The break of the psychological $1.0500 level in Asia today sees bearish focus shift to the $1.0062-1.0211 region last seen in Dec 2002. The relentless bearish pressure continues to see layers of resistance accumulate with bulls now needing a close above $1.0666 to ease bearish pressure and shift focus back to the key $1.1143-1.1262 region. Despite O/S daily studies and the Bollinger band base lower levels remain favoured while $1.0666 caps.
RES 4: $1.0823 Alternating hourly support/resistance
RES 3: $1.0723 Hourly resistance Mar 11
RES 2: $1.0666 Hourly support Mar 11 now resistance
RES 1: $1.0557 Hourly resistance Mar 12
PRICE: $1.0532
SUP 1: $1.0494 Hourly support Mar 12
SUP 2: $1.0336 2003 Low Jan 2 2003
SUP 3: $1.0211 Low Dec 17 2002
SUP 4: $1.0062 Low Dec 11 2002
Fresh 2015 and nearly 2 year lows see bears now focused on the $1.4648 level last seen back in June 2010. O/S studies and Bollinger band bases remain key concerns for bears but in saying that, a close above $1.5028 is needed to ease the relentless bearish pressure whereas a close above $1.5137 is needed to hint at a bigger bounce targeting $1.5251-1.5305 where 21 & 55-DMAs are located.
RES 4: $1.5220 Hourly resistance Mar 6
RES 3: $1.5137 High Mar 9
RES 2: $1.5028 Hourly support Mar 10 now resistance
RES 1: $1.4988 Monthly Low Feb 3 now resistance
PRICE: $1.4945
SUP 1: $1.4893 2015 Low Mar 11
SUP 2: $1.4822 Weekly Bollinger band base
SUP 3: $1.4818 2013 Low July 9 2013
SUP 4: $1.4648 Low June 17 2010
Lack of follow through following is a little concerning when combined with the rising daily channel and Bollinger band tops with the Bollinger top the key concern for bulls. The Y120.85 support remains key today with a close below needed to shift focus back to the key Y118.97-119.69 region where the 21-DMA is located. While Y120.85 supports bulls remain firmly focused on the rising daily channel top and overall on the Y124.14 2007 high above.
RES 4: Y124.14 2007 High June 27 2007
RES 3: Y122.19 Rising daily channel top
RES 2: Y122.02 2015 High Mar 10
RES 1: Y121.68 Previous hourly support now resistance
PRICE: Y121.35
SUP 1: Y120.85 Hourly support Mar 11
SUP 2: Y120.62 Low Mar 9
SUP 3: Y120.40 High Mar 5 now support
SUP 4: Y119.83 Low Mar 6
Following fresh 2015 and nearly 2 year lows the pair remains heavy with bears firmly focused on the falling weekly Bollinger band base. O/S daily studies and Bollinger band base remain key concerns for bears but while Y129.97 caps lower levels remain favoured. Resistance levels continue to accumulate with bulls needing a close above Y129.95 to ease bearish pressure and shift focus back to the Y132.11-133.61 region where the 21-DMA (Y133.39) is located.
RES 4: Y130.66 Low Mar 6 now resistance
RES 3: Y129.95 High Mar 11
RES 2: Y129.20 Hourly support Mar 11 now resistance
RES 1: Y128.27 Hourly resistance Mar 12
PRICE: Y127.87
SUP 1: Y127.08 Low Aug 30 2013
SUP 2: Y126.56 Weekly Bollinger band base
SUP 3: Y125.03 Monthly Low June 16 2013
SUP 4: Y121.86 High Mar 27 2013 now support
Persistent 2015 and 7+ year lows continue to reconfirm the bearish focus and now see bears targeting the Gbp0.6894-0.6920 region last seen in Oct & Nov 2007. O/S daily studies and Bollinger band bases remain key concerns for bears but at present it remains all one way traffic. Layers of resistance continue to accumulate with Bulls needing a close above Gbp0.7123 to ease bearish pressure and above Gbp0.7179 to shift focus to the 21-DMA
RES 4: Gbp0.7220 High Mar 9
RES 3: Gbp0.7179 High Mar 10
RES 2: Gbp0.7123 High support Mar 9 now resistance
RES 1: Gbp0.7084 Hourly resistance Mar 11
PRICE: Gbp0.7047
SUP 1: Gbp0.7014 2015 Low Mar 11
SUP 2: Gbp0.6951 Low Nov 6 2007
SUP 3: Gbp0.6920 Monthly Low Oct 9 2007
SUP 4: Gbp0.6894 Monthly Low Nov 1 2007