Pressure remains on initial resistance with this level key today. Bulls are taking comfort in another close above the 21-DMA but need a close above $1.1449 to confirm a clean break and above $1.1540 to shift bullish focus to layers of resistance $1.1680-1.1897. Initial support is noted on the hourlies at $1.1377 but bears need a close below $1.1319 to ease pressure on initial resistance and below $1.1260 to reconfirm initial focus on 2015 lows
RES 4: $1.1680 High Jan 21
RES 3: $1.1661 38.2% Fibonacci retracement 1.2571-1.1098
RES 2: $1.1541 Low Jan 21 now resistance
RES 1: $1.1449 High Feb 17
PRICE: $1.1407
SUP 1: $1.1377 Hourly support Feb 17
SUP 2: $1.1319 Low Feb 16
SUP 3: $1.1260 Low Jan 28
SUP 4: $1.1224 Low Jan 27
$1.5468-86 remains key resistance with bulls needing a close above to shift focus to the $1.5606-22 region where the 100-DMA is located. The Bollinger band top at $1.5455 and O/B studies are key concerns for bulls with the Bollinger band top limiting follow through on recent spikes above. Bears now look for a close below $1.5316 to confirm a close back below the daily channel base ($1.5335), easing bullish pressure and shifting focus back to the 21-DMA.
RES 4: $1.5622 High Dec 31
RES 3: $1.5606 100-DMA
RES 2: $1.5486 Previous daily support now resistance
RES 1: $1.5468 61.8% Fibonacci retracement 1.5788-1.4951
PRICE: $1.5356
SUP 1: $1.5316 Low Feb 17
SUP 2: $1.5204 21-DMA
SUP 3: $1.5200 Low Feb 9
SUP 4: $1.4988 Monthly low Feb 3
After having recently found support around the 21-DMA bulls capitalized on this Tuesday with the rally having eased pressure on the 21-DMA and shifted focus to the ¥120.48-91 region. Initial support is now noted on the hourlies at ¥118.67 but bears need a close below the 21-DMA to confirm an easing of bullish pressure and below the channel base to hint at a deeper sell-off initially targeting the ¥115.45-96 region where the 100-DMA is located.
RES 4: ¥120.91 Rising daily channel top
RES 3: ¥120.78 2015 High Jan 2
RES 2: ¥120.48 High Feb 11
RES 1: ¥119.43 High Feb 17
PRICE: ¥118.93
SUP 1: ¥118.33 21-DMA
SUP 2: ¥117.80 Rising daily channel base
SUP 3: ¥116.66 Low Feb 2, Bollinger band base
SUP 4: ¥115.96 100-DMA
Last week’s retreat from the ¥136.72 level resulted in flirtation with the 21-DMA but the failure to close below and bounce back towards last week’s highs provides bulls with some confidence. The ¥136.72 resistance is key today with bulls needing a close above to add support to the bullish case and shift focus to layers of resistance ¥138.94-140.79 where key DMAs are located. Bears need a close below ¥133.93 to confirm a break of the 21-DMA, ending bullish hopes and shifting focus back to the ¥129.97 level.
RES 4: ¥139.46 200-DMA
RES 3: ¥138.94 High Jan 14
RES 2: ¥137.65 High Jan 20, 38.2% Fibo 149.80-130.02
RES 1: ¥136.72 High Feb 12
PRICE: ¥135.71
SUP 1: ¥135.45 Hourly support Feb 17
SUP 2: ¥134.79 Hourly resistance Feb 17 now support
SUP 3: ¥134.43 21-DMA
SUP 4: ¥133.93 Low Feb 17
As the 21-DMA continues to head lower the £0.7462-71 region with the 21-DMA at £0.7471 becomes key resistance. Bulls now need a close above the 21-DMA to confirm an easing of bearish pressure and to hint at a bounce that targets the £0.7595 level. While the 21-DMA caps a bearish bias dominates with bears focused on fresh 2015 lows and then the £0.7239 level. Key concerns for bears come from O/S studies looking to correct.
RES 4: £0.7595 Low Jan 16 now resistance
RES 3: £0.7520 Hourly support Feb 2 now resistance
RES 2: £0.7471 21-DMA
RES 1: £0.7462 High Feb 9
PRICE: £0.7422
SUP 1: £0.7372 2015 Low Feb 12
SUP 2: £0.7371 Weekly Bollinger band base
SUP 3: £0.7335 Bollinger band base
SUP 4: £0.7239 High Dec 12 2007 now resistance