EUR/USD: Daily Slow Stochastic, RSI, Momentum and DMIA studies continue to correct from lofty overbought levels as the pair makes its way back to the 200-DMA. Below the 200-DMA is needed to see immediate focus shift lower to retests of the $1.2460-00 region and then the 2012 lows below. Topside the pair needs to take out the long term falling daily trendline to shift the current focus from a retest of the 200-DMA.
RES 4: $1.3385 – High Mar 27
RES 3: $1.3284 – Monthly high May 1
RES 2: $1.3161 – Falling LT daily trend line off May 4 2011 highs
RES 1: $1.3086 – High Sept 19
LATEST PRICE: $1.2984
SUP 1: $1.2922 – Low Sept 20
SUP 2: $1.2873 – Low Sept 13
SUP 3: $1.2827 – 200 day moving average
SUP 4: $1.2761 – Hourly support Sept 11
GBP/USD: Topside Hesitation Continues. Hesitation continues ahead of the Sept monthly highs with the 2012 high just above. Slowly correcting overbought daily tech studies remain a concern and are expected to fuel a correction back towards the Sept 12 hourly support. Back below this level is needed to see focus return to retests of the 200-DMA coming in around $1.5761 today.
RES 4: $1.6616 – High Aug 19 2011
RES 3: $1.6451 – High Aug 29 2011
RES 2: $1.6302 – 2012 high April 30
RES 1: $1.6272 – Monthly high Sept 17
LATEST PRICE: $1.6229
SUP 1: $1.6144 – Low Sept 14
SUP 2: $1.6082 – Hourly support Sept 12
SUP 3: $1.5962 – Low Sept 10
SUP 4: $1.5890 – 38.2% retracement of $1.5270-1.6272 move
USD/JPY: Remains On Sept Monthly Lows. Following the spike above the falling daily trend line, Ichimoku cloud top and 100-DMA earlier in the week, the lack of follow through and sharp reversal has seen focus remain on retests of the Sept monthly lows so far. Overall back above the 200-DMA is needed to shift focus away from lower levels. Previously oversold daily tech studies are now back at more neutral levels and much less of an issue.
RES 4: Y80.61 – Monthly High June 25
RES 3: Y79.66 – Monthly High Aug 20
RES 2: Y79.33 – 200 day moving average
RES 1: Y79.08 – 21 day upper Bollinger band
LATEST PRICE: Y78.25
SUP 1: Y78.03 – Low Sept 20
SUP 2: Y77.69 – 21 day lower Bollinger band
SUP 3: Y77.26 – Low Sept 13
SUP 4: Y76.04 – 2012 low Feb 1 2011
EUR/JPY: Below 200-DMA Shifts Focus Lower. The pair closed below the 200-DMA yesterday and has so far spent today’s Asian session consolidating below with initial focus now on a test of the Y100.60 hourly support from Sept 13. A close below then sees focus shift to tests of the Y99.00-50 region with the 100-DMA noted at Y99.08. Back above the Y102.53 hourly resistance from Sept 19 is needed to kick start topside momentum.
RES 4: Y104.44 – High May 7
RES 3: Y103.84 – Monthly high Sept 17
RES 2: Y102.53 – Hourly resistance Sept 19
RES 1: Y101.79 – 200 day moving average
LATEST PRICE: Y101.52
SUP 1: Y100.60 – Hourly low Sept 13
SUP 2: Y99.54 – Low Sept 14
SUP 3: Y99.08 – 100 day moving average
SUP 4: Y97.92 – Low Aug 28
EasyForexNews Research Team