EUR/USD: Breaks May 1 Trendline, Focus Turns Higher. The pair finally broke through $1.3100, the key former initial resistance level. Weekly and daily studies point higher and initial res now seen at $1.3254, the former Nov 21 support line, now res. Further res seen at $1.3284, the May 1 high and above here lies the weekly upper Bollinger band at $1.3346. Bears may try and test former res as support, the 5-DMA and former May 1 trendline at $1.3096/3098
RES 4: $1.3386 High Mar 27
RES 3: $1.3346 Weekly upper Bollinger band
RES 2: $1.3284 High May 1
RES 1: $1.3254 Former Nov 21 support line – now resistance
LATEST PRICE: $1.3159
SUP 1: $1.3096/3098 5-DMA, May 1 trendline
SUP 2: $1.2985 21-day moving average
SUP 3: $1.2935 55-day moving average
SUP 4: $1.2848 Jul 24 support line
GBP/USD: Rises To Upper Bolli Band, Bulls Eye Apr 2011 Res Line. The cross tests the upper daily Bollinger band, initial resistance at $1.6199, while daily and weekly studies remain bullish. Further resistance now seen as the Oct 5 high at $1.6218. Bulls will eye the Apr 2011 resistance line at $1.6236, a break above here will open up the topside. Bears will focus on finding resistance to move back down to the 5-DMA, initial support at $1.6144.
RES 4: $1.6309 2012 high Sep 21
RES 3: $1.6236 Apr 2011 res line
RES 2: $1.6218 High 5 Oct
RES 1: $1.6199 Upper daily Bollinger band
LATEST PRICE: $1.6171
SUP 1: $1.6144 5-day moving average
SUP 2: $1.6070 Nov 16 support line
SUP 3: $1.6035/6050 55 & 21-DMAs
SUP 4: $1.5892 100-day moving average
USD/JPY: Bulls Eye Dec 2010 Reversal High At Y84.51. The pair gaps higher, much higher, but has already corrected to trade just above Y84.00. Initial support now seen at Y83.82, the 23.6% of Y81.69 to Y84.48. Weekly studies are bullish, however stretched and in overbought levels, while daily studies are also pointing higher. Initial resistance seen as the hourly high and 15 Dec 2010 reversal high at Y84.48/51. Bulls will target a break above here.
RES 4: Y85.93 High 17 Sep 2010
RES 3: Y85.53 Reversal high 6 Apr
RES 2: Y85.01 200-week MA
RES 1: Y84.48/51 Hourly high, Reversal high 15 Dec 2010
LATEST PRICE: Y84.04
SUP 1: Y83.82 23.6% of Y81.69 to Y84.48
SUP 2: Y83.41 38.2% of Y81.69 to Y84.48
SUP 3: Y83.09/14 50.0% of Y81.69 to Y84.48, Tenkan line
SUP 4: Y82.59/76 Former Nov 22 res line, 61.8% of Y81.69 to Y84.48
EUR/JPY: Gaps Above Oct 5 Res Line, Now Initial Support. EUR/JPY gaps much higher as well, as it opened above the Oct 5 resistance line and now retests it as initial support at Y110.41. Weekly studies remain bullish, albeit stretched and overbought, while daily studies are similar. Initial resistance now seen at Y111.44, the Mar 21 high, followed by Y112.17, the 61.8% of Y123.33 to Y94.12. A rise to here not ruled out if bulls break above Y111.44.
RES 4: Y115.47 123.6% of Y111.42 to Y94.28
RES 3: Y115.03 200-week moving average
RES 2: Y112.17 61.8% of Y123.33 to Y94.12
RES 1: Y111.44 High Mar 21
LATEST PRICE: Y110.55
SUP 1: Y110.41 Former Oct 5 resistance line – now support
SUP 2: Y108.65/73 Tenkan line, 23.6% Fibonacci of Y100.33 to Y111.32
SUP 3: Y107.96/108.00 High Dec 5, High Apr 20
SUP 4: Y107.47 Support line from Nov 13
EasyForexNews Research Team