EUR/USD: Studies Firming, Continue To Note Golden-Cross. We continue to note the golden-cross of the 55-DMA and 200-DMA, now initial support alongside the lower Bollinger band and Oct 11 low around $1.2826 to $1.2850. Daily studies are continuing to turn higher, despite being in a bearish trend, we see resistance at $1.2974, the 21-DMA. The pair once again trades below the former July trendline and the daily Bollinger band widens, Euro-dollar is trendless for now.
RES 4: $1.3100 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: $1.2974 21-day moving average
LATEST PRICE: $1.2928
SUP 1: $1.2826/32/48/50 Low Oct 11, 200-DMA, Lower Bolli band, 55-DMA
SUP 2: $1.2803 Low 1 Oct
SUP 3: $1.2741 38.2% retracement of Jul/Sep rally
SUP 4: $1.2608/30 50.0% Retracement of Jul/Sep rally, 100-DMA
GBP/USD: Tests Former Sep 21 Trendline As Support. GBP returns to test the former Sep 21 falling trendline, now at $1.6107, right around the current price. Yesterday saw Cable post a doji-day with a long upper shadow, indicating the strong pressure from bears. However, daily studies remain bullish for now. Initial support seen at $1.6094, the 5-DMA. Initial res seen at $1.6141/43, the highs of Oct 26 and 25. Cable needs to remain above $1.6107 to remain bullish.
RES 4: $1.6273 High Sep 28, Apr 2011 res line
RES 3: $1.6218 High 5 Oct
RES 2: $1.6171/75/78 Upper Bollinger band, High Nov 1, High Oct 17
RES 1: $1.6141/43 High Oct 26, High Oct 25
LATEST PRICE: $1.6105
SUP 1: $1.6094 5-day moving average
SUP 2: $1.6064/65 Frmer 23.6% of $1.5269-1.6309, 21-DMA
SUP 3: $1.6042 55-day moving average
SUP 4: $1.5997 Lows 9 & 10 Oct
USD/JPY: Bulls Eye The Oct 26 High At Y80.38. The pair moving higher once again, bulls are eyeing the high of Oct 26 at Y80.38, also initial resistance, while slow stochastics crosses to form a buy-signal, albeit near overbought territory. Further resistance seen around Y80.55 to Y80.65, a couple of daily highs and the 50.0% Retracement of the Mar to Sep decline. Initial support seen around Y80.00 to Y80.14, the highs of Oct 23 and Oct 30.
RES 4: Y81.78 High Apr 20
RES 3: Y81.49 61.8% Fibonacci of Mar/Sep decline
RES 2: Y80.55/62/65 Highs May 15, Jun 25, 50% Fibo Of Mar/Sep decline
RES 1: Y80.34/38 Oct 25 and Oct 26 highs
LATEST PRICE: Y80.26
SUP 1: Y80.00/14 High Oct 23 and Oct 30
SUP 2: Y79.83 Tenkan line
SUP 3: Y79.66/69 August high, 23.6% Retracement of Sep-Oct rally
SUP 4: Y79.50/57 Low Oct 26, 200-day moving average
EUR/JPY: Bearish Engulfing Candle Weighs, Studies Firmer. EUR/JPY is struggling to move through initial resistance, seen as the highs of Sep 17, Oct 31 and Nov 1 at Y103.87 to Y103.99. Daily tech studies are firming, however, a strong day is needed to turn them bullish. Bulls eye the Oct monthly high at Y104.59, the highest the pair has been since Apr 2012. However, the bearish engulfing candle still weighs and initial support seen at Y103.38, the Tenkan line.
RES 4: Y105.65 Low Mar 6
RES 3: Y104.71/81/93 61.8% Fb Mar/Jul fall, Sep 17 Res ln, Channel upper
RES 2: Y104.59 Oct 23 monthly high
RES 1: Y103.87/94/99 High Sep 17, High Oct 31, High Nov 1
LATEST PRICE: Y103.61
SUP 1: Y103.38 Tenkan Line
SUP 2: Y102.82 21-day moving average
SUP 3: Y102.53 Former Sep 17 falling resistance – now support
SUP 4: Y102.12/19 200-day movng average, Kijun Line
EasyForexNews Research Team