Fresh 2014 lows Tuesday see bears firmly focused on the $1.2042 2012 low. O/S daily studies and the Bollinger band base are seen as key concerns for bears. In saying that, bulls need a close above $1.2254 to ease bearish pressure and above $1.2302 to shift overall focus back to the $1.2435-1.2599 resistance region where the 55-DMA and falling daily trend line are located. A break of the 2012 low sees bears
targeting 2010 lows at $1.1881.
RES 4: $1.2302 Hourly resistance Dec 19
RES 3: $1.2254 High Dec 25
RES 2: $1.2226 Hourly resistance Dec 26
RES 1: $1.2187 High Dec 30
LPRICE: $1.2152
SUP 1: $1.2124 2014 Low Dec 30
SUP 2: $1.2075 Bollinger band base
SUP 3: $1.2042 2012 Low July 24 2012
SUP 4: $1.1958 Low June 10 2010
Fresh 2014 lows last Tuesday confirmed immediate focus on the $1.5425-62 region with bears looking for a close below to initially target $1.5204. The Bollinger band base ($1.5483) remains the key concern for bears and may limit follow through. Bulls continue to look for a close above $1.5608 to ease bearish pressure and above $1.5684 to confirm breaks of the 21-DMA & channel top, shifting immediate focus to
the $1.5788-1.5825 region where the 55-DMA is located.
RES 4: $1.5684 High Dec 19
RES 3: $1.5625 21-DMA
RES 2: $1.5608 High Dec 23
RES 1: $1.5577 Hourly resistance Dec 31
LPRICE: $1.5558
SUP 1: $1.5550 Hourly support Dec 31
SUP 2: $1.5486 2014 Low Dec 23
SUP 3: $1.5462 Low Aug 30 2013
SUP 4: $1.5425 Low Aug 28 2013
Recent hesitation ahead of the ¥120.82-00 region resulted in a pullback Tuesday that dipped below the 21-DMA and eased bullish pressure. Focus has now shifted to the key ¥117.93-118.26 support region where the rising daily channel base is located. Bears look for a close below this region to confirm a bearish bias and to shift immediate focus to the ¥115.57-116.64 region where the 55-DMA is located. Bulls now need a close above ¥120.17 to ease the current bearish pressure.
RES 4: ¥121.00 High Dec 9
RES 3: ¥120.82 High Dec 24
RES 2: ¥120.17 Previous hourly support now resistance
RES 1: ¥119.84 Hourly resistance Dec 30
LPRICE: ¥119.72
SUP 1: ¥119.24 Hourly support Dec 30
SUP 2: ¥118.85 Low Dec 30
SUP 3: ¥118.26 Low Dec 18
SUP 4: ¥117.93 Rising daily channel base
Recent attempts to rally had been thwarted by the 21-DMA with the result being a sharp move lower Tuesday that saw the ¥144.77 support confirm its significance. Bulls now need a close above ¥146.37 to ease the current bearish pressure that sees a break lower favoured that initially targets the ¥143.08-35 region where the short term channel base is located. The Bollinger band base is now seen as the key
concern for bears and is expected to limit follow through
RES 4: ¥148.37 Hourly resistance Dec 9
RES 3: ¥146.96 21-DMA
RES 2: ¥146.74 Hourly resistance Dec 29
RES 1: ¥146.37 Low Dec 27 now resistance
LPRICE: ¥145.49
SUP 1: ¥145.10 Hourly support Dec 31
SUP 2: ¥144.88 Bollinger band base
SUP 3: ¥144.77 Low Nov 18 & Dec 30
SUP 4: ¥144.23 55-DMA
The correction lower from last week’s high has seen immediate focus shift to the £0.7798-0.7801 region and overall focus back to the key £0.7764-66 region where 2012 and 2014 lows are located. Bulls need a close above £0.7870 to confirm an easing of bearish pressure and above £0.7923 to confirm breaks of key DMAs and to shift overall focus back to the £0.7991-0.8067 region where layers of resistance are located.
RES 4: £0.7989 Falling daily trend line
RES 3: £0.7954 High Dec 17
RES 2: £0.7923 High Dec 18
RES 1: £0.7870 High Dec 23
LPRICE: £0.7809
SUP 1: £0.7798 Low Nov 6
SUP 2: £0.7784 Bollinger band base
SUP 3: £0.7766 2014 Low Sept 30
SUP 4: £0.7764 2012 Low July 23 2012