EUR/USD moves above the Feb 2013 res line to test $1.3345. Bulls already attempted to break above today but fades from an hourly high of $1.3344, failure here would likely reverse sentiment once more. However, a close above could test $1.3417, the Jun 19 reversal high, the next strong res level. The weekly chart shows a long-term pennant pattern with the roof at $1.3346, a close above targets $1.3680.
R 4: $1.3474/83 55-month MA
R 3: $1.3444 100-month MA
R 2: $1.3383-3417 Dly Bolli top, High Jun 13, 200-wk MA, Highs Jun 18, 19
R 1: $1.3342/44/45 Hourly high, Highs Jul 31, Aug 7
Latest price: $1.3335
S 1: $1.3300-09 Highs Aug 5, Jul 30 & 5-DMA, High Dec 19, Res line Feb 2013
S 2: $1.3266 Low Aug 7
S 3: $1.3220/28 5-week MA
S 4: $1.3200/06/07/13 High Apr 17, High Jul 11, 21-DMA
GBP/USD tested support and resistance as it left a candle with a long lower shadow and a huge range, testing suppt around $1.5200 and then testing res at $1.5531. Studies are looking quite bullish and we may see bulls retest this level, but ahead of here initial res now at $1.5499/5510, the hourly high and dly Bolli band top. Above here is the 76.4% and 200-DMA at $1.5531/37, then there’s a Jan 2013 res line at $1.5569.
R 4: $1.5645/76/84/89 55-week MA, Dly Bolli band top, High Jun 6, 100-week MA
R 3: $1.5606/16 Low Jun 14
R 2: $1.5531/37 Highs Jun 21 & Aug 7, 200-DMA
R 1: $1.5499/5510 Hourly high, Daily Bollinger band top
Latest price: $1.5492
S 1: $1.5424/35 High Jul 25
S 2: $1.5378-97 Highs Aug 5, Jul 22, 23 & Aug 6, 5-DMA
S 3: $1.5308/12/13 100-DMA, 55-DMA, 21-week MA
S 4: $1.5283/84 21-DMA
USD/JPY: with a large slide lower pushes daily studies further into oversold levels but found support at Y96.33 – Aug 7 low and hourly low, now initial suppt. Bears turn to further suppt at Y95.62/77. Below here is a strong suppt level around Y94.73 to Y95.22, includes an Apr support line and various reversal highs and lows, a bounce from here could see a swing higher to around Y100.00 but a break lower would accelerate losses.
R 4: Y98.57-76 100-DMA, Dly Ichimoku top
R 3: Y98.01-35 100-month MA, Daily Tenkan, Low Jul 11, Daily Ichimoku base
R 2: Y97.66/79 Weekly Tenkan, Aug 2009 high
R 1: Y96.94/97.01 Hourly high, Reversal low Apr 30
Latest price: Y96.44
S 1: Y96.33 Low Aug 7 & Hourly low
S 2: Y95.62/77 High Jun 18
S 3: Y94.73/99/95.22 Apr 2 suppt line, May 2010 high & Jun 7 low, Jun 17 high
S 4: Y93.79/91/99 Jun 13 low
EUR/JPY drilled through the daily Ichimoku cloud to break through the base and closed below – daily studies plummet further as a result. Current price action holds below but bulls already tested back within the daily cloud to fade from just below the top – seen as initial res at Y129.39. We may see this level retested but studies are weak and bears may aim for the 38.2% level at Y128.19, with the 200-month MA just above at Y128.30.
R 4: Y130.60/82 21-DMA, High Jul 16
R 3: Y130.22/33/38 Dly Tenkan line, Daily Kijun line
R 2: Y129.70/73 High Jun 21, 55-DMA
R 1: Y129.23/39 Hourly high, Daily Ichimoku cloud top
Latest price: Y128.38
S 1: Y128.02/19/30 Low Jul 10, 200-month MA
S 2: Y127.03/38 Lows Jun 12, 6
S 3: Y126.26/46 Weekly Kijun line
S 4: Y126.04/18 Reversal high Mar 12, Jun 7 reversal low