EUR/USD: Golden-Cross Formed, Daily Studies Turn Higher. The pair again holds above the Jul support line, initial support with the 5-DMA at $1.2945. Daily tech studies are turning higher, slow stochastics is about to show a buy-signal and the 55-DMA has just risen above the 200-DMA to form a golden-cross, a bullish signal. However, downside pressure remains as we can see from last session’s long upper shadown. Initial res seen at $1.2979, the 21-DMA.
RES 4: $1.3104 Upper Bollinger Band
RES 3: $1.3072/84 High Oct 5, Oct 22
RES 2: $1.3021/23 Highs Oct 31, Oct 25
RES 1: $1.2979 21-day moving average
LATEST PRICE: $1.2963
SUP 1: $1.2945 Former July support line – now resistance, 5-DMA
SUP 2: $1.2826/33/40/54 Low Oct 11, 200-DMA, 55-DMA, Lower Bolli band
SUP 3: $1.2803 Low 1 Oct
SUP 4: $1.2741 38.2% retracement of Jul/Sep rally
GBP/USD: Breaks Above Sep 21 Falling Trendline. GBP breaks above the Sep 21 falling trendline and holds above for now, daily tech studies are also in ascension, so bulls may target a move to the 2012 high of $1.6309 posted on Sep 21. However, bears will focus on retesting the Sep 21 trendline, now initial support at $1.6114. The daily Bolli band is widening which opens up for larger moves. Further res seen at $1.6178/87, the Oct 17 high and Bolli top.
RES 4: $1.6273/74 High Sep 28, Apr 2011 res line
RES 3: $1.6218 High 5 Oct
RES 2: $1.6178/87 High Oct 17, Upper Bollinger band
RES 1: $1.6141/43 High Oct 26, High Oct 25
LATEST PRICE: $1.6129
SUP 1: $1.6114 Former Sep 21 falling trendline
SUP 2: $1.6064/69 Frmer 23.6% of $1.5269-1.6309, 21-DMA
SUP 3: $1.6035 55-day moving average
SUP 4: $1.5997 Lows 9 & 10 Oct
USD/JPY: Bulls Break Above Y80.00, Test Old Oct 5 Res Line. USD/JPY has moved back to the former Oct 5 resistance line to meet resistance there, currently holds just above the key Y80.00 level, but will test Y80.13/14 again, initial resistance from the hourly high and former Oct 5 resistance line. Daily tech studies are firming, however remain bearish for the moment. We continue to note that the future Ichimoku cloud shows a bullish crossover.
RES 4: Y81.49 61.8% Fibonacci of Mar/Sep decline
RES 3: Y80.55/62/65 Highs May 15, Jun 25, 50% Fibo Of Mar/Sep decline
RES 2: Y80.34/38 Oct 25 and Oct 26 highs
RES 1: Y80.13/14 Hourly High, Former Oct 5 resistance line
LATEST PRICE: Y80.03
SUP 1: Y79.66/69 August high
SUP 2: Y79.50/55 Low Oct 26, 200-day moving average
SUP 3: Y79.22/26/28 High Sep 19, 38.2% of Sep to Oct rally, Low Oct 30
SUP 4: Y78.82/91/79.17 100-DMA, Kijun Line, 21-DMA
EUR/JPY: Bulls Eye Oct 23 High As Daily Studies Turn Higher. Daily tech studies have turned higher as bulls appear to now have control, yesterday’s sell-signal on 10-day momentum has not been confirmed and slow stochastics is looking to form a buy-signal. Initial resistance seen at Y103.87, the Sep 17 high, with further resistance seen at Y104.59, the Oct 23 high. Initial support seen as the 21-DMA at Y102.75, a level the pair may return to if it fails to break resistance.
RES 4: Y105.65 Low Mar 6
RES 3: Y104.71/79/82 61.8% Fb Mar/Jul fall, Sep 17 Res ln, Channel upper
RES 2: Y104.59 High Oct 23
RES 1: Y103.87 High Sep 17
LATEST PRICE: Y103.72
SUP 1: Y102.75 21-day moving average
SUP 2: Y102.57 Former Sep 17 falling resistance – now support
SUP 3: Y102.11 200-day movng average, Kijun Line
SUP 4: Y101.77 Rising Jul Channel base
EasyForexNews Research Team