EUR/USD: Mixed Studies As Euro-Dollar Consolidates. The pair recovered some losses despite the bearish dly studies, as 10-day momentum shows negative divergence and slow stochastic crosses for a sell-signal. Key supp seen at $1.2930, the Apr 17 low. However, wkly studies turned bullish, initial res at $1.3096, yesterday’s high. Bulls look to break above the 55-DMA at $1.3098, just below the 38.2% of $1.3711-1.2743, but bears will be eyeing a break below the 21-DMA at $1.2967 to follow dly studies lower.
RES 4: $1.3200/02 Apr 17 high, Apr 16 high & Daily Bollinger top
RES 3: $1.3150/57 Former 38.2% $1.4940-1.2043, 100-DMA
RES 2: $1.3098/3115 55-DMA, 38.2% of $1.3711-1.2743
RES 1: $1.3096 High Apr 18
Latest price: $1.3066
SUP 1: $1.3021/22 Low Apr 18, Low Apr 15
SUP 2: $1.3002 Low Apr 17
SUP 3: $1.2965/67/74 Low Mar 6, Low Mar 1 &∓ 21-DMA, 23.6% of $1.3711 to $1.2746
SUP 4: $1.2930 200-DMA
GBP/USD: Negative Divergence On Daily Momentum. The cross leaves harami candle as the pair failed to break below the low of Apr 17 at $1.5217, now part of supp, despite the bearish dly studies. 10-day momentum crosses below key zero-line and slow stochastic in sell-mode. Initial supp at $1.5249/64/69/73, the 21 and 55-DMAs, Mar 25 high and Jun 1 2012 low and the Apr 16 low. A break below here threatens the Mar 12 support line at $1.5165. Above here Cable seen bullish, initial res at $1.5354/59, Apr 8 and 5 highs.
RES 4: $1.5485 Reversal low 28 Jun 2012
RES 3: $1.5409/10/12/24 Upper dly Bolli, Highs Apr 12, 11, 38.2% $1.6381-1.4832
RES 2: $1.5373/79 Highs Apr 17 and 16
RES 1: $1.5351/59 High Apr 8, & High Apr 5
Latest price: $1.5295
SUP 1: $1.5249/64/69/73 21 & 55-DMAs, High Mar 25 & Jun 1 2012 low, Apr 16 low
SUP 2: $1.5198/5217/18 23.6% of $1.6381-1.4832, Low Apr 17, 18
SUP 3: $1.5165 Support line from Mar 12 low
SUP 4: $1.5088 Lower daily Bollinger band
USD/JPY: Wkly Long Lower Shadow But Dly Studies Slide. Dollar leaves another higher low and higher high despite the sharply lower 10-day momentum and bearish slow stochastic. Initial supp at Y97.63/88, the Apr 18 low and Tenkan line. Bears look to break below to test Apr 4 support line at Y96.95, just below 38.2% of Y92.57-99.95 at Y97.13. However, monthly studies remain bullish and weekly chart shows long lower shadow. Bulls eye Apr 11 high at Y99.95, ahead of here res at Y99.21, the 2% MA env top.
RES 4: Y101.03/15 Upper dly Bolli band, Upper weekly Bolli band
RES 3: Y99.85-100.19 Feb 11 ln, Apr 11 h, 3% MA env top, Mthly Ichimoku
RES 2: Y99.21 2.00% upper MA envelope
RES 1: Y98.68 Hourly High
Latest price: Y98.53
SUP 1: Y97.63/88 Apr 18 low, Tenkan line
SUP 2: Y96.95/97.13 Support line from Apr 4, 38.2% of Y92.57-99.95
SUP 3: Y96.26/42 Kijun line & 50.0% of Y92.57-99.95, 21-DMA
SUP 4: Y95.80 Apr 16 low
EUR/JPY: Bulls Recover Losses Despite Bearish Studies. The cross posted another spinning-top, this one also harami candle, while dly studies continue to decline. Initial supp at Y128.03/06 the Tenkan line and hourly low, below here is Apr 4 supp line at Y127.11. Bears look to test these levels but bulls eyeing a move up to Apr 11 high at Y131.12. Ahead of here, res at Y129.74, the Apr 17 high and below here res seen at Y129.12, the 2% MA env top. Bulls require break above Apr 17 high to turn trend bullish
RES 4: Y131.12/66 Apr 11 high, 4.00% MA envelope top
RES 3: Y130.39 3.00% MA envelope top
RES 2: Y129.74 High Apr 17
RES 1: Y129.12 2.00% MA envelope top
Latest price: Y128.84
SUP 1: Y128.03/06 Tenkan line, Hourly low
SUP 2: Y127.11 Apr 4 support line
SUP 3: Y126.44/53 Low Apr 17, 38.2% of Y119.11 to Y131.12
SUP 4: Y124.93/94/125.11 Wkly Tenkan line, Apr 16 low, 50.0% Y119.11 to Y131.12
EasyForexNews Research Team