EUR/USD continues to find support ahead of $1.3779 with bears needing a close below to confirm a break of the 21-DMA and see focus shift to the $1.3673-1.3722 region where key moving averages and Fibonacci supports are located. Bulls need to see a close above $1.3833 to ease the pressure on $1.3779-93, while a close above $1.3863 is needed to shift focus to the $1.3905-67 region.
RES 4: $1.3905 High Apr 11
RES 3: $1.3888 21 day upper Bollinger band
RES 2: $1.3863 High Apr 14
RES 1: $1.3833 Hourly support Apr 17 now resistance
LPRICE: $1.3817
SUP 1: $1.3779 Low Apr 9, 38.2% Fibonacci 1.3479-1.3967
SUP 2: $1.3722 50.0% Fibonacci 1.3479-1.3967, 100-DMA
SUP 3: $1.3673 Low Apr 4
SUP 4: $1.3643 Low Feb 27
GBP/USD managed to find support at the rising daily channel base off the Apr 7 low on Tuesday with the resulting bounce pausing just short of the fresh 2014 high set last week. Bears now need a close below the rising daily channel base to ease the current bullish pressure while a close below the $1.6749 support is needed to hint at a deeper correction. While the channel base supports bulls are targeting fresh 2014 highs and then the $1.7042 level.
RES 4: $1.7110 Rising daily channel top
RES 3: $1.7042 Monthly high Aug 2009
RES 2: $1.6878 Monthly high Nov 16 2009, 21 day upper Bollinger band
RES 1: $1.6842 2014 high Apr 17
LPRICE: $1.6825
SUP 1: $1.6820 Hourly support Apr 23
SUP 2: $1.6808 Rising daily channel base
SUP 3: $1.6749 High Apr 16 now support
SUP 4: $1.6713 Hourly support April 15 & 16
USD/JPY continues to oscillate around the 21-DMA (Y102.56) but continues to find support ahead of the 55-DMA on dips. Bears need a close below the 55-DMA to see bearish pressure re-emerge and see focus shift lower once more to layers of support in the Y100.75-101.80 region. While the 55-DMA supports, bulls will be looking to build a base for an initial retest of the Y102.95-103.10 region and then the Y104.13 Apr 4 high above
RES 4: Y104.13 High Apr 4
RES 3: Y103.97 21 day upper Bollinger band
RES 2: Y103.10 High Apr 8
RES 1: Y102.95 100-DMA
LPRICE: Y102.53
SUP 1: Y102.38 55-DMA
SUP 2: Y101.80 Hourly support Apr 16
SUP 3: Y101.44 Rising daily trend line
SUP 4: Y101.32 Low Apr 10
Pressure is building on the key Y141.96 resistance with the EUR/JPY having bounced from the 100-DMA on Tuesday. Bears need a close below the 100-DMA to relieve the bullish pressure, whereas bulls continue to target a break of the Y141.96 level while the 100-DMA supports. The triangle top comes in around Y142.91 with a close above targeting the Y142.15-65 region. The triangle base comes in around Y140.89 with a break lower targeting Feb monthly lows
RES 4: Y143.79 Monthly high Mar 7
RES 3: Y143.45 High Apr 2
RES 2: Y142.91 21 day upper Bolli, Falling Triangle top
RES 1: Y141.96 Alternating daily support/resistance
LPRICE: Y141.70
SUP 1: Y141.29 100-DMA
SUP 2: Y140.89 Rising Triangle base off Nov monthly low
SUP 3: Y140.02 50.0% Fibonacci 136.28-143.77
SUP 4: Y139.96 Low Mar 28
The move lower continues with a dip into the Gbp0.8158-0.8205 support region on Tuesday. Initial resistance is now noted at the Gbp0.8217 high from Tuesday with a close above needed to ease the bearish pressure a little. Overall bulls continue to look for a close above the 55-DMA to end bearish hopes and shift focus back to the Gbp0.8293-0.8330 region. Daily studies remain oversold but don’t come into play until a close above Gbp0.8217 is seen
RES 4: Gbp0.8268 High Apr 16
RES 3: Gbp0.8252 Alternating support/resistance
RES 2: Gbp0.8238 High Apr 18
RES 1: Gbp0.8217 High Apr 22
LPRICE: Gbp0.8208
SUP 1: Gbp0.8200 21 day lower Bollinger band
SUP 2: Gbp0.8192 Low Feb 28
SUP 3: Gbp0.8160 21 week lower Bollinger band
SUP 4: Gbp0.8158 2014 Low Feb 17
