EUR/USD: The pair pushes through the daily Bolli base to trade just above a key Jul 2012 support line, initial support at $1.2862. Yesterday saw a break below this level, extending to a low of $1.2843, however bulls managed to close above. Continued failure to close below the Jul 2012 support line could reverse sentiment but a break below would encourage bears to test the Apr 4 reversal low at $1.2746. We note the bear-cross of the 55 and 200-DMAs, a bearish signal.
R 4: $1.3115/16/17 Apr 29, 22 highs
R 3: $1.3040 21-DMA
R 2: $1.3000/03/11 55-DMA, 200-DMA, 5-week MA
R 1: $1.2928/36 5-DMA, Low May 10
Latest price: $1.2875
S 1: $1.2843/62/63 Low May 15, Jul 2012 Support line
S 2: $1.2744/46 Weekly Bollinger band base, Reversal low Apr 4
S 3: $1.2662 Nov 2012 reversal low
S 4: $1.2457 Apr 2009 reversal low
GBP/USD: The cross still holds below the 55-DMA, yesterday saw bulls attempt to close back above but ended below, bulls managed a little recovery but the lower high and lower low continues to weigh on sentiment. Bears look to close back below the 50.0% of $1.4832-1.5606, price action already slipped below, support below here at $1.5174, May 15 low, bears will likely test. Daily studies continue to slide, wkly studies may reverse lower and mthly studies more-or-less bearish.
R 4: $1.5404/10/12/24 Highs Apr 12, 11
R 3: $1.5368/90/92 High Apr 19, 21-DMA
R 2: $1.5310/14 May 10 low
R 1: $1.5246/65 55-DMA, 5-DMA
Latest price: $1.5228
S 1: $1.5207/19 Low May 14
S 2: $1.5174 Low May 15
S 3: $1.5128/32 61.8% of $1.4832-1.5606, Lower daily Bollinger band
S 4: $1.5015/25 76.4% of $1.4832-1.5606, Measured move of channel break
USD/JPY: The pair hits another new high yesterday but price action today lower and already testing the Feb 11 former resistance line, now at Y101.94. Studies are bullish but overbought and we may see a little light consolidation if the pair breaks below initial support, especially as daily studies suggest the potential for a reversal. However, if the pair holds above the Feb 11 former res line we expect a test of res, initial res at Y102.43, the May 14 high.
R 4: Y103.78 Reversal low June 2012
R 3: Y103.09 Upper weekly Bolli band
R 2: Y102.71/76 High May 15
R 1: Y102.43 High May 14
Latest price: Y102.18
S 1: Y101.72/94 Feb 11 former res line – now support
S 2: Y101.45/51 Reversal high Apr
S 3: Y100.54/67/72/79 May 10 low, Daily Tenkan line
S 4: Y99.57/90/95 21-DMA, Apr 22 high, Apr 11 high
EUR/JPY: Euro slips a little further which appears to be turning daily studies bearish, however current price action holds just above yesterday’s low at Y131.18, part of initial support. Further key support seen at Y130.70/88 the Apr 22 high and dly Tenkan line. Bears may attempt to test this level, but bulls will likely be eyeing a retest of the Feb 6 res line at Y132.97, ahead of here initial res at Y132.66/75/77, the 2% MA env top, dly Bolli top and May 14 high.
R 4: Y135.26 4.00% MA envelope top
R 3: Y133.96/98 Weekly Bollinger band top
R 2: Y132.97 Feb 6 resistance line
R 1: Y132.66/75/77 Daily Bolli band top, High May 14
Latest prcie: Y131.70
S 1: Y131.12/18/36 High Apr 11, Low May 15
S 2: Y130.70/88 Apr 22 high, Daily Tenkan line
S 3: Y130.42 May 8 high
S 4: Y129.83 21-day moving average