EUR/USD: The pair soars over 150 pips to end the session at $1.3246 after testing initial res around $1.3306/08, yesterday’s high and reversal high from 19 Dec 2011. Tech studies remain bullish but dly studies are overbought we will now likely see some consolidation. Initial supp at $1.3210/18/28, the dly Bolli top, May 2 high and former 50% $1.3711-1.2743. If bulls have taken control, we expect the next target to be the Feb 1 reversal high at $1.3711.
R 4: $1.3462/68 200-week MA, Resistance line from May 2011
R 3: $1.3438 100-month MA
R 2: $1.3342 61.8% of $1.3711 to $1.2746
R 1: $1.3306/08 High Jun 6, Reversal high Dec 19
Latest price: $1.3255
S 1: $1.3210/18/28 Dly Bollinger band top, High May 2
S 2: $1.3194 High May 8
S 3: $1.3152/53 5-DMA, 100-week MA
S 4: $1.3106/15/16/17 100-DMA, Highs Jun 5 & Apr 29, 22
GBP/USD: The cross storms higher by nearly 200 pips to move back within the rising channel from the Mar 12 low. Current price action struggling to hold above 50% of $1.6381-1.4832 at $1.5606, a key supp level which held GBP advance in early May. Daily studies bullish but overbought and weekly/monthly studies turning bullish. Initial res at $1.5684/89/90, the Jun 6 high, Feb 13 high and 55-wk MA. Focus turns higher but bears may aim to pare the recent massive gains.
R 4: $1.5786/89 Former monthly ascending triangle base
R 3: $1.5732/46 55-month MA, Channel mid-line from Mar 12 low
R 2: $1.5707 200-DMA
R 1: $1.5684/89/90 High Jun 6, High Feb 13, 55-week MA
Latest price: $1.5600
S 1: $1.5581 Former channel base from Mar 12
S 2: $1.5547 Upper daily Bollinger band
S 3: $1.5424/50 5-DMA
S 4: $1.5339/68/76 100-DMA, Highs Apr 19, Jun 3
USD/JPY: The pair falls through support to move back within the daily Ichimoku cloud which we haven’t seen since mid 2012. Daily studies continue to look bearish but oversold while weekly studies are now descending from overbought levels. Monthly studies are also turning lower and support now seen at Y95.41/55, the daily cloud base and hourly low. Bulls may aim to move back within the daily Bolli band, initial res at Y97.55, but risk is to the downside.
R 4: Y99.90/95 Highs Apr 22, Apr 11
R 3: Y98.83/85/87 55-DMA, Low Jun 3
R 2: Y98.45/49/58 High May 6, Low Apr 23, Low May 8
R 1: Y97.55/79 Daily Bollinger band base, Aug 2009 high
Latest price: Y96.70
S 1: Y95.41/55 Ichimoku cloud base, Hourly low
S 2: Y94.99 May 2010 reversal high
S 3: Y93.91 76.4% of Y90.88-103.74
S 4: Y93.53/57 Mar 25 low
EUR/JPY: The cross follows dly studies lower but forms a long lower shadow after bouncing from the dly Ichimoku top, now initial supp at Y126.77/91, the hourly low and cloud top. Wkly studies turn lower from overbought levels but daily studies are a touch firmer and near oversold. Initial res at Y128.83 to Y129.08, the daily Bolli base, May 8 low and the hourly high. We may see some consolidation and a return to the Bolli band before bears attack support once more.
R 4: Y131.12/18 High Apr 11, Low May 15 & 21-DMA
R 3: Y130.29/33/42 Daily Kijun line, May 8 high
R 2: Y129.37/46/51 Weekly Tenkan line, Daily Tenkan line, Low Jun 3
R 1: Y128.83/98/129.08 Daily Bollinger band base, Low May 8, Hourly high
Latest price: Y128.30
S 1: Y126.77/91 Hourly low, Ichimoku cloud top
S 2: Y126.21/35/46 100-DMA, 21-week MA
S 3: Y126.04 Reversal high Mar 12
S 4: Y124.72/93 61.8% of Y119.11-133.80, Daily Ichimoku cloud base