EUR/USD: Focus Remains On May 1 Resistance Line. The pair posted a dark candle yesterday, with the possibility of becoming a dark cloud cover pattern, depending on confirmation today. Focus remains on the May 1 resistance line which capped moves higher in the last two sessions. Fast 10-day momentum shows a little bear-divergence to caution bulls, however the 55-DMA nears the 200-DMA for a potential bullish crossover next week.
RES 4: $1.3284 High May 1
RES 3: $1.3172 High Sept 17
RES 2: $1.3140/45 Oct 17 high, May 1 trend-line
RES 1: $1.3106 Upper Bollinger Band
LATEST PRICE: $1.3070
SUP 1: $1.3052 5-day moving average
SUP 2: $1.3001 Former resistance from Sept 17 – now support
SUP 3: $1.2992 High Oct 12
SUP 4: $1.2957 21-day moving average
GBP/USD: Sep 21 Resistance Line Caps Once Again. GBP was again turned away from the Sep 21 resistance line, now at $1.6165 and a key resistance level. Ahead of that we see resistance from the 5-DMA, Oct 12 high and 38.2% Fibonacci around $1.6087 to $1.6104. Daily tech studies lend little direction and downside risk begins to mount. Support comes from a former Jun 18 resistance line at $1.6014, while key support seen around $1.5977.
RES 4: $1.6218/31 High 5 Oct, 76.4% Fibonacci of $1.6309-1.5977
RES 3: $1.6165/78/82 Res ln Sep 21, Hgh Oct 17, 61.8% Fib $1.6309-1.5977
RES 2: $1.6117 21-DMA
RES 1: $1.6087/97/6104 5-DMA, High Oct 12, 38.2% Fibo $1.6309-1.5977
LATEST PRICE: $1.6061
SUP 1: $1.6014 Former Jun 18 resistance line – now support
SUP 2: $1.5970/74/77 55-DMA, Lower Bollinger band, Lows 9 & 10 Oct
SUP 3: $1.5960/67 38.2% of Jun/Sep, 61.8% of 28 Aug rally
SUP 4: $1.5912 38.2% of $1.5269-$1.6309 move & High Aug 23
USD/JPY: 200-DMA Caps But Bulls Focus Remains Higher. USD/JPY finds itself capped by the 200-DMA for two sessions, initial resistance at Y79.43 alongside the Oct 18 high and a new Oct 5 resistance line at Y79.47 and Y79.54, respectively. Daily tech studies continue to point higher and bulls should target the 200-DMA once more. Further res seen as the August high at Y79.66. The future Ichimoku cloud shows a bullish crossover to add to the positive tone.
RES 4: Y80.10 High Jul 5
RES 3: Y79.82 38.2% Fibonacci of Mar-Sep decline
RES 2: Y79.66 August high
RES 1: Y79.43/47/54 200-DMA, High Oct 18, Oct 5 resistance line
LATEST PRICE: Y79.31
SUP 1: Y78.61/71/77/87 Top Ichimoku cloud, Tenkan, 100-DMA, High 5 Oct
SUP 2: Y78.24 Base of Ichimoku cloud
SUP 3: Y78.46/48 Kijun line, 55-DMA
SUP 4: Y78.24/29/36 Ichimoku cloud base, Support line Sep 28, 21-DMA
EUR/JPY: Rising Channel Upper Remains Initial Resistance.The rising channel upper continues to cap and provide initial resistance at Y103.85, however 10-day momentum appears to be showing signs of bear-divergence, so Euro-yen may consolidate some of its gains in the coming sessions but bulls remain in control. Initial support seen as the former resistance line from April at Y102.92.
RES 4: Y105.65 Low Mar 6
RES 3: Y104.63 Low Apr 16
RES 2: Y104.14 High Oct 17
RES 1: Y103.85/86 Rising channel upper, High Sep 17
LATEST PRICE: Y103.70
SUP 1: Y102.92 Resistance line from April
SUP 2: Y101.89/94/102.15 Kijun line, 200-day moving average, Tenkan line
SUP 3: Y101.53 21-day moving average
SUP 4: Y100.81 Rising Jul Channel base
EasyForexNews Research Team