The falling daily channel top comes in around $1.3453 today with bulls now looking for a close above to confirm breaks of the 21-DMA, $1.3445 resistance and channel top. Overall bulls need a close above $1.3485 to end bearish hopes and shift focus back to $1.3635-1.3700 where 100 & 200-DMAs are located. While layers of resistance $1.3410-53 cap, bears favour a break lower that targets the $1.3105 Sept 2013 monthly low.
RES 4: $1.3485 High July 24
RES 3: $1.3453 Falling channel top May/July highs
RES 2: $1.3445 High Aug 1
RES 1: $1.3410 21-DMA
LPRICE: $1.3397
SUP 1: $1.3357 Low Aug 15
SUP 2: $1.3333 2014 low Aug 6
SUP 3: $1.3294 Monthly low Nov 7 2013
SUP 4: $1.3223 High Sept 5 2013 now support
Time spent below the 200-DMA was brief with GBP/USD drifting back towards the $1.6757 resistance as daily studies slowly correct from O/S levels. Bulls continue to look for a close above $1.6757 to ease bearish pressure. Layers of resistance remain $1.6872-1.7003 with bulls needing a close above $1.7003 to end bearish hopes and see overall focus return to retest of the 2014 highs. While $1.6757 caps bears target a break of last week’s lows
RES 4: $1.6894 High Aug 1
RES 3: $1.6872 21-DMA
RES 2: $1.6812 Falling channel top 2014 high
RES 1: $1.6757 Low Aug 12 now resistance
LPRICE: $1.6728
SUP 1: $1.6702 High Aug 15 now support
SUP 2: $1.6658 Low Aug 14
SUP 3: $1.6551 Monthly Low Apr 4
SUP 4: $1.6466 Monthly Low Mar 24
The recent run of consecutive higher daily highs/lows came to an end Friday with the USD/JPY falling back towards the 21-DMA and the close marginally below the 200-DMA (Y102.39) easing bullish pressure. The 55-DMA remains key support this week with bears looking for a close below to confirm an end to bullish hopes and see focus return to the Y101.07-50 region with the 55-WMA noted at Y101.33.
RES 4: Y103.09 Monthly High July 30
RES 3: Y102.94 High Aug 5
RES 2: Y102.73 High Aug 15
RES 1: Y102.46 Hourly resistance Aug 15
LPRICE: Y102.33
SUP 1: Y102.12 21-DMA
SUP 2: Y101.99 55-DMA
SUP 3: Y101.51 Low Aug 8
SUP 4: Y101.32 Low July 23
Friday’s spike above the falling daily channel top (Y137.22) failed ahead of the Bollinger band top with the falling daily channel top capping so far in Asia today. Bulls look for a close above Friday’s high to confirm an easing of bearish pressure and above Y138.07 to confirm a break of the 55-DMA and shift focus to Y139.19-139.30. Bears now look for a close below Friday’s low to reconfirm bearish pressure and retain immediate focus on the Aug 8 low.
RES 4: Y137.97 55-DMA
RES 3: Y137.78 Bollinger band top
RES 2: Y137.62 High Aug 15
RES 1: Y137.19 Hourly resistance Aug 18
LPRICE: Y137.06
SUP 1: Y136.77 Low Aug 15
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 (Gbp0.8025) lacking follow through. Initial support remains at Gbp0.8000 but bears 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 and may limit follow through.
RES 4: Gbp0.8077 100-DMA
RES 3: Gbp0.8073 21-WMA
RES 2: Gbp0.8051 Low June 11 now resistance
RES 1: Gbp0.8036 High Aug 14
LPRICE: Gbp0.8002
SUP 1: Gbp0.8000 Hourly support Aug 13
SUP 2: Gbp0.7977 55-DMA
SUP 3: Gbp0.7955 Breakout level Aug 13
SUP 4: Gbp0.7915 Low Aug 6
