EUR/USD: The pair now back above the 23.6% and also the former Jul 2012 support line, now initial support at $1.2885/2902 also with the 5-DMA at $1.2901. Daily studies are a little bullish and initial res at $1.2934/36/37, the high May 21, low May 10 & 61.8% of $1.2746-1.3243 also the hourly high. A break above initial res may see bulls target the 38.2% at $1.2967 and also the May 22 high at $1.2998.
R 4: $1.3020 200-DMA
R 3: $1.2980/85/98/3000 55-DMA, High May 22, 21-DMA
R 2: $1.2957/67 High May 23
R 1: $1.2934/36/37 High May 21, Low May, Hourly high
Latest price: $1.2920
S 1: $1.2885/2901/02 Jul 2012 Support line, 5-DMA
S 2: $1.2824 Hourly low
S 3: $1.2775/87/97 Daily Bolli band base, Low May 17
S 4: $1.2746 Reversal low Apr 4
GBP/USD: The cross bounced from the 76.4% of $1.4832-1.5606, now key initial supp at $1.5015, just above the daily Bolli base at $1.5006 and yesterday’s low at $1.5014. The pair rebounded to test initial res, seen at $1.5113/28/34, these being the May 21 low, 61.8% and the 5-DMA. Daily studies may be turning higher, but failure to break and close above initial res would likely send the pair lower to retest initial supp, however above initial res may target the 50.0%
R 4: $1.5258 55-DMA
R 3: $1.5207/19 Low May 14
R 2: $1.5174 Lows May 15
R 1: $1.5113/28/34 Low May 21, 5-DMA
Latest price: $1.5090
S 1: $1.5006/14/15 Low May 23
S 2: $1.4832 Low Mar 12
S 3: $1.4784 Low week of Mar 5th 2012
S 4: $1.4649 123.6% of $1.4832-1.5606
USD/JPY: The pair fading fast from the May 22 high at Y103.74 to now trade below the former resistance line from Feb 11 and the 23.6% of Y92.57-103.74 at Y101.10, initial res and support, respectively. Daily studies are hugely lower and we if the pair breaks below initial support we may see a test of the Kijun line and 21-DMA at Y100.38/51, however failure here may see a retest of res as monthly studies continue to track higher, albeit into overbought territory
R 4: Y105.50 61.8% Fibonacci of Y124.14 to Y75.35
R 3: Y104.51 Daily Bollinger band top
R 2: Y103.58/74/78 Weekly Bolli band top, High May 22
R 1: Y102.59/60 Hourly high, Feb 11 former res line – now supp
Latest price: Y101.75
S 1: Y101.10 23.6% of Y92.57-103.74
S 2: Y100.79/83 May 9 high, May 23 low
S 3: Y100.38/51 Daily Kijun line, 21-DMA
S 4: Y99.47 38.2% of Y92.57-103.74
EUR/JPY: The cross declines further but yesterday met support around Y129.91/97, Apr 25 & May 2 highs, also May 23 low, bears look to test this level again today while dly studies decline, but the pair holds above initial supp, at Y130.64/70, the 21-DMA and Apr 22 high. Further supp also at Y130.33/42/43, 23.6%, May 8 high and Kijun. However, yesterday’s long lower shadow shows buying pressure remains and initial res at Y132.77/87, the highs of May 14, 23
R 4: Y134.17 Weekly Bollinger band top
R 3: Y133.80/99 High May 22, Daily Bollinger band top
R 2: Y133.42 Feb 6 resistance line
R 1: Y132.77/87 High May 14, High May 23
Latest price: Y131.45
S 1: Y130.64/70 21-day moving average, Apr 22 high
S 2: Y130.33/42/43 23.6% of Y119.11-133.80, May 8 high, Daily Kijun line
S 3: Y129.91/97 Highs Apr 25 & May 2, Low May 23
S 4: Y128.19 38.2% of Y119.11-133.80