Daily Market Technicals

The sharp rejection from above $1.3583 with falling daily trend line off May highs also seen capping keeps bearish hopes alive. This sees immediate focus remain on the $1.3477-1.3512 region and overall focus on the $1.3400 Nov 21 2013 low. Bulls need to see a close above the 21-DMA to confirm an easing of bearish pressure and shift immediate focus to the $1.3665-75 region where the 200-DMA is located.

RES 4: $1.3665 200-DMA

RES 3: $1.3602 Hourly resistance June 10, 21-DMA

RES 2: $1.3587 Hourly resistance June 17

RES 1: $1.3552 Alternating hourly support/resistance

LPRICE: $1.3541

SUP 1: $1.3512 Low June 12

SUP 2: $1.3502 Low June 5

SUP 3: $1.3477 2014 low Feb 3

SUP 4: $1.3400 Low Nov 21 2013

GBP/USD is looking a little unsteady and may be hinting at a correction lower following the spike to fresh 2014 and multi-year highs Monday with the move higher lacking follow through. Initial support is noted at $1.6938 but bears really need to see a close below the $1.6922 hourly support to confirm an easing of bullish pressure and hint at a deeper correction back towards layers of support noted in the $1.6687-1.6840 region

Pressure continues to build for the USD/JPY as it works its way through key DMA’s but the Y102.30-42 region continues to cap with the Ichimoku cloud base noted at Y102.30. Bulls need a close above the Y102.42 level to provide some breathing space and see immediate focus shift to the Y102.79-103.02 region and the overall focus back to the Y102.13 Apr monthly high. Bears now look for a close below Y102.09 to ease the current bullish pressure.

The recovery from the fresh 4 month lows set on Monday continues as the EUR/JPY works its way back towards the 21 & 200-DMA’s. Bulls look for a close above Y139.46 as confirmation of a break and an ending of bearish hopes with immediate focus then shifting to additional layers of resistance in the Y104.09-36 region. While the 200-DMA caps bears will target 2014 lows with the main concern oversold daily tech studies.

EUR/GBP continues to consolidate at the lower end of recent ranges and after having failed around Gbp0.8008 on the attempted recovery, is starting to look a little heavy again. Bulls need to see a close above Gbp0.8032 to confirm an easing of bearish pressure while a close above Gbp0.8098 is needed to shift focus back to the 200-DMA. While bears dominate they will continue to target fresh 2014 lows and more specifically the July 2012 low at Gbp0.7764