EUR/USD broke and closed well above the 21-DMA on Wednesday but the continuation higher has so far stalled ahead of the key $1.3879 level that acted as support in mid Mar. Bulls need a close above this level to see focus shift higher to the $1.3948-66 region and at present daily studies are supportive. Bears need a close below the 21-DMA to relieve the pressure on $1.3879 and hint at a return to the $1.3676-00 region.
RES 4: $1.3966 2014 high Mar 13
RES 3: $1.3948 High Mar 17
RES 2: $1.3936 21 day upper Bollinger band
RES 1: $1.3879 Low Mar 17 now resistance
LPRICE: $1.3844
SUP 1: $1.3808 21-DMA
SUP 2: $1.3779 Low Apr 9
SUP 3: $1.3750 High Apr 7 now support
SUP 4: $1.3700 100-DMA
The move higher continues for cable with the pair firmly focused on the 2014 highs at $1.6822. A close above this level would confirm overall bullish focus that is now targeting the $1.7042-52 region with the rising daily channel top at $1.7052. Bears now look for a close below Wednesday’s $1.6724 low to ease the current bullish pressure while a close below the $1.6684 support is needed to shift focus back to the rising daily channel base ($1.6555).
RES 4: $1.7052 Rising daily channel top
RES 3: $1.7042 2009 high Aug 5 2009
RES 2: $1.6878 Monthly high Nov 16 2009
RES 1: $1.6822 2014 high Feb 17
LPRICE: $1.6793
SUP 1: $1.6785 Hourly support Apr 10
SUP 2: $1.6724 Low Apr 9
SUP 3: $1.6702 Hourly support Apr 8
SUP 4: $1.6684 High Mar 31 now support
Overall focus remains on the Y100.75-81 region where the key 200-DMA is noted. Bears now need to see a close below the rising daily trend line off 2014 lows to reconfirm the current bearish pressure otherwise the risk of a correction becomes increased. Initial resistance is now noted at Y102.16 but bulls continue to look for a close above the Y102.47 level to hint at a correction, while a close above Y103.10 sees Y104.11 targeted
RES 4: Y103.39 High Apr 7
RES 3: Y103.10 High Apr 8
RES 2: Y102.47 Alternating daily support/resistance, 21-DMA
RES 1: Y102.16 High Apr 9
LPRICE: Y101.72
SUP 1: Y101.51 Rising daily trend line
SUP 2: Y101.20 Low Mar 14
SUP 3: Y100.95 21 day lower Bollinger band
SUP 4: Y100.81 200-DMA
The recovery from just short of the 50.0% Fibonacci retracement of the Feb-Mar move has seen the pair pop above the 21-DMA but key to further topside remains the pivotal Y141.96 level. While this level caps bears will favour a retest of the Y140.02 level where the rising daily trend line off Nov monthly lows is noted. Bulls need to see a close above Y141.96 to see focus shift higher to retests of the Y143.45-78 region
RES 4: Y143.78 Monthly high Mar 7
RES 3: Y143.47 High Apr 2
RES 2: Y142.87 21 day upper Bollinger band
RES 1: Y141.96 Alternating daily support/resistance
LPRICE: Y140.85
SUP 1: Y140.61 Hourly support Apr 9
SUP 2: Y140.02 50.0% Fibonacci 136.28-143.77, Rising daily trend line
SUP 3: Y139.39 Ichimoku cloud top
SUP 4: Y139.14 61.8% Fibonacci 136.28-143.77
Daily studies remain very much in O/S territory but bulls now need to see a close above the Gbp0.8285 Apr 7 high to shift focus away from the Gbp0.8159-92 region and back to the key resistance noted at Gbp0.8323-30. A close above Gbp0.8330 remains needed to target 2013 highs and the 200-DMA. While Gbp0.8285 caps bearish pressure dominates and sees bears target the Gbp0.8159-0.8205 region.
RES 4: Gbp0.8323 High Mar 27
RES 3: Gbp0.8303 100-DMA
RES 2: Gbp0.8285 High Apr 7
RES 1: Gbp0.8256 High Apr 9
LPRICE: Gbp0.8245
SUP 1: Gbp0.8231 Low Apr 9
SUP 2: Gbp0.8205 Monthly low Mar 5
SUP 3: Gbp0.8192 Low Feb 28
SUP 4: Gbp0.8159 2014 Low Feb 17
