The move lower continues following Tuesday’s failed attempt to head higher stalling at the $1.3879 level. Immediate focus remains on the $1.3749 low from Mar 20 & 25 with bulls needing a close above $1.3810 to ease the bearish pressure and a close above the $1.3879 level to see focus shift higher to retests of the $1.3948-66 region. A break below $1.3749 sees bears initially targeting layers of support in the $1.3644-1.3722 region.
RES 4: $1.3948 High Mar 17
RES 3: $1.3879 Low Mar 17 & 18 now resistance
RES 2: $1.3847 Hourly resistance Mar 25
RES 1: $1.3810 Hourly resistance Mar 26
LPRICE: $1.3787
SUP 1: $1.3749 Low Mar 20 & 25
SUP 2: $1.3722 50.0% Fibonacci 1.3479-1.3966
SUP 3: $1.3709 55-DMA
SUP 4: $1.3665 61.8% Fibonacci 1.3479-1.3966
The bounce from the rising daily trend line off Nov monthly lows has continued with GBP/USD closing above the 55-DMA, Mar 25 high and falling daily channel top off the Mar 7 high. This has eased bearish pressure and sees immediate focus shift to the $1.6604-20 region with a close above confirming a bigger bounce that then targets the $1.6714 Mar 13 high. Bears look for a close below the 55-DMA to see bearish focus re-emerge.
RES 4: $1.6771 21 day upper Bollinger band
RES 3: $1.6714 High Mar 13
RES 2: $1.6620 21-DMA
RES 1: $1.6604 Hourly resistance Mar 19
LPRICE: $1.6578
SUP 1: $1.6557 55-DMA
SUP 2: $1.6491 Rising daily trend line
SUP 3: $1.6456 Low Mar 24
SUP 4: $1.6445 100-DMA
Consolidation below Y102.68 resulted in a break of the Y101.94 level, although bulls will be taking comfort in the lack of follow through at the time of writing. While the Y102.49-68 region caps, bears will continue to target the layers of support in the Y100.61-101.41 region. Bulls need to see a close above Y102.49 to ease the current bearish pressure while a close above Y102.68 sees bullish pressure emerge and target the Y103.09-79 region.
RES 4: Y103.09 High Mar 12
RES 3: Y102.87 Hourly resistance Mar 13
RES 2: Y102.68 High Mar 19
RES 1: Y102.49 High Mar 25
LPRICE: Y102.15
SUP 1: Y101.41 Rising daily trend line
SUP 2: Y101.20 Low Mar 3 & 14
SUP 3: Y100.75 2014 low Feb 4
SUP 4: Y100.61 200-DMA
Repeated failures ahead of the Y141.97-142.24 region have resulted in a break lower with the EUR/JPY having tested the 100-DMA as a result. Bearish pressure is dominating overall with bulls needing a close above Y141.00 to ease the pressure while a close above Y141.54 is needed to see the key Y141.97-142.24 region pressured once more. Bears are currently targeting a continuation lower that sees the Y138.81-00 region retested
RES 4: Y142.24 Low Mar 12 now resistance
RES 3: Y141.97 High Mar 17 & 18
RES 2: Y141.75 Hourly resistance Mar 24
RES 1: Y141.54 Hourly resistance Mar 25
LPRICE: Y140.87
SUP 1: Y140.31 100-DMA
SUP 2: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 3: Y139.14 61.8% Fibonacci 136.28-143.77
SUP 4: Y138.81 Low Feb 27
The correction from the Gbp0.8390-00 region has resulted in a bearish close below Gbp0.8322 with focus having shifted lower to the 55-DMA and 50% Fibo level at Gbp0.8280. A close below Gbp0.8280 then sees the Gbp0.8159-0.8205 region targeted. Bulls now need a close above Gbp0.8334 to ease the current bearish pressure while a close above Gbp0.8367 is needed to hint at retest of the Gbp0.8390-00 region.
RES 4: Gbp0.8410 High Dec 25
RES 3: Gbp0.8400 2014 high Mar 18
RES 2: Gbp0.8367 Hourly resistance Mar 25
RES 1: Gbp0.8334 Low Mar 25 now resistance
LPRICE: Gbp0.8316
SUP 1: Gbp0.8301 High Mar 7 now support
SUP 2: Gbp0.8280 50.0% Fibonacci 0.8159-0.8400, 55-DMA
SUP 3: Gbp0.8251 61.8% Fibonacci 0.8159-0.8400
SUP 4: Gbp0.8205 Low Mar 5
