Recent topside failures ahead of the key $1.3445 resistance level keep bearish hopes alive. $1.3333 continues to confirm its significance with bears needing a close below to reconfirm bearish pressure and retain overall focus on the $1.3105 Sept 2013 monthly low. Bulls continue to look for a close above $1.3445 to confirm an easing of bearish pressure and above $1.3485 to hint at a bigger bounce targeting $1.3643-00 where 100 & 200-DMAs are noted.
RES 4: $1.3485 High July 24
RES 3: $1.3460 Falling channel top May/July highs
RES 2: $1.3445 High Aug 1
RES 1: $1.3414 21-DMA
LPRICE: $1.3365
SUP 1: $1.3333 2014 low Aug 6
SUP 2: $1.3294 Monthly low Nov 7 2013
SUP 3: $1.3223 High Sept 5 2013 now support
SUP 4: $1.3105 Monthly Low Sept 6 2013
GBP/USD continues to hover precariously above the 200-DMA ($1.6667) while remaining capped ahead of initial resistance at $1.6698. Layers of resistance remain on the hourlies with bulls needing a close above $1.6757 to ease bearish pressure a little and above the 55-DMA ($1.6957) to shift overall focus back to 2014 highs. Daily studies remain O/S but a close below the 200-DMA reconfirms bearish pressure and sees bears target 2014 lows.
RES 4: $1.6859 Falling channel top 2014 high
RES 3: $1.6757 Low Aug 12 now resistance
RES 2: $1.6735 Hourly resistance Aug 13
RES 1: $1.6698 Hourly resistance Aug 13
LPRICE: $1.6691
SUP 1: $1.6658 Low Aug 14
SUP 2: $1.6551 Monthly Low Apr 4
SUP 3: $1.6466 Monthly Low Mar 24
SUP 4: $1.6441 55-WMA
The recent run of higher daily highs/lows continued Thursday. Immediate focus has shifted to the Y102.94-103.09 region but daily and weekly Bollinger band tops in this region may limit topside follow through above Y103.09. Bears need a close below Y102.22 to ease bullish pressure and a close below the 55-DMA to end bullish hopes and shift focus back to the Y101.07-32 region.
RES 4: Y103.09 Monthly High July 30
RES 3: Y103.04 Bollinger band top
RES 2: Y102.94 High Aug 5
RES 1: Y102.66 High Aug 6
LPRICE: Y102.51
SUP 1: Y102.31 Low Aug 14
SUP 2: Y102.22 Low Aug 13
SUP 3: Y101.98 55-DMA
SUP 4: Y101.51 Low Aug 8
EUR/JPY failed once again ahead of the falling daily channel top on Thursday with bulls needing a close above to confirm an easing of bearish pressure. This then sees immediate focus shift to the 55-DMA with a close above hinting at a move higher that targets the Y139.24-81 region where 100 & 200-DMAs are located. Bears now need a close below Y136.79 to ease pressure on initial resistance and below Y136.60 to reconfirm bearish focus.
RES 4: Y138.30 38.2% Fibonacci 142.46-135.73
RES 3: Y138.00 55-DMA
RES 2: Y137.78 Bollinger band top
RES 1: Y137.29 Falling daily channel top
LPRICE: Y137.00
SUP 1: Y136.79 Low Aug 14
SUP 2: Y136.60 Low Aug 13
SUP 3: Y136.36 Low Aug 12
SUP 4: Y135.73 Low Aug 8
EUR/GBP made a brief foray into the Gbp0.8033-51 resistance region with the sharp move above the Bollinger band top (Gbp0.8087) lacking follow through. Initial support remains at the Gbp0.8000 level but bears continue to look for a close below the 55-DMA to confirm an easing of bullish pressure and below Gbp0.7915 to end bullish hopes and target 2012 lows. The proximity of the Bollinger band top remains the key concern for bulls.
RES 4: Gbp0.8085 21-WMA
RES 3: Gbp0.8079 100-DMA
RES 2: Gbp0.8051 Low June 11 now resistance
RES 1: Gbp0.8036 High Aug 14
LPRICE: Gbp0.8004
SUP 1: Gbp0.8000 Hourly support Aug 13
SUP 2: Gbp0.7982 55-DMA
SUP 3: Gbp0.7955 Breakout level Aug 13
SUP 4: Gbp0.7915 Low Aug 6
