EUR/USD dipped below the 21-DMA Tuesday before finding support ahead of the Apr 9 low with pair having continued to slowly regain lost ground since. The $1.3863 resistance remains key to further topside with bulls looking for a close above to regain control and see focus return to the $1.3905-67 region. Bears need $1.3863 to cap to retain focus on the $1.3779-95 region with a close below $1.3779 seeing the $1.3676-1.3714 region targeted.
RES 4: $1.3967 2014 high Mar 13
RES 3: $1.3948 High Mar 17
RES 2: $1.3905 High Apr 11
RES 1: $1.3863 High Apr 14
LPRICE: $1.3835
SUP 1: $1.3795 21-DMA
SUP 2: $1.3779 Low Apr 9
SUP 3: $1.3750 High Apr 7 now support
SUP 4: $1.3722 50.0% Fibonacci 1.3479-1.3967
Despite overbought daily tech studies, cable has made fresh 2014 and multi-year highs during Asian trading with immediate bullish focus targeting the $1.6847-78 region. Layers of support have developed in the $1.6749-1.6822 region with bears needing a close below $1.6780 to ease the immediate bullish pressure and a close below $1.6749 to shift focus back to the long term rising daily channel base off Nov, Feb & Mar lows coming in at $1.6581.
RES 4: $1.6921 Rising daily channel top
RES 3: $1.6878 Monthly high Nov 16 2009
RES 2: $1.6859 21 day upper Bollinger band
RES 1: $1.6847 21 day upper Bollinger band
LPRICE: $1.6827
SUP 1: $1.6822 Previous 2014 high Feb 17 now support
SUP 2: $1.6780 Hourly support Apr 16
SUP 3: $1.6749 High Apr 16 now support
SUP 4: $1.6713 Hourly support April 15 & 16
The significance of the Y102.47 level with the 21-DMA noted just above (Y102.49), has been confirmed with the failure ahead of this level on Wednesday and the subsequent dip back towards the Y101.80 support. Bulls need a close above Y102.47 to provide some breathing space, shift immediate focus to the Y103.10 Apr 8 high and overall focus to the Y104.13 Apr 4 high. Bears need a close below Y101.80 to shift focus back to the key Y100.75-101.35 region
RES 4: Y103.10 High Apr 8
RES 3: Y102.95 100-DMA
RES 2: Y102.47 Alternating daily support/resistance
RES 1: Y102.16 Alternating hourly support/resistance
LPRICE: Y102.01
SUP 1: Y101.80 Hourly support Apr 16
SUP 2: Y101.32 Low Apr 10
SUP 3: Y101.20 Low Mar 14
SUP 4: Y100.85 200-DMA
EUR/JPY managed to trade above the 21-DMA (Y141.39) on Wednesday before running out of steam ahead of the key Y141.96 level. The correction back towards initial support confirms bearish focus but bears will continue to look for a close below Y139.96 to see immediate focus shift to the Y138.70-80 region. Bulls need a close above the 21-DMA to ease bearish pressure and above Y141.96 to shift focus back to the Y143.45-78 region
RES 4: Y143.45 High Apr 2
RES 3: Y142.86 21 day upper Bollinger band
RES 2: Y141.96 Alternating daily support/resistance
RES 1: Y141.79 High Apr 16
LPRICE: Y141.16
SUP 1: Y140.93 High Apr 14 now support
SUP 2: Y140.42 Rising daily trend line
SUP 3: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 4: Y139.96 Low Mar 28
Following repeated failed attempts to close above the 55-DMA bearish pressure has been confirmed with a break and close below Gbp0.8231 which is now initial resistance. Focus has now shifted to the Gbp0.8158-0.8205 support region with the only negative for a bearish continuation being oversold daily studies. Bulls need a close above Gbp0.8331 to ease the bearish pressure and a close above the 55-DMA to target Gbp0.8297-0.8336.
RES 4: Gbp0.8278 55-DMA
RES 3: Gbp0.8268 High Apr 16
RES 2: Gbp0.8252 Alternating support/resistance
RES 1: Gbp0.8231 Low Apr 9 now resistance
LPRICE: Gbp0.8220
SUP 1: Gbp0.8205 Monthly low Mar 5
SUP 2: Gbp0.8192 Low Feb 28
SUP 3: Gbp0.8167 21 week lower Bollinger band
SUP 4: Gbp0.8158 2014 Low Feb 17
