EUR/USD has currently found support ahead of the recent 2014 low with the bounce seeing the pair heading back towards the $1.2948-95 resistance region. Recent failures ahead of $1.3000 resulted in fresh lows with bulls needing a close above $1.3000 to confirm an easing of bearish pressure. While $1.2995-00 caps bears continue to target the $1.2713-45 region where the 2013 lows and channel base are located.
RES 4: $1.3050 Hourly resistance Sept 4
RES 3: $1.3027 21-DMA
RES 2: $1.2995 High Sept 16
RES 1: $1.2948 Falling daily channel top
LPRICE: $1.2923
SUP 1: $1.2897 Hourly support Sept 19
SUP 2: $1.2834 2014 Low Sept 18
SUP 3: $1.2786 Bollinger band base
SUP 4: $1.2745 2013 Low Apr 4 2013
Bulls have regained control with the sharp move above the 21-DMA. If the GBP/USD manages to close above the 21-DMA today it will be the first close above since early in the July/Aug/Sept sell-off and adds support to the bullish case. While the 21-DMA supports bulls now target the $1.6691-1.6721 region where the 55 & 200-DMAs and Bollinger band top are located. Bears need a close below the 21-DMA to ease bullish pressure and below $1.6240 to shift focus back to the $1.6007-48 region.
RES 4: $1.6721 Bollinger band top
RES 3: $1.6691 200-DMA
RES 2: $1.6646 High Sept 1
RES 1: $1.6536 Low Aug 25 now resistance
LPRICE: $1.6489
SUP 1: $1.6460 Hourly support Sept 19
SUP 2: $1.6409 Hourly support Sept 19
SUP 3: $1.6394 21-DMA
SUP 4: $1.6240 Hourly support Sept 16
Fresh 2014 and 6 year highs continue for USD/JPY with bulls firmly focused on the Y110.68 level that is getting closer and closer by the day. Initial support is accumulating on the hourlies in the Y108.32-96 region with bears now needing a close below Y108.32 to ease bearish pressure a little. A close below Y107.39 is then needed to hint at a deeper correction that initially targets the 200-DMA. The Bollinger band top comes in at Y109.24 today and continues to limit topside follow through.
RES 4: ¥114.64 Monthly High Dec 27 2007
RES 3: ¥112.01 2008 High Jan 2 2008
RES 2: ¥110.68 Monthly High Aug 15 2008
RES 1: ¥109.45 Hourly resistance Sept 19
LPRICE: ¥109.22
SUP 1: ¥108.96 Hourly support Sept 19
SUP 2: ¥108.32 Hourly support Sept 17
SUP 3: ¥107.39 High Sept 12 now support
SUP 4: ¥106.64 Low Sept 11
EUR/JPY has extended gains following the recent break above the 200-DMA with it now having taken out the 61.8% Fibonacci resistance with immediate focus now on the Y142.51-143.82 region. The key concern for bulls is seen coming from the Bollinger band base which may limit follow through. In saying that, bears now need a close below Y140.33 to ease bullish pressure a little whereas a close below the 200-DMA is needed to see cracks appearing in the current up trend.
RES 4: ¥144.44 Low Dec 31 2013 now resistance
RES 3: ¥143.82 Monthly high Mar 7
RES 2: ¥143.51 Monthly high Apr 2
RES 1: ¥142.51 High Apr 29
LPRICE: ¥141.13
SUP 1: ¥140.62 Previous hourly resistance now support
SUP 2: ¥140.33 Hourly support Sept 18
SUP 3: ¥139.80 200-DMA
SUP 4: ¥139.64 Previous hourly resistance now support
Following on from the failed attempt at the 100-DMA earlier in the week and the subsequent closes back below the 21 & 55-DMAs, the pair has traded at fresh 2014 and 25 month lows. Immediate focus has now shifted to the 2012 low with a break below this level representing fresh 6 year lows. Layers of resistance have developed on the hourlies with bulls needing a close above Gbp0.7925 to ease the current bearish pressure and above the 21-DMA to shift focus higher.
RES 4: Gbp0.7958 Hourly resistance Sept 17
RES 3: Gbp0.7925 Hourly support Sept 17 now resistance
RES 2: Gbp0.7897 Hourly resistance Sept 18
RES 1: Gbp0.7850 Hourly support Sept 19 now resistance
LPRICE: Gbp0.7835
SUP 1: Gbp0.7812 Low Aug 16 2012
SUP 2: Gbp0.7764 2012 Low July 23 2012
SUP 3: Gbp0.7695 Monthly Low Oct 20 2008
SUP 4: Gbp0.7597 Monthly Low Mar 10 2008
