EUR/USD consolidates after the bearish engulfing candle sent the pair down to the 21-DMA, now further supp at $1.3170. Daily studies slide and a break below initial supp could accelerate losses – initial supp at $1.3199/3200, the hourly low and Apr 17 high. However bulls currently eyeing res, initial res at $1.3271/79/95, the former 23.6%, Jun 11 high and Jun 17 low. Above here is the 5-DMA at $.3302, failure at these levels will continue the bearish trend.
R 4: $1.3390 High Jun 13
R 3: $1.3342 61.8% of $1.3711 to $1.2746
R 2: $1.3302/06/08 5-DMA, High Jun 6, Reversal high Dec 19
R 1: $1.3271/79/95 23.6% of $1.2797-1.3417, Lows Jun 13, 14
Latest price: $1.3230
S 1: $1.3199/3200 Hourly low, High Apr 17
S 2: $1.3161/70/80 Low Jun 20, 21-DMA, 38.2% of $1.2797-1.3417
S 3: $1.3107/15 50.0% of $1.2797-1.3417, 38.2% of $1.3711-1.2746
S 4: $1.3061/74/81/91 High May 30, 200-DMA, 55-DMA, 100-DMA
GBP/USD is a little higher after yesterday left a decent lower shadow following a bounce from around the 21-DMA, still part of initial support at $1.5439, just above two 38.2% levels at $1.5401/24. Daily studies remain bearish and weekly studies are a little weaker, risk remains to the downside and further support seen at $1.5378/80, the 55-DMA and 50.0% of $1.5009-1.5752. Initial res at $1.5535, the 23.6% of $1.4832-1.5758, which bulls may test.
R 4: $1.5687/99 200-DMA, Channel base from Mar 12
R 3: $1.5606/16 50.0% of $1.6381-1.4832, Low Jun 14
R 2: $1.5566/72/77 Low Jun 18, 5-DMA, 23.6% of $1.5009-1.5752
R 1: $1.5535 23.6% of $1.4832-1.5752
Latest price: $1.5500
S 1: $1.5401-39 38.2% $1.4832-1.5752, Low Jun 20, 21-DMA
S 2: $1.5378/80 55-DMA, 50.0% of $1.5009-1.5752
S 3: $1.5314/22 May 10 low, 100-DMA
S 4: $1.5281/86/93 Highs May 20, 17
USD/JPY tried to break into the daily Ichimoku cloud yesterday but bounced from 21-DMA to close below. Price action today trades below cloud base, initial supp is at Y97.77/79, the hourly high, Aug 2009 high and cloud base. A break above here sees res at Y98.18/29/45, the 21-DMA, highs Jun 20, May 6 and Apr 23 low. The weekly chart shows a bullish engulfing pattern, a close here or higher will confirm and likely extend gains to the May 22 high at Y103.74.
R 4: Y99.17/18/28 100-DMA, 55-DMA, High Jun 10
R 3: Y98.76-87 Wkly Tenkan/Dly Kijun/50% Y103.7-93.8
R 2: Y98.18/29/45/49 21-DMA, High Jun 20, High May 6, Low Apr 23
R 1: Y97.77/79/94 Hourly high, Aug 2009 high
Latest price: Y97.82
S 1: Y96.87/90 Hourly low, 100-DMA
S 2: Y95.77/79/81 High Jun 18, High Jun 14
S 3: Y94.99/95.22 May 2010 reversal high & Jun 7 reversal low, Jun 17 high
S 4: Y93.91/98/99 76.4% Y90.88-103.74, Weekly Kijun
EUR/JPY creeping up to the daily Kijun line and bulls are now eyeing the daily Ichimoku cloud top at Y129.97 and part of further res. Initial res seen at Y129.55/70, the hourly high and 55-DMA. Daily studies are bullish and a break above the cloud would encourage bulls to retest Y133.80, the May 22 reversal high. Monthly studies are also bullish and a monthly close above Y132.04, the 50.0% of Y169.96-94.12, would re-establish the bullish trend.
R 4: Y131.12/18 High Apr 11, Low May 15
R 3: Y130.33/42 23.6% of Y119.11-133.80, May 8 high
R 2: Y129.82/87/97 Highs Apr 25 & May 2, Daily Ichimoku cloud top, Low May 23
R 1: Y129.55/70 Hourly high, 55-DMA
Latest price: Y129.40
S 1: Y128.08-18 Highs Jun 18, 14, Dly Tenkan, 38.2% Y119.11-133.80
S 2: Y127.49 Jun 6 low
S 3: Y126.83/96/127.06 100-DMA, 21-week MA & High Jun 17, Apr 29 low
S 4: Y125.94/126.04/18 Dly Ichimoku base, Reversal high Mar 12, Jun 7 low