Recent rallies have been unable to break above the 21-DMA with the resulting sell-off Friday having seen immediate focus return to the $1.1260 support. Bears look for a close below this level to reconfirm the bearish bias and immediate focus on 2015 and 11+ year lows. Bulls need a close above $1.1541 to shift focus higher. Daily studies are back at neutral levels and well placed should another leg lower commence.
RES 4: $1.1661 38.2% Fibonacci retracement 1.2571-1.1098
RES 3: $1.1541 Low Jan 21 now resistance
RES 2: $1.1411 21-DMA
RES 1: $1.1364 Hourly resistance Feb 9
LPRICE: $1.1316
SUP 1: $1.1260 Low Jan 28
SUP 2: $1.1224 Low Jan 27
SUP 3: $1.1097 2015 Low Jan 26
SUP 4: $1.1015 High Sept 1 2003 now support
Recent gains above the 21-DMA Friday stalled at the falling daily trend line before the GBP/USD retreated for a relatively bearish close. The 21-DMA is seen as key support to start the new week with bears needing a close below to end bullish hopes and confirm focus on the $1.4951-89 region. Bulls look for a close above the 55-DMA to shift focus to the 100-DMA around $1.5649
RES 4: $1.5384 55-DMA
RES 3: $1.5370 50.0% Fibonacci retracement 1.5788-1.4951
RES 2: $1.5355 High Feb 6
RES 1: $1.5283 Hourly support Feb 5 now resistance
LPRICE: $1.5239
SUP 1: $1.5200 Low Feb 9
SUP 2: $1.5153 21-DMA
SUP 3: $1.5139 Low Feb 4
SUP 4: $1.5082 Hourly support Feb 3
Gains continued for dollar-yen Wednesday following recent closes above the 21 & 55-DMAs and the falling daily trend line. Immediate bullish focus now shifts to the ¥119.98 level with overall focus having returned to the 2014 high. Bears now need a close below ¥118.33 to end bullish hopes and shift focus to the ¥115..44-85 region where the 100-DMA is located.
RES 4: ¥121.85 2014 High Dec 8
RES 3: ¥120.78 2015 High Jan 2
RES 2: ¥119.98 High Jan 8
RES 1: ¥119.32 High Jan 12, Falling daily trend line
LPRICE: ¥119.54
SUP 1: ¥119.22 Hourly support Feb 10
SUP 2: ¥118.33 Low Feb 10
SUP 3: ¥117.95 21-DMA
SUP 4: ¥116.66 Low Feb 2
The Y132.22 level continues to support on dips with another bounce back towards the 21-DMA seen on Thursday as a result. Bulls now need a close above Y135.79 to confirm a break of the 21-DMA, the first since early Dec, ending bearish hopes and shifting immediate focus to Y137.67 and overall focus to the Y138.94-142.07 region where key DMAs are located. Bears now need a close below Y133.87 to relieve pressure on the 21-DMA and below Y132.27 to target 2015 lows.
RES 4: ¥138.94 High Jan 14
RES 3: ¥137.65 High Jan 20, 38.2% Fibo 149.80-130.02
RES 2: ¥135.79 Low Jan 21 now resistance
RES 1: ¥135.05 21-DMA
LPRICE: ¥135.29
SUP 1: ¥134.89 Hourly support Feb 10
SUP 2: ¥134.04 Low Feb 10
SUP 3: ¥133.68 Low Feb 9
SUP 4: ¥132.22 Low Feb 2
The £0.7595 level confirmed significance with the steady recovery from 2015 lows topping out at this level before reversing sharply lower. Immediate focus has now returned to £0.7392-0.7405 support with a close below adding weight to the bearish case for a move that then targets the £0.7114-0.7239 region. A close above £0.7520 is now needed to ease bearish pressure and above £0.7595 to shift focus higher
RES 4: Gbp0.7715 High Jan 21
RES 3: Gbp0.7595 Low Jan 16 now resistance
RES 2: Gbp0.7533 21-DMA
RES 1: Gbp0.7520 Hourly support Feb 2 now resistance
LPRICE: Gbp0.7425
SUP 1: Gbp0.7405 2015 Low Jan 26
SUP 2: Gbp0.7392 Monthly Low Jan 25 2008
SUP 3: Gbp0.7347 2015 Low Jan 26
SUP 4: Gbp0.7336 Bollinger band base