EUR/USD descends from the spinning-top after testing the Feb 2013 resistance line now at $1.3321, while daily studies reverse to the downside. Initial suppt now at $1.3174-90. The pair already broke below the new 23.6% of $1.2755-1.3345 at $1.3206 and bears will now look to close below and perhaps test the 38.2% level at $1.3120, further suppt alongside the 55-DMA at $1.3107.
R 4: $1.3390 High Jun 13
R 3: $1.3342/45 High Jul 31
R 2: $1.3318/19/21 High Jun 11, Low Jun 17, Resistance line from Feb 2013
R 1: $1.3250/61/79 5-DMA, Low Jun 13
Latest price: $1.3208
S 1: $1.3174/90 High Jul 16, Hourly low
S 2: $1.3100-20 High Jul 12, 55-DMA
S 3: $1.3032/50/54 Jul 3 high, 100-DMA
S 4: $1.2980/85/94/98 Lows Jun 26, Jul 15, High May 22
GBP/USD closed below Jul 31 low negating the long lower-shadow, also closed below 50.0% level at $1.5124 while studies remain in sell-mode. Initial suppt around $1.5089-5102, lows of Mar 21, 27 and hourly low. A break below here targets the 61.8% level at $1.5051. Bears will be looking to retest the strong suppt level around $1.4814/32, however a bounce from here would leave a triple-bottom and could flip sentiment to the upside.
R 4: $1.5363/68 Jun 21 low, High Apr 19
R 3: $1.5283/89/95 55-DMA, 100-DMA
R 2: $1.5254 High Jul 31
R 1: $1.5153/69/72/82 5-wk MA, High Jul 16, 21-DMA
Latest price: $1.5120
S 1: $1.5089/93/5102 Lows Mar 21, Mar 27, Hourly low
S 2: $1.5028/51 Low Jul 15
S 3: $1.4999/5009 Low Jul 11, May 29
S 4: $1.4916/61 Weekly & Monthly Bollinger band bases
USD/JPY burst out of the cloud to the topside, now holds just below the former 23.6% of Y93.79-101.53, initial res at Y99.70. Daily studies have reversed higher and a break above initial res targets Y99.94 and Y100.26. The May 22 res line has held a few times and a break and close above could threaten the May 22 high at Y103.74.
R 4: Y101.37-53 high Apr 2009, Dly Bolli top, High Jul 8
R 3: Y100.87 High Jul 19
R 2: Y99.94/100.26 Resistance line from May 22
R 1: Y99.70 Hourly high
Latest price: Y99.51
S 1: Y99.02/04/08/16 Daily Tenkan line, Lows Jul 17, 15, 55-DMA
S 2: Y98.57/76 100-DMA , Dly Ichimoku top
S 3: Y97.57/66/79 Dly Ichimoku cloud base, Aug 2009 high
S 4: Y96.75/87 61.8% of Y93.79-101.53, Jun 21 low
EUR/JPY breaks higher and slips back within the rising channel after closing above the daily Tenkan line yesterday. Daily studies appear to be reversing higher and initial res is now at Y131.57/59. Above here we see the daily Bolli band base as next res at Y132.53 followed by the rising channel mid-line at Y133.43. However, monthly studies look overbought and bears may retest the daily Tenkan line as suppt at Y131.04.
R 4: Y133.80 Reversal high May 22
R 3: Y133.43 Rising channel mid-line
R 2: Y132.53 Daily Bollinger band top
R 1: Y131.57/59 Hourly high, 100-Month MA
Latest price: Y131.50
S 1: Y131.04 Daily Tenkan line
S 2: Y130.33/38/65 Daily Kijun line, 21-DMA
S 3: Y129.70/93 High Jun 21, 55-DMA
S 4: Y129.39 Daily Ichimoku cloud top