EUR/USD: Bouncing Towards Hourly Resistance. The bounce back towards the $1.2972 hourly resistance continues after the pair failed to record a close below the 200-DMA earlier in the week and with the previously overbought daily tech studies no longer seen weighing. Above $1.2972 shifts focus back to retests of the falling long term daily trend line coming in around $1.3136 today. The 200-DMA remains the key support.
RES 4: $1.3212 – 21 day upper Bollinger band
RES 3: $1.3141 – Falling LT daily trend line off May 4 2011 highs
RES 2: $1.3086 – High Sept 19
RES 1: $1.2972 – Hourly resistance Sept 24
LATEST PRICE: $1.2930
SUP 1: $1.2909 – Hourly support Sept 28
SUP 2: $1.2824 – 200 day moving average
SUP 3: $1.2761 – Hourly support Sept 11
SUP 4: $1.2627 – Low Sept 7
GBP/USD: Range Bound To End The Week. GBP continues to remain confined to the recent $1.6139-1.6310 range with a close above the $1.6310 level needed to kick start topside momentum. Daily tech studies are working their way lower from oversold levels and are no longer expected to weigh significantly. Back below the hourly support from Sept 12 is needed to end topside aspirations and see the pair shift focus lower to the 200-DMA ($1.5776).
RES 4: $1.6451 – High Aug 29
RES 3: $1.6387 – 21 day upper Bollinger band
RES 2: $1.6310 – 2012 high Sept 30
RES 1: $1.6267 – High Sept 25
LATEST PRICE: $1.6255
SUP 1: $1.6139 – Low Sept 26
SUP 2: $1.6082 – Hourly support Sept 12
SUP 3: $1.5962 – Low Sept 10
SUP 4: $1.5913 – 38.2% retracement of $1.5270-$1.6310 move
USD/JPY: Levels Continue. The pair continues to slowly drift lower towards the falling 21 day lower Bollinger band with a retests of 2012 lows remaining favoured. Back above the Sept 25 highs is needed to relieve the immediate downside pressure with a close above theY78.90-Y79.30 region needed to shift initial focus to tests of the June monthly highs.
The 200-DMA is noted at Y79.32 today.
RES 4: Y78.95 – 21 day upper Bollinger band
RES 3: Y78.90 – 100 day moving average
RES 2: Y78.45 – High Sept 20
RES 1: Y77.93 – High Sept 25
LATEST PRICE: Y77.55
SUP 1: Y77.35 – 21 day lower Bollinger band
SUP 2: Y77.26 – Low Sept 13
SUP 3: Y76.50 – Low Feb 6
SUP 4: Y76.04 – 2012 low Feb 1
EUR/JPY: 21- DMA Continues To Cap. EUR/JPY remains capped by the 21-DMA following the break and close below earlier in the week. Hesitation ahead of the Sept 14 lows is a concern and hints at a bounce back to the 200-DMA. A close above the 200-DMA is needed to shift overall focus topside and away from a potential test of the key Y97.90-95 region that supported in late Aug and early Sept.
RES 4: Y102.53 – Hourly resistance Sept 19
RES 3: Y101.75 – 200 day moving average
RES 2: Y101.04 – High Sept 25
RES 1: Y100.53 – 21 day moving average
LATEST PRICE: Y100.31
SUP 1: Y99.54 – Low Sept 14
SUP 2: Y98.89 – 100 day moving average
SUP 3: Y97.92 – Low Aug 28
SUP 4: Y95.76 – Low Aug 10
EasyForexNews Research Team