EUR/USD remains heavy after again failing to make any impact on the $1.3159 level. Layers of resistance remain $1.3159-1.3485 with bulls needing a close above $1.3221 to ease bearish pressure and above $1.3333 to confirm a break of the 21-DMA and shift overall focus to the $1.3445-85 region. Sept monthly lows are lurking just below with a break seeing focus turn to sub $1.3000 levels
RES 4: $1.3262 Hourly resistance Aug 22
RES 3: $1.3221 High Aug 28
RES 2: $1.3196 High Aug 29
RES 1: $1.3159 Previous hourly support now resistance
LPRICE: $1.3123
SUP 1: $1.3101 Monthly Low Sept 7 2013
SUP 2: $1.3026 Falling daily channel base May-Aug
SUP 3: $1.2993 Low July 15 2013
SUP 4: $1.2898 High July 9 2013 now support
Following on from recent failures above $1.6600 and ahead of the falling daily channel top, cable has traded down to fresh 7 month lows with immediate focus now on the $1.6383-1.6422 region. The key concerns for bears remain O/S daily studies and proximity of the Bollinger band base ($1.6426) but bulls now need a close above $1.6536 to ease bearish pressure. Overall a close above the 21-DMA is now needed to hint at a shift higher in focus.
RES 4: $1.6650 21-DMA
RES 3: $1.6622 Falling daily channel top
RES 2: $1.6536 Hourly resistance Sept 2
RES 1: $1.6473 Hourly resistance Sept 3
LPRICE: $1.6459
SUP 1: $1.6422 Falling daily channel base
SUP 2: $1.6383 Low Feb 10
SUP 3: $1.6348 High Feb 6 now support
SUP 4: $1.6252 2014 Low Feb 5
Bulls dominate with focus firmly on the 2014 highs and a break above seeing focus shift to levels last seen in Sept 2013 and the possibility of Y110.00+. Layers of support have developed on the hourlies with bears now needing a close below Y104.76 to ease bullish pressure and below Y104.22 to shift focus back to the Y103.31-50 region. Key concerns for bulls are O/B studies and the proximity of the Bolli top.
RES 4: Y107.98 High Sept 19 2008
RES 3: Y106.99 High Sept 25 2008
RES 2: Y105.44 2014 High Jan 2
RES 1: Y105.33 Bollinger band top
LPRICE: Y105.05
SUP 1: Y105.04 Hourly support Sept 3
SUP 2: Y104.76 Hourly support Sept 2
SUP 3: Y104.39 Hourly resistance Aug 2 now support
SUP 4: Y104.22 Hourly support Sept 1
After recently remaining capped at the 21-DMA (Y137.12) the aggressive rally Tuesday has now seen the pair trading above the previous Y138.08 resistance level with this level now noted as initial support on the hourlies. In saying that, bears now need a close back below the 55-DMA to ease the renewed bullish pressure that sees bulls initially targeting the Y138.68-77 region with overall focus having shifted to the Y139.30 July monthly high.
RES 4: Y139.30 Monthly High July 3
RES 3: Y138.77 High July 9
RES 2: Y138.68 100-DMA
RES 1: Y138.48 High July 14
LPRICE: Y138.10
SUP 1: Y138.08 Hourly support Sept 3
SUP 2: Y137.63 55-DMA
SUP 3: Y137.44 Hourly support Sept 2
SUP 4: Y136.86 Low Sept 1
EUR/GBP has reversed sharply high from ahead of the 2014 low with the pair currently trading above the 21-DMA and pressuring the Gbp0.7980 resistance level. Bears now need to see a close below the 55-DMA to confirm an easing of bullish pressure whereas a close below Gbp0.7930 is needed to shift focus back to 2013 lows. Above Gbp0.7980 sees focus return to the Gbp0.8016-36 region that the pair struggled with during August.
RES 4: Gbp0.8036 Monthly High Aug 14
RES 3: Gbp0.8016 High Aug 22
RES 2: Gbp0.8003 Falling short term trend line
RES 1: Gbp0.7980 High Aug 25
LPRICE: Gbp0.7976
SUP 1: Gbp0.7968 21-DMA
SUP 2: Gbp0.7956 55-DMA
SUP 3: Gbp0.7930 Hourly support Sept 2
SUP 4: Gbp0.7910 Hourly support Sept 2
