EUR/USD: Tests 21-Day Moving Average. The pair tested Fibonacci level at $1.2445 before pulling back. The daily stochastic study now threatens turning lower from close to overbought territory, while 10-day momentum is flirting with the zero line. While $1.2444 remains the high, there are additional Fibonacci supports at $1.2243 and $1.2195. The 5-DMA is initial resistance at $1.2331.
RES 4: $1.2539 76.4% retracement of July pullback
RES 3: $1.2450/78 Bollinger band, 61.8% retracement of $1.2748/1.2042
RES 2: $1.2444/45 High 6 Aug, 61.8% retracement of July pullback
RES 1: $1.2401 55-Day moving average
LATEST PRICE: $1.2292
SUP 1: $1.2242/66 Low 10 Aug, 21-day moving average
SUP 2: $1.2134 Low 2 Aug
SUP 3: $1.2085 Bollinger band
SUP 4: $1.2042 Low 24 July
GBP/USD: Studies Give Mixed Signals. GBP sees the 55, 21 & 5-DMAs turn support at $1.5582, $1.5628/55 as bulls face moving average and Fibonacci resistance from $1.5724 (200-DMA) to $1.5786 (a 50% retracement of the decline from 30 April to June 1. Studies are mixed, giving little direction, although momentum has fallen below the zero line as bears test that 21-DMA.
RES 4: $1.5908 61.8% retracement of May/Jun decline
RES 3: $1.5807/10 April lows
RES 2: $1.5768/86 High 27 July, 100-DMA, Bollinger, 50% of May/Jun decl
RES 1: $1.5724 200-day moving average
LATEST PRICE: $1.5674
SUP 1: $1.5582/1.5628 55, 21-day moving average
SUP 2: $1.5478/90 Bollinger band, Low 2 Aug
SUP 3: $1.5459 Low 25 July
SUP 4: $1.5393 Low 12 July
USD/JPY: Remains Below Ichimoku Cloud. USD/JPY holds under the base of the Ichimoku cloud of Y79.38/56 but a firm stochastic study has bulls focused on initial MA and Ichimoku resistance of Y78.36/44. However, soft 10-day momentum has bears looking at main support of Y77.66. There are also minor trendlines at Y77.98/78.79.
RES 4: Y79.94 2% moving average envelope
RES 3: Y79.38/56 Parameters of Ichimoku cloud
RES 2: Y79.03/18 55, 200-day moving average
RES 1: Y78.80/97 High 9 Aug, Bollinger band, Kijun line
LATEST PRICE: Y78.29
SUP 1: Y77.66/90 Low 1 June, Bollinger band
SUP 2: Y76.80 2% moving average envelope
SUP 3: Y76.32/37 Daily lows Aug 2011
SUP 4: Y76.03/16 Low 1 Feb 2012, 19 Aug, 23 Sep 2011
EUR/JPY: Daily Studies Mixed. EUR/JPY also sees the daily stochastic study threaten to tune lower ahead of overbought territory as 10-day momentum flirts with the zero line. Nearby, the 21-day moving average and Tenkan line are at Y96.28/38 ahead of the Y95.72 low, while the Kijun line provides initial resistance along with the 5-DMA, at Y96.62/72 ahead of the Y97.82/88 high and Fibonacci level.
RES 4: Y99.06 Base of the Ichimoku cloud
RES 3: Y98.50/76 2% MAE, 61.8% of “July” pullback
RES 2: Y98.00 Bollinger band, 55-day moving average
RES 1: Y97.82/88 High 7 Aug, 50% retracement
LATEST PRICE: Y96.27
SUP 1: Y95.72 Low 10 Aug
SUP 2: Y94.93 Low 2 Aug
SUP 3: Y94.37/60 Bollinger band, 2% MAE
SUP 4: Y94.12 Low 25 July
EasyForexNews Research Team