EUR/USD managed a pop above the previous $1.2989 resistance level before correcting lower from the falling daily channel top. Bulls now need a close above $1.2995 to confirm an easing of bearish pressure with bulls then needing a close above $1.3110 to confirm a break of the 21-DMA to end bearish hopes. While $1.2995 caps immediate focus remains on last week’s lows and the 2013 low overall with below $1.2909 needed to reconfirm bearish pressure
RES 4: $1.3110 Low Sept 2 now resistance
RES 3: $1.3065 21-DMA
RES 2: $1.3050 Hourly resistance Sept 4
RES 1: $1.2995 High Sept 16
LPRICE: $1.2948
SUP 1: $1.2909 Low Sept 12
SUP 2: $1.2859 2014 Low Sept 9
SUP 3: $1.2745 2013 Low Apr 4 2013
SUP 4: $1.2660 Monthly Low Nov 13 2012
Tuesday’s dip was aggressively reversed but the move above $1.6281 has so far lacked follow through. Initial support has developed on the hourlies at $1.6240 with bears needing a close below to provide some breathing room and below $1.6162 to reconfirm bearish focus. Bulls now look for a close above $1.6312 to confirm a shift in focus to the $1.6407-1.6536 region. Daily studies are correcting from O/S and add support to the bullish case.
RES 4: $1.6440 Low Sept 3 now resistance
RES 3: $1.6407 21-DMA
RES 2: $1.6350 Hourly resistance Sept 4
RES 1: $1.6312 High Sept 16
LPRICE: $1.6282
SUP 1: $1.6240 Hourly support Sept 16
SUP 2: $1.6162 Low Sept 16
SUP 3: $1.6048 Low Nov 15 2013
SUP 4: $1.6007 200-WMA
USD/JPY continues to hesitate ahead of last week’s 6 year highs with daily studies very O/B. Layers of support remain Y105.72-106.64 with bears needing a close below Y106.52 to confirm an easing of bullish pressure. Overall a close below Y105.72 is needed to hint at a deeper correction with below the 21-DMA then confirming. The Y110.68 Aug 2008 high remains the current focal point with O/B studies and the Bollinger band top the key issues for bulls.
RES 4: Y110.68 Monthly High Aug 2008
RES 3: Y109.17 Monthly High Sept 2 2008
RES 2: Y108.00 Bollinger band top
RES 1: Y107.39 High Sept 12
LPRICE: Y107.26
SUP 1: Y106.64 Low Sept 11
SUP 2: Y106.52 Hourly support Sept 10
SUP 3: Y106.03 Hourly support Sept 9
SUP 4: Y105.72 High Sept 5 now support
The 138.10 support remains key with bears needing a close below to confirm a break back below the 100-DMA and an easing of bullish pressure. The key concern for bulls is the Bollinger band top which is currently limiting follow through with the pair remaining capped ahead of the July monthly high as a result. Overall bears need a close below the 21-DMA to shift focus back to 2014 lows. While Y138.10 supports bulls target the 200-DMA.
RES 4: Y140.11 Monthly high June 9
RES 3: Y139.92 50.0% Fibonacci 142.51-135.73
RES 2: Y139.81 200-DMA
RES 1: Y139.31 Monthly high July 3
LPRICE: Y138.88
SUP 1: Y138.30 100-DMA
SUP 2: Y138.10 Hourly support Sept 11
SUP 3: Y137.65 Hourly support Sept 10
SUP 4: Y137.47 55-DMA
After having recently found support below the 55-DMA (Gbp0.7953) Tuesday’s bounce stalled ahead of the 100-DMA before correcting lower and currently remaining heavy. Bulls continue to look for a close above the 100-DMA to shift focus back to the Gbp0.8066 level whereas bears look for a close below the Gbp0.7938 low from last week to confirm a break of the 55-DMA and reconfirm bearish pressure that sees bears initially target 2014 lows.
RES 4: Gbp0.8151 200-DMA
RES 3: Gbp0.8066 Low June 11 now resistance
RES 2: Gbp0.8016 100-DMA
RES 1: Gbp0.7978 Hourly resistance Sept 16
LPRICE: Gbp0.7952
SUP 1: Gbp0.7938 Low Sept 11
SUP 2: Gbp0.7919 Low Sept 5
SUP 3: Gbp0.7892 Low Sept 1
SUP 4: Gbp0.7874 2014 Low July 23
