 Low Oct 16, Hourly high
Latest price: Y98.00
S 1: Y97.79 Daily Tenkan
S 2: Y97.14 200-day moving average
S 3: Y96.71 Daily Bollinger band base
S 4: Y96.57 Low Oct 8
EUR/JPY pushed above resistance around Y133.80 to test the 76.4% at Y134.05 and leave a high of Y134.10. Daily studies are still bullish but slow stochastic enters overbought territory – bulls may aim to challenge the Sept 19 high at Y134.95 and break above. However, monthly studies also overbought and failure at resistance could reverse studies and see a move toward the support line from Jun lows – initial suppt at Y133.80 and below is dly Kijun at Y133.05
R 4: Y134.93/95 Weekly Bollinger band top, High Sept 19
R 3: Y134.55 Daily Bollinger band top
R 2: Y134.38 Jan 2010 reversal high
R 1: Y134.05/10 76.4% of Y134.95-131.15, Hourly high
Latest price: Y134.00
S 1: Y133.80 May 22 reversal high
S 2: Y133.05 Daily Kijun line
S 3: Y132.92 21-DMA
S 4: Y132.63 Daily Tenkan line
