EUR/USD: Bears Turned Higher By 200-DMA, Bulls Eye 21-DMA At $1.3076. The pair met supp just above the 200-DMA, now at $1.2875, while daily studies continue to look choppy in a slight upward trend. Wkly studies bearish, mthly studies trend higher but slow stochastic narrows. Initial supp at $1.2911/24, the Mar 14 low and 55-week MA, low Mar 13. Further key supp seen at $1.2859/75/77/82/83, being the lower Bolli, 200-DMA, lows Dec 7, Mar 18 and 50.0% level. A close below likely turns the pair bearish as targets the 200-DMA.
RES 4: $1.3199 38.2% of $1.3711-1.2882
RES 3: $1.3130/45/50 100-DMA, Low Feb 22, 38.2% $1.4940/1.2043
RES 2: $1.3074-78 76.4% $1.2877-1.3711, Mar 5 hgh, 21-DMA, 23.6% $1.3711-1.2882
RES 1: $1.2991 5-day moving average
Latest price: $1.2955
SUP 1: $1.2911/24 Low Mar 14 & 55-week MA, Low Mar 13
SUP 2: $1.2859-83 Lower dly Bolli, 200-DMA, Lws Dc 7, Mr 18, 50.0% $1.204-1.371
SUP 3: $1.2767 2.00% MA envelope lower
SUP 4: $1.2736 Low Nov 21
GBP/USD: Key Jan 2 Res Line At $1.5149, Bullish Engulfing On Weekly Chart. The cross remains below the Jan 2 res line and slips above the 21-DMA. Initial res at $1.5149/60/77, the Jan 2 res line and highs of Mar 18, 15. Dly studies bullish and break above initial res could test the 23.6% $1.6831-1.4832 at $1.5198, just below the Mar 5 high at $1.5199. We continue to note bullish engulfing candle on the wkly chart, but yet to be confirmed. Failure to break above initial res could see a test of the Mar 12 low at $1.4832.
RES 4: $1.5321/28 High Feb 22, Reversal low 22 Sept 2011
RES 3: $1.5219/22/35 Feb 26 high, Feb 28 high, Reversal low Jan 2012
RES 2: $1.5198/99 23.6% $1.6831-1.4832, High Mar 5
RES 1: $1.5149/60/77 Res line from Jan 2, Mar 18 high, Mar 15 high
Latest price: $1.5104
SUP 1: $1.5066 5-day moving average
SUP 2: $1.4982/86 High Mar 13, Low Mar 1
SUP 3: $1.4866/85 Low Mar 11, 8
SUP 4: $1.4832/53/55 Low Mar 12, Lower daily Bolli Band, 61.8% of $1.3503-1.7043
USD/JPY: Bulls Fill Gap, Daily Studies Firmer, Rises Above Tenkan Line. The pair rises to fill the gap and also strengthens daily studies. Price action now trades back above the Tenkan line, which forms part of initial supp, seen at Y94.99/95.14, the May 2010 reversal high and Tenkan line. Mthly studies remain bullish and wkly studies still a bit weak. Further supp at Y94.67, the 23.6% Y88.06-96.71. Bulls may look to test res, seen at Y95.75, the hourly high, further res seen at Y96.60/71, the 2.00% MA env and Mar 12 high.
RES 4: Y97.79/98.02 Aug 2009 reversal high, Former Dec 21 support line, now res
RES 3: Y97.55 3.00% MA envelope
RES 2: Y96.60/71 2.00% upper MA envelope, Mar 12 high
RES 1: Y95.75 Hourly High
Latest price: Y95.42
SUP 1: Y94.99/95.14 May 2010 reversal high, Tenkan line
SUP 2: Y94.67 23.6% of Y88.06-96.71
SUP 3: Y93.73/79/99/94.19 High Mar 4, Kijun line, 38.2% of Y124.14-75.35, 21-DMA
SUP 4: Y93.41 38.2% of Y88.06-96.71
EUR/JPY: Bulls Rise Above Cloud Top & Look To Fill Gap. EUR/JPY pushed higher back above the daily Ichimoku cloud despite the bearish daily studies. The pair trades around the mess of Tenkan line and moving averages, bulls currently fail to hold above the Tenkan line at Y123.60 despite breaking above. Initial res at Y123.81/86, the Mar 8 low and high Jan 30. Initial supp at Y123.09/14, the 38.2% Y169.96-Y94.12 and 21-DMA. Wkly studies also slide, further supp at Y122.84/99, Kijun line and dly Ichimoku top.
RES 4: Y125.83/90/92/126.04 2.00% MA envelope, High Feb 20, High Mar 8, 12
RES 3: Y125.24 Reversal high Feb 2010
RES 2: Y124.39/54 Low Mar 12, 11
RES 1: Y123.81/86 Low Mar 8, High Jan 30
Latest price: Y123.50
SUP 1: Y123.09/14 38.2% of Y169.96-Y94.12, 21-DMA
SUP 2: Y122.84/99 Kijun line, Daily Ichimoku top
SUP 3: Y121.91 55-DMA
SUP 4: Y121.22/36 Low Jan 29, High Feb 26
EasyForexNews Research Team