EUR/USD: Bulls Eye Sept 17 Reversal High. Euro-dollar slips above the former trendline resistance from Jun 1 and looks to test the daily Bollinger band top, initial resistance at $1.3133. Weekly and daily tech studies both point higher, while daily studies are becoming stretched. Bulls will target a move to the Sept 17 reversal high, further resistance at $1.3172. Bears will find initial support around $1.3024/46, a Nov 21 support line and 5-DMA.
RES 4: $1.3386 High Mar 27
RES 3: $1.3284 High May 1
RES 2: $1.3172 High Sept 17
RES 1: $1.3133 Upper Bollinger Band
LATEST PRICE: $1.3113
SUP 1: $1.3024/3046 Nov 21 support line, 5-day moving average
SUP 2: $1.2917 55-day moving average
SUP 3: $1.2873 21-day moving average
SUP 4: $1.2786/90 Jul 24 support line, 200-day moving average
GBP/USD: 61.8% Fibo Is Key Initial Resistance. The pair continues to push against the daily Bollinger band top and also the 61.8% Fibonacci level of $1.6309 to $1.5829, initial resistance at $1.6126 and $1.6132. Daily tech studies remain bullish, although 10-day momentum has slowed. Initial support seen at $1.6047/72, the 55 and 5-day moving averages, respectively. If initial resistance holds we expect bears to gain control.
RES 4: $1.6309 2012 high Sep 21
RES 3: $1.6218 High 5 Oct
RES 2: $1.6175/78/96 High Nov 1, High Oct 17, 76.4% of $1.6309-1.5829
RES 1: $1.6126/32 61.8% of $1.6309-1.5829, Daily Bollinger band top
LATEST PRICE: $1.6116
SUP 1: $1.6047/72 55 and 5-day moving averages
SUP 2: $1.6012 Former 38.2% of $1.6309 to $1.5829
SUP 3: $1.5971/78 21-day moving average, High 22 Nov
SUP 4: $1.5937/54 100-day moving average, 100-week moving average
USD/JPY: 10-Day Momentum Sinks, Slight Negative Divergence. USD/JPY moves higher while daily tech studies remain bearish, 10-day momentum also showing some negative divergence as the pair continues to trade below the Nov 22 reversal high. Initial support seen around Y81.73 to Y81.95, the Nov 28 support line, Nov 20 high and 23.6% Fibonacci of Y79.08 to Y82.84. Initial res remains at Y82.84 to Y82.94, the Nov 22 high, 38.2% if Y94.99 to Y75.35 and Apr 4 high.
RES 4: Y83.94 High 16 Mar
RES 3: Y83.30 High 2 Apr
RES 2: Y83.14 Resistance line from 6 Apr, 2011
RES 1: Y82.84/85/94 High Nov 22, 38.2% of Y94.99 to Y75.35, High 4 Apr
LATEST PRICE: Y82.26
SUP 1: Y81.73/76/95 Nov 28 supp line, High 20 Nov, 23.6% of Y79.08-82.84
SUP 2: Y81.35 21-day moving average
SUP 3: Y80.96 Kijun Line
SUP 4: Y80.40 38.2% Fibonacci of Y79.08 to Y82.84
EUR/JPY: Daily Momentum Bear Divergence, Weekly Studies Rise. EUR/JPY pushes higher and now trades just below the Y108.00 level, also initial resistance from the Apr 20 high. Daily tech studies remain overbought and 10-day momentum continues to show bear divergence. However, weekly tech studies remain bullish and the weekly chart shows the pair breaking above and out of the Ichimoku cloud. Initial supp seen at Y106.47 to Y106.75, the Tenkan line, weekly cloud top and 100-WMA.
RES 4: Y115.47 123.6% of Y111.42 to Y94.28
RES 3: Y115.13 200-week moving average
RES 2: Y111.44 High Mar 21
RES 1: Y108.00 High Apr 20
LATEST PRICE: Y107.83
SUP 1: Y106.47/67/75 Tenkan Line, Weekly Ichimoku Cloud top, 100-week MA
SUP 2: Y105.94 23.6% Fibonacci of Y100.33 to Y107.67
SUP 3: Y105.43 Former Sep 17 res line – now support
SUP 4: Y104.71/87 Former 61.8% Mar-Jul fall, 38.2% of Y100.33 to Y107.67
EasyForexNews Research Team