The consolidation within the recent $1.3576-1.3651 region has seen a triangle develop on the dailies. Bulls need to see a close above $1.3651 to confirm a break to the topside that then has to navigate its way through layers of resistance in the $1.3663-00 region. Bears on the other hand look for a close below $1.3564 to confirm a break of the triangle base and the long term daily channel base, shifting immediate focus back to the $1.3503-12 support region.
RES 4: $1.3730 100-DMA
RES 3: $1.3700 High July 1
RES 2: $1.3669 Hourly resistance July 2, Ichimoku cloud base
RES 1: $1.3651 High July 10
LPRICE: $1.3618
SUP 1: $1.3609 Hourly support July 14
SUP 2: $1.3576 Low June 26
SUP 3: $1.3564 Low June 20
SUP 4: $1.3512 Low June 12
GBP/USD is starting to look a little heavy following recent topside failures, the move lower Monday and correcting daily studies that add weight to the bearish case. The pair is chopping around the 21-DMA ($1.7078) but it’s the $1.7063 support that remains key to direction. Bears look for a close below to confirm a break of the 21-DMA and shift focus back to the $1.6919-48 region. Bulls now need a close above $1.7151 to regain control and target $1.7198.
RES 4: $1.7198 High Oct 21 2008
RES 3: $1.7180 2014 High July 4
RES 2: $1.7151 High July 11
RES 1: $1.7091 Hourly resistance July 15
LPRICE: $1.7081
SUP 1: $1.7063 Previous 2014 high now support
SUP 2: $1.7007 Low June 27
SUP 3: $1.6994 38.2% Fibonacci $1.6696-1.7180
SUP 4: $1.6948 Low June 25
The bounce from ahead of the 55-WMA has stalled at the Y101.66 resistance level with layers of resistance remaining in the Y101.66-102.35 region. Initial support has developed on the hourlies at Y101.53 with bears looking for a close below to reconfirm bearish pressure and target the Y100.75-101.10 support region. Bulls continue to look for a close above Y101.95 to hint at further.
RES 4: Y102.29 Bollinger band top
RES 3: Y101.95 Alternating support/resistance level, 200-DMA
RES 2: Y101.86 High July 9
RES 1: Y101.66 Hourly resistance July 10
LPRICE: Y101.58
SUP 1: Y101.53 Hourly support July 15
SUP 2: Y101.22 Low July 11
SUP 3: Y101.10 55-WMA, Low July 10
SUP 4: Y100.82 Monthly Low May 21
Monday’s bounce has so far stalled ahead of the Y138.50 resistance. Layers of resistance remain in the Y138.50-139.42 region with bulls needing a close above Y138.76 to confirm a break of the 21-DMA and an easing of bearish pressure where as a close above the 200-DMA remains needed to shit immediate focus to the Y140.09-24 region where the 100-DMA is located. Bears now need a close below Y138.05 to reconfirm bearish pressure.
RES 4: Y139.43 200-DMA
RES 3: Y139.20 Bollinger band top
RES 2: Y138.76 High July 9
RES 1: Y138.50 Previous hourly support now resistance
LPRICE: Y138.29
SUP 1: Y138.22 Hourly support July 14
SUP 2: Y138.05 High July 11 now support
SUP 3: Y137.50 Low July 10
SUP 4: Y137.25 55-WMA
EUR/GBP is flirting with the 21-DMA (Gbp0.7974) following Monday’s rally that stalled right on the Gbp0.7980 resistance level. Bulls continue to look for a close above Gbp0.7980 to confirm a break of the 21-DMA and shift immediate focus back to the key Gbp0.8033 resistance. It should be noted the pair has not closed above the 21-DMA since the move lower began back in late April. Bears need a close below Gbp0.7969 to ease pressure on Gbp0.7980.
RES 4: Gbp0.8071 55-DMA
RES 3: Gbp0.8033 High June 25
RES 2: Gbp0.7998 Low July 1 now resistance
RES 1: Gbp0.7980 Hourly resistance July 2
LPRICE: Gbp0.7969
SUP 1: Gbp0.7969 Hourly support July 14 & 15
SUP 2: Gbp0.7937 Low July 11
SUP 3: Gbp0.7926 Low July 8
SUP 4: Gbp0.7915 2014 Low July 7 2014
