Bears remain firmly focused on the 2013 low and then the $1.2637-60 region below. Bulls now need a close above $1.2901 to confirm a break of the falling daily channel base and an easing of bearish pressure. Overall the $1.2952-95 region remains key with a close above needed to shift immediate focus to the $1.3110-1.3222 region. Key concerns for bears remain O/S daily studies and the Bollinger band base which may limit follow through below $1.2713.
RES 4: $1.2872 Falling daily channel top
RES 3: $1.2838 Previous hourly support now resistance
RES 2: $1.2801 Hourly resistance Sept 24
RES 1: $1.2784 Hourly resistance Sept 25
LPRICE: $1.2768
SUP 1: $1.2745 2013 Low Apr 4 2013
SUP 2: $1.2713 Bollinger band base
SUP 3: $1.2660 Monthly Low Nov 13 2012
SUP 4: $1.2637 Falling daily channel base
GBP/USD has struggled since the rally Friday fell short of the $1.6536 level with recent rallies also lacking follow through and unable to capitalize on time spent above the 21-DMA. Bears take comfort in this combined with daily studies that have room to move and the Bollinger band base not seen as a problem. Bears now look for a close below $1.6301 to shift focus back to the $1.6162 level and then the 2014 lows beneath. Bulls need a close above $1.6414 to regain control.
RES 4: $1.6646 High Sept 1
RES 3: $1.6536 Low Aug 25 now resistance, 55-WMA
RES 2: $1.6414 High Sept 23
RES 1: $1.6373 Hourly support Sept 24 now resistance
LPRICE: $1.6322
SUP 1: $1.6301 Low Sept 23
SUP 2: $1.6240 Hourly support Sept 16
SUP 3: $1.6162 Low Sept 16
SUP 4: $1.6052 2014 low Sept 10
Following on from the dip earlier in the week bulls have reconfirmed dominance with a move back towards the recent 2014 and 6 year highs. Bulls remain focused on the ¥110.68 Aug 2008 monthly high with the key concern being O/S daily studies. The Bollinger band base comes in at ¥110.34 and may limit follow through above this level. Bears now need a close below ¥108.25 to ease bullish pressure whereas a close below the 21-DMA (¥106.77) is needed to shift focus lower.
RES 4: ¥112.01 2008 High Jan 2 2008
RES 3: ¥110.68 Monthly High Aug 15 2008
RES 2: ¥109.45 Hourly resistance Sept 19
RES 1: ¥109.34 High Sept 24
LPRICE: ¥109.11
SUP 1: ¥109.02 Hourly support Sept 24
SUP 2: ¥108.46 Hourly support Sept 24
SUP 3: ¥108.25 Low Sept 23
SUP 4: ¥107.39 High Sept 12 now support
The lack of follow through and relatively bearish close following Friday’s spike to fresh 4 month highs has resulted in closes back below the 200-DMA that sees euro-yen looking heavy once more. Bulls now need a close above ¥139.70 to reconfirm bullish pressure with immediate focus having shifted to the ¥138.20-29 region where 21 & 100-DMAs are located. Overall a close above ¥140.33 is needed to shift focus back to the ¥141.25 Sept 19 high.
RES 4: ¥141.25 Monthly high Sept 19
RES 3: ¥140.62 Alternating hourly support/resistance
RES 2: ¥140.33 Alternating hourly support/resistance
RES 1: ¥139.70 Hourly resistance Sept 24
LPRICE: ¥139.32
SUP 1: ¥139.00 Low Sept 24
SUP 2: ¥138.29 21-DMA
SUP 3: ¥138.20 100-DMA
SUP 4: ¥137.61 55-DMA
Bears continue to dominate with the rally Tuesday remaining capped ahead of initial resistance and confirming the significance of the £0.7897-0.7958 resistance region. Daily studies remain O/S and the Bollinger band base remains an issue for bears but bulls now need a close above £0.7851 to ease bearish pressure and above £0.7958 to shift immediate focus to the 100-DMA (£0.7997). Bears remain firmly focused on the 2012 low at £0.7764.
RES 4: £0.7958 Hourly resistance Sept 17
RES 3: £0.7928 21-DMA
RES 2: £0.7897 Hourly resistance Sept 18
RES 1: £0.7851 High Sept 24
LPRICE: £0.7819
SUP 1: £0.7812 Low Aug 16 2012
SUP 2: £0.7764 2012 Low July 23 2012
SUP 3: £0.7695 Monthly Low Oct 20 2008
SUP 4: £0.7597 Monthly Low Mar 10 2008
