EUR/USD: Approaching One-Year Resistance Line. The pair is approaching a resistance line from Aug 29 2011, which is valued at $1.2670 and declining 7 pips/day. However, a dip in 10-day momentum study and overbought readings in the daily stochastic study implies risk of a fade, while interim resistance is at $1.2638 high and 50% retracement level nearby at $1.2666. initial support is the $1.2562 100-day moving average.
RES 4: $1.2727/56 23.6% of $1.4940-$1.2043, Channel top
RES 3: $1.2693 High 29 June, Bollinger band
RES 2: $1.2666/70 50% of May/Jul decline, Resistance line 29 Aug
RES 1: $1.2638 High 31 Aug
LATEST PRICE: $1.2609
SUP 1: $1.2461/65 21-day moving average, Low 28 Aug
SUP 2: $1.2444/47 Early August high, Support line from 25 July
SUP 3: $1.2386 55-day moving average
SUP 4: $1.2242 Low 10 Aug
GBP/USD: Bulls Focus on Break of Fibonacci Level. GBP remains within it’s Bollinger band, now at $1.5955, as bulls attempt to build on break above Fibonacci level at $1.5908. Support is from the 5-DMA at $1.5886 then the 21-DMA at 1.5786.
RES 4: $1.6115 Low 7 May
RES 3: $1.6058/62 76.4% retracement, High 2 April
RES 2: $1.6019 Implied Channel top
RES 1: $1.5933 High 5 Sep
LATEST PRICE: $1.5904
SUP 1: $1.5786 21-day moving average
SUP 2: $1.5730/41 200, 100-day moving average
SUP 3: $1.5654/69 Support line 12 July, 55-day moving average
SUP 4: $1.5637 Low 16 Aug
USD/JPY: Focus on Support Line, Ichimoku Cloud. USD/JPY pulled away from the Y78.69/79.14 Ichimoku cloud as daily studies delivered negative signals. This has bear’s attention on the Y78.09 support line from 1 June, although bulls are looking at signs of recovery in the daily studies to build a recovery of that Ichimoku cloud. Initial resistance is the Tenkan line of the Ichimoku studies, at Y78.52.
RES 4: Y79.66 High 20 Aug
RES 3: Y79.30 200, 100-day moving average
RES 2: Y79.14 Top of Ichimoku cloud
RES 1: Y78.69/90 Base of Ichimoku cloud, 21-DMA, Kijun line, 55-DMA
LATEST PRICE: Y78.43
SUP 1: Y78.19 Low 31 August, 3 September
SUP 2: Y78.00/09 Bollinger band, Support line from 1 June
SUP 3: Y77.73 1% Moving average envelope
SUP 4: Y77.66 Low 1 June
EUR/JPY: Studies Soft but Bulls Recover Declining Ichimoku Cloud. Bear-divergence signals on daily studies continues to remain in place, with 10-day momentum now in negative territory. Bulls need to hold above the Ichimoku cloud top of Y98.13 in the face of these signals to avoid a move through Y98.06, Y97.72 support towards the cloud base of Y96.75. Recent highs of Y99.03/19 form initial resistance, while initial support is the Tenkan line at Y98.47.
RES 4: Y101.40 High 29 June
RES 3: Y99.67 76.4% of July pullback
RES 2: Y99.50/60 1% MAE, Bollinger band, 100-day moving average
RES 1: Y99.03/19 High 31, 21 Aug
LATEST PRICE: Y98.87
SUP 1: Y98.06/13 Minor support line, 21-DMA, Ichimoku cloud top
SUP 2: Y97.72 55-day moving average
SUP 3: Y97.06 Kijun line
SUP 4: Y96.75 Base of the Ichimoku cloud
EasyForexNews Research Team