EUR/USD continues to consolidate below the 100-DMA while remaining supported ahead of the 200-DMA. 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 $1.3800-13 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: $1.3800 21-DMA
RES 2: $1.3775 High May 12
RES 1: $1.3738 100-DMA
LPRICE: $1.3705
SUP 1: $1.3678 Low May 20
SUP 2: $1.3644 Low Feb 27
SUP 3: $1.3634 200-DMA
SUP 4: $1.3563 Low Feb 12
GBP/USD continues to flirt with the 21-DMA as oversold daily tech studies look to correct higher. Bulls need a close above the 21-DMA to confirm an easing of bearish pressure and see overall focus shift back to retests of 2014 highs. Immediate focus remains on the $1.6730-35 region while the 21-DMA caps, with bears favouring a break lower that sees 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: $1.6848 21-DMA
LPRICE: $1.6838
SUP 1: $1.6802 Low May 20
SUP 2: $1.6782 Hourly support May 16
SUP 3: $1.6732 55-DMA, Rising daily trend line
SUP 4: $1.6683 Low Apr 15
USD/JPY continues to dip below the 200-DMA (Y101.26) with bears looking for a close below Monday’s low to reconfirm bearish pressure and retain hopes of sub Y100.00 levels. Initial resistance remains 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: Y102.58 100-DMA
RES 2: Y102.29 55-DMA
RES 1: Y101.67 Hourly resistance May 16
LPRICE: Y101.22
SUP 1: Y101.11 Low May 19
SUP 2: Y100.75 2014 low Feb 4
SUP 3: Y100.45 High Nov 15 2013 now support
SUP 4: Y99.57 High Nov 19 2013
The move lower continues to slow as the pair approaches the 200-DMA. Bulls need to see a close above Y139.45 to confirm an easing of bearish pressure. Layers of resistance remain Y139.33-141.30 including key moving averages with a close above needed to end bearish hopes and initially target Y142.45 and then 2014 highs. While Y139.45 caps bears will continue to target the 200-DMA.
RES 4: Y140.32 Hourly resistance May 13
RES 3: Y139.45 Hourly resistance May 16
RES 2: Y139.33 High May 20
RES 1: Y139.04 Alternating hourly support/resistance
LPRICE: Y138.73
SUP 1: Y138.54 Low May 20
SUP 2: Y138.09 200-DMA
SUP 3: Y136.23 2014 low Feb 4
SUP 4: Y134.10 Low Nov 20 2013
The move to fresh 2014 lows continued for EUR/GBP, albeit briefly with bears continuing to target levels last seen in late 2012. Initial resistance is now noted at Gbp0.8159 with bulls needing a close above to ease bearish pressure a little. A close above Gpb0.8191 is needed to hint at a bigger bounce that sees focus shift to the Gbp0.8255-60 region. O/S daily studies remain the only negative for the bearish scenario.
RES 4: Gbp0.8314 High Apr 3
RES 3: Gbp0.8257 High Apr 29, 55-DMA, 100-DMA
RES 2: Gbp0.8191 Low Feb 28 now resistance, 21-DMA
RES 1: Gbp0.8159 High May 19
LPRICE: Gbp0.0.8138
SUP 1: Gbp0.8119 2014 Low May 20
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
