EUR/USD: Fast Approaching Key Resistance. Despite a brief dip below the 200-DMA overnight the uptrend remains firmly in play with the $1.3000 resistance level seen as the next major hurdle. Above $1.3000 sees initial focus shift to retests of the May monthly highs and then the $1.3500 level overall. Downside the pair needs to close back below the hourly support from Sept 11 to relieve the current topside pressure.
RES 4: $1.3385 – High Mar 27
RES 3: $1.3284 – Monthly high May 1
RES 2: $1.3065 – High May 7
RES 1: $1.3000 – Psychological level & previous key daily support
LATEST PRICE: $1.2921
SUP 1: $1.2828 – 200 day moving average
SUP 2: $1.2761 – Hourly support Sept 11
SUP 3: $1.2650 – Hourly breakout level Sept 7
SUP 4: $1.2504 – Low Sept 5
GBP/USD: $1.6060 Remains Initial Support. The move towards the $1.6201-1.6302 region continues to unfold with a close back below the hourly support at $1.6060 needed to relieve topside pressure and see cable risk a dip back to the key rising daily trend line. A close below the trend line would then see focus shift back to the medium term daily rising channel base off the June 1 lows.
RES 4: $1.6302 – 2012 high April 30
RES 3: $1.6250 – High May 1
RES 2: $1.6201 – High May 4
RES 1: $1.6131 – High Sept 12
LATEST PRICE: $1.6118
SUP 1: $1.6060 – Hourly support Sept 12
SUP 2: $1.5962 – Low Sept 10
SUP 3: $1.5924 – Low Sept 7
SUP 4: $1.5872 – Rising daily trend line from Aug 3 low
USD/JPY: Potential For A Double Daily Bottom. USD/JPY is currently pausing ahead of the Sept 11 low with the 2012 low and 21 day lower Bollinger band just below. The pair is at risk of putting in a double daily bottom at Y77.70 today and with the layers of support below we could see USD/JPY retest the Sept 11 highs. A continuation lower is favoured overall with the Y75.32 Oct 2011 monthly lows a viable overall target.
RES 4: Y79.31 – 200 day moving average
RES 3: Y79.01 – Double daily top Sept 6 & 7
RES 2: Y78.32 – High Sept 10
RES 1: Y77.96 – High Sept 11
LATEST PRICE: Y77.73
SUP 1: Y77.70 – Low Sept 11
SUP 2: Y77.66 – 2012 low June 1
SUP 3: Y76.04 – Monthly low Feb 1 2011
SUP 4: Y75.32 – Monthly low Oct 31 2011
EUR/JPY: 200-DMA Remains The Topside Target. Spikes above the rising 21 day upper Bollinger band (Y100.51) continue as the pair continues to work its way towards the Y101.61-79 region with the 200-DMA noted at Y101.79. Initial support is now seen at yesterday’s spike low with below the multiple daily lows from August needed to see focus shift back to retests of 2012 lows.
RES 4: Y102.12 – High May 22
RES 3: Y101.79 – 200 day moving average
RES 2: Y101.61 – High June 21
RES 1: Y100.81 – High July 3
LATEST PRICE: Y100.47
SUP 1: Y99.71 – Low Sept 12
SUP 2: Y99.22 – 100 day moving average
SUP 3: Y99.01 – Previous daily resistance now support
SUP 4: Y98.01 – Multiple daily lows Aug
EasyForexNews Research Team