EUR/USD: Approaching One-Year Resistance Line. The pair is approaching a resistance line from Aug 29 2011, which is valued at $1.2663 and declining 7 pips/day. However, overbought readings in the daily stochastic study remain, while interim resistance is at the $1.2652 high and the 50% retracement level is also nearby at $1.2666. Initial support is the $1.2605 5-DMA and $1.2562 100-DMA.
RES 4: $1.2710/27 Bollinger band, 23.6% of $1.4940-$1.2043
RES 3: $1.2693 High 29 June
RES 2: $1.2663/66 Resistance line 29 Aug, 50% of May/Jul decline
RES 1: $1.2652 High 6 Sep
LATEST PRICE: $1.2609
SUP 1: $1.2557 100-day moving average
SUP 2: $1.2460/65/78 Support line from 25 July, Low 28 Aug, 21-DMA
SUP 3: $1.2444 Early August high
SUP 4: $1.2388 55-day moving average
GBP/USD: Bulls Focus on Break of Fibonacci Level. GBP remains within it’s Bollinger band, now at $1.5975, as bulls attempt to build on break above Fibonacci level at $1.5908. Support is from the 5-DMA at $1.50-5 then the 21-DMA at 1.5801.
RES 4: $1.6115 Low 7 May
RES 3: $1.6058/62 76.4% retracement, High 2 April
RES 2: $1.6024 Implied Channel top
RES 1: $1.5943 High 6 Sep
LATEST PRICE: $1.5934
SUP 1: $1.5801 21-day moving average
SUP 2: $1.5732/40 200, 100-day moving average
SUP 3: $1.5660/76 Support line 12 July, 55-day moving average
SUP 4: $1.5637 Low 16 Aug
USD/JPY: Daily Studies Recover. USD/JPY bulls are trying to build on recovering daily studies and focus is on the top of the Ichimoku cloud at Y79.14. Break there risks band of MA & trend resistance at Y79.24/33, while support is now to the base of the cloud at Y78.66 with the Tenkan line & 5-DMA also at Y78/57/61.
RES 4: Y79.66 High 20 Aug
RES 3: Y79.24/31/33 100, 200-day moving average, Resistance line 25 Jun
RES 2: Y79.14 Top of Ichimoku cloud
RES 1: Y79.01 High 6 Sep
LATEST PRICE: Y78.93
SUP 1: Y78.66/86 Base of Ichimoku cloud, 21-DMA, Kijun line, 55-DMA
SUP 2: Y78.08/10/19 Bollinger band, Supp line 1 June, Low 31 Aug & 3 Sep
SUP 3: Y77.80 1% Moving average envelope
SUP 4: Y77.66 Low 1 June
EUR/JPY: Bulls Build on Recovery of Ichimoku Cloud. EUR/JPY builds on the recovery of the Ichimoku cloud, ignoring recent bear-divergence signals, and overtakes the 100-day moving average, which turns initial support at Y99.52. This has bulls looking to extend over minor Fibonacci level of Y99.85 to 38.2% Fibonacci level at Y100.74.
RES 4: Y101.40/61/88 High 29 June, High 21 June, 200-day moving average
RES 3: Y101.08 50% of Apr/Jul decline
RES 2: Y100.74 38.2% of Mar/Jul decline, 2% moving average envelope
RES 1: Y99.80/85 High 6 Sep Aug, Bollinger band, 76.4% of 21 June decl
LATEST PRICE: Y98.74
SUP 1: Y99.52 100-day moving average
SUP 2: Y98.86/99.04 Tenkan line, 5-day moving average
SUP 3: Y98.18/25 Minor support line, 21-day moving average
SUP 4: Y97.71/88 55-day moving average, Ichimoku cloud top
EasyForexNews Research Team