EUR/USD: Capped By May 1 Resistance Line. The pair moved up to the May 1 resistance line, but consolidated below as daily tech studies pointed the way higher. The pair also pushed above the upper daily Bollinger band and has since corrected back inside. Bulls will surely target the May 1 resistance line again, initial resistance at $1.3146, alongisde the Oct 17 high at $1.3140. Bears will find support from the former Sept 17 res line.
RES 4: $1.3386 High Mar 27
RES 3: $1.3284 High May 1
RES 2: $1.3172 High Sept 17
RES 1: $1.3140/46 Oct 17 high, May 1 resistance line
LATEST PRICE: $1.3088
SUP 1: $1.3033 5-day moving average
SUP 2: $1.3008 Former resistance from Sept 17 – now support
SUP 3: $1.2992 High Oct 12
SUP 4: $1.2953 21-day moving average
GBP/USD: Capped By Sep 21 Resistance Line. GBP moved higher to the 61.8% retracement level and Sep 21 resistance line at $1.6172/82 but was turned lower to consolidate its gains. Focus remains on this level, now initial resistance, and we see cable returning to retest the resistance here. Daily tech studies are a mixed bag, 10-day momentum has turned lower once more while slow stochastics remains firmly in buy-mode.
RES 4: $1.6309 2012 high Sep 21
RES 3: $1.6270/73/86 Upper Bolli band, High Sep 28, Apr 2011 res line
RES 2: $1.6218/31 High 5 Oct, 76.4% Fibonacci of $1.6309-1.5977
RES 1: $1.6172/78/82 Res ln Sep 21, Hgh Oct 17, 61.8% Fib $1.6309-1.5977
LATEST PRICE: $1.6128
SUP 1: $1.6097/6104/6106 High Oct 12, 38.2% Fibo $1.6309-1.5977, 5-DMA
SUP 2: $1.6055/64 23.6% of $1.6309-1.5977, Frmer 23.6% of $1.5269-1.6309
SUP 3: $1.5977/87 Lows 9 & 10 Oct, Lower 21-day Bollinger band
SUP 4: $1.5960/64/67 38.2% of Jun/Sep, 55-DMA, 61.8% of 28 Aug rally
USD/JPY: Trades Above Ichimoku Cloud, Focus On 200-DMA. USD/JPY storms out and above of the Ichimoku cloud, the cloud top now initial support alongside the 100-DMA and Tenkan line at Y78.61/76/87. Bulls will target the nearing 200-DMA as the pair’s
downtrend appears to be fully broken. The 200-DMA seen as resistance at Y79.41, ahead of that the Sep 19 high should cap at Y79.22, while daily tech studies continue to point higher.
RES 4: Y79.82 38.2% Fibonacci of Mar-Sep decline
RES 3: Y79.66 August high
RES 2: Y79.41 200-day moving average
RES 1: Y79.22 High Sep 19
LATEST PRICE: Y79.15
SUP 1: Y78.61/76/87 Top of Ichimoku cloud, 100-DMA, High 5 Oct
SUP 2: Y78.24 Base of Ichimoku cloud
SUP 3: Y78.46/58 Support line from Sep 28, 55-DMA, Tenkan line
SUP 4: Y78.18/30 Kijun line, 21-DMA
EUR/JPY: Rising Channel Upper Seen As Initial Resistance. The rising channel upper provides resistance and so far has turned back Euro-yen’s advances, we see it as intial resistance at Y103.75, with the Sep 17 high as further resistance at Y103.86. Daily tech studies continue to push higher, although 10-day momentum has slipped a little, but remains in an uptrend.
RES 4: Y105.65 Low Mar 6
RES 3: Y104.63 Low Apr 16
RES 2: Y103.86 High Sep 17
RES 1: Y103.75 Rising channel upper
LATEST PRICE: Y103.63
SUP 1: Y102.96 Former resistance line from April
SUP 2: Y101.91/102.01 200-day moving average, Tenkan line
SUP 3: Y101.71 Kijun line
SUP 4: Y101.43 21-day moving average
EasyForexNews Research Team