EUR/USD continues to consolidate below the 100-DMA after having traded down to fresh 3 month lows last week. Bulls need to see a close above the 100-DMA to confirm an easing of bearish pressure while an overall close above the 21 & 55-DMA’s in the $1.3805-13 region is needed to shift focus back to 2014 highs. While the 100-DMA caps, bears target the 200-DMA with a close below not seen since Sept 2013.
RES 4: $1.3813 55-DMA
RES 3: $1.3805 21-DMA
RES 2: $1.3775 High May 12
RES 1: $1.3738 100-DMA
LPRICE: $1.3709
SUP 1: $1.3685 Low May 16
SUP 2: $1.3644 Low Feb 27
SUP 3: $1.3629 200-DMA
SUP 4: $1.3563 Low Feb 12
GBP/USD has managed to bounce from ahead of the rising daily trend line and 55-DMA following last week’s dip but remains capped ahead of the 21-DMA. Bulls need a close above the 21-DMA to confirm an easing of bearish pressure and see overall focus shift back to 2014 highs. Immediate focus remains on the $1.6725-30 region while the 21-DMA caps, with a break lower seeing the 100-DMA targeted.
RES 4: $1.6996 2014 High May 6
RES 3: $1.6956 21 day upper Bollinger band
RES 2: $1.6875 High May 14
RES 1: $1.6846 21-DMA
LPRICE: $1.6812
SUP 1: $1.6805 Hourly support May 19
SUP 2: $1.6782 Hourly support May 16
SUP 3: $1.6729 55-DMA, Rising daily trend line
SUP 4: $1.6683 Low Apr 15
USD/JPY managed a brief dip below the 200-DMA but bears will continue to look for a daily close below to add weight to the bearish case. Initial resistance remains on the hourlies at Y101.67 with bulls needing a close above to ease bearish pressure a little. Overall a close above the 55-DMA is needed to end bearish hopes and see focus shift to the Y102.66-103.00 region.
RES 4: Y103.00 High May 2
RES 3: Y102.66 100-DMA
RES 2: Y102.33 55-DMA
RES 1: Y101.67 Hourly resistance May 16
PRICE: Y101.56 @0430GMT
SUP 1: Y101.31 Hourly support May 20
SUP 2: Y101.25 200-DMA
SUP 3: Y100.75 2014 low Feb 4
SUP 4: Y100.45 High Nov 15 2013 now support
Hesitation ahead of recent 3 month lows combined with oversold daily tech studies looking to correct could be hinting at a bounce. Bulls need to see a close above the Y139.45 initial resistance to confirm an easing of bearish pressure. Layers of resistance remain Y140.88-141.33 including key moving averages with a close above needed to end bearish hopes and initially target Y142.45.
RES 4: Y141.36 55-DMA
RES 3: Y140.94 High May 13
RES 2: Y140.32 Hourly resistance May 13
RES 1: Y139.45 Hourly resistance May 16
LPRICE: Y139.18
SUP 1: Y138.78 21 day lower Bollinger band
SUP 2: Y138.60 Low May 19
SUP 3: Y138.00 200-DMA
SUP 4: Y136.23 2014 low Feb 4
The bounce from fresh 2014 lows last week was short lived with the bearish close Friday ensuring bears retain control with focus on sub Gbp0.8000 levels. Bulls now need to see a close above the 21-DMA to confirm an easing of bearish pressure. Overall bulls now need to see a close above the key Gbp0.8257 level to shift focus back to the 200-DMA and then the 2014 high.
RES 4: Gbp0.8314 High Apr 3
RES 3: Gbp0.8257 High Apr 29, 55-DMA, 100-DMA
RES 2: Gbp0.8194 21-DMA
RES 1: Gbp0.8191 Low Feb 28 now resistance
LPRICE: Gbp0.0.8150
SUP 1: Gbp0.8129 2014 Low May 14
SUP 2: Gbp0.8035 Low Dec 10 2012
SUP 3: Gbp0.8005 Low Nov 21 2012
SUP 4: Gbp0.7960 Monthly low Nov 8 2012
