EUR/USD still trying to break above initial resistance, yesterday saw a close above the 100-DMA but below the key 200 and 55-DMAs, now capping bulls. Weekly and monthly studies are bearish while daily studies are oversold and likely to turn higher. A break above initial res targets $1.3103/07 the Jun 28 high and 50.0% of $1.2797-1.3417. But continued failure at initial res will see bears return to test support, initial supp at $1.2985/98.
R 4: $1.3243 Reversal high May 1
R 3: $1.3161/80/93 Low Jun 20, 21-DMA
R 2: $1.3103/07 High Jun 28, 50.0% of $1.2797-1.3417
R 1: $1.3071/75 Hourly high, 200-DMA & 55-DMA
Latest price: $1.3055
S 1: $1.2985/98 Low Jun 26, High May 22
S 2: $1.2933/34/43 55-week MA, Daily Bolli band base
S 3: $1.2910 Jul 2012 Support line
S 4: $1.2877 50.0% of $1.2043-1.3711
GBP/USD holds above the 61.8%, 76.4% and a new May 29 support line all around $1.5180-84 and initial support. Weekly and monthly studies are bearish but daily studies look oversold and likely to bounce, so cable may recover some of its recent losses before returning to the downside. Initial res now at $1.5243/44, yesterday’s high and the 5-DMA. A break above here tests $1.5291/92, the 21-week MA and 100-DMA, however we believe long-term trend is lower.
R 4: $1.5401 38.2% of $1.4832-1.5752
R 3: $1.5372/80 55-DMA, 50.0% of $1.5009-1.5752
R 2: $1.5291/92 21-week MA, 100-DMA
R 1: $1.5243/44 High Jul 1, 5-DMA
Latest price: $1.5205
S 1: $1.5180-84 May 29 supp line, 61.8% $1.4832-1.5752
S 2: $1.5135/56 Daily Bollinger band base, High May 27
S 3: $1.5049 76.4% of $1.4832-1.5752
S 4: $1.4986/5009 Monthly Bollinger band base, Low May 29
USD/JPY holds above the 55-DMA and rises further into the daily Ichimoku cloud, currently capped just below initial resistance, seen at Y99.90/94/95, the Apr 22 high, 61.8% of Y103.74-93.79 and Apr 11 high. Daily studies still bullish but becoming overbought as are monthly studies, but weekly 10-wk momentum study is bullish. Failure to break above initial res could see bears retest the 55-DMA, initial support now at Y99.17.
R 4: Y102.04/08 Former Jan 23 supp line, Low May 21
R 3: Y101.29/39 Daily Ichimoku cloud top
R 2: Y100.65-83 Daily Bolli top, May 9 high, May 23 low
R 1: Y99.90/94/95 High Apr 22, High Apr 11
Latest price: Y99.80
S 1: Y99.17 55-DMA
S 2: Y98.76/83/87 Weekly Tenkan, Low Jun 3
S 3: Y98.15/16/24 Ichimoku cloud base, Daily Kijun line, High Jun 26
S 4: Y97.24/27/31/41 Low Jun 26, 100-DMA, 21-DMA
EUR/JPY broke and closed above the 55-DMA, now initial support at Y129.64, while bulls now look to test the daily Ichimoku cloud top as resistance, seen at Y131.16 also the daily Bolli band top. Ahead of here, res seen at Y130.42, the hourly and May 8 highs. Daily studies remain bullish albeit entering overbought territory, as are monthly studies, but weekly studies
are beginning to turn higher.
R 4: Y132.77/87 High May 14, High May 23
R 3: Y132.04/08 50.0% of Y169.96-Y94.12, May 31 high
R 2: Y131.12/16 High Apr 11, Daily Ichimoku cloud top & Daily Bollinger band top
R 1: Y130.42 Hourly high, May 8 high
Latest price: Y130.30
S 1: Y129.64 55-DMA
S 2: Y128.40/45/49/56 200-month MA, High Jun 26, 21-DMA, Daily Kijun line
S 3: Y128.08/12/18 Highs Jun 18, 14
S 4: Y126.96/127.03/06/37 High Jun 17, 100-DMA, Apr 29 low, 21-week MA