EUR/USD held above the 23.6% level again and allowed bulls to retest the Feb 2013 res line and also the 5-DMA at $1.3290/94, a level it already broke above. Failure to close above here would be bearish but a close above would see a retest of the Aug 8 high at $1.3400. Ahead of here, initial res at $1.3318/19 – the Jun 11 high and Jun 17 low. Initial suppt at $1.3248.
R 4: $1.3443 100-month MA
R 3: $1.3386/94/3400/16/17 Dly Bolli top, 200-week MA, Highs Aug 8, Jun 18, 19
R 2: $1.3342/45 Highs Jul 31 & Aug 7
R 1: $1.3318/19 High Jun 11, Low Jun 17
Latest price: $1.3288
S 1: $1.3228/34/48 Low Aug 13
S 2: $1.3200/07 High Apr 17, High Jul 11
S 3: $1.3154/71 38.2% of $1.2755-1.3400, 55-DMA
S 4: $1.3100/12/15/33 Hgh Jul 12, 200-DMA, Dly Bolli base
GBP/USD continues to test Feb 2013 res line and pennant top as initial res but also continues to fail to break above. Daily studies stretch higher but cable fails to make headway to upside, continued failure to break above initial res could see downside sentiment prevail. Initial suppt at $1.5477/86. Key suppt at $1.5395, however, monthly studies suggest reversal higher so a correction lower should quickly find suppt.
R 4: $1.5684/87/98 High Jun 6, 100-week MA, Weekly Bollinger band top
R 3: $1.5606-41 Low Jun 14, Res line Jun 3, 55-week MA
R 2: $1.5574/89 High Aug 8, Daily Bollinger band top
R 1: $1.5542/51 Resistance line from Jan 2013, Pennant top from Jun 17
Latest price: $1.5515
S 1: $1.5477/86 High Jun 25, 5-DMA
S 2: $1.5424/27/35 Low Aug 12, High Jul 25
S 3: $1.5378-95 Highs Aug 5, Jul 22, 23 & Aug 6
S 4: $1.5320/24/46/65 21-week MA, 100-DMA, 55-DMA, 21-DMA
USD/JPY fades from the daily Kijun line, still part of key initial res at Y98.34. However, the pair already tests initial suppt today, daily Tenkan line at Y97.48. Daily studies are now more mixed as 10-day momentum shrugs off the buy-signal to turn quite sharply lower. Below the Tenkan line, suppt seen at Y96.75/87. The pair failed at monthly cloud top since May, another failure may send mthly studies lower.
R 4: Y100.48 High Jul 15
R 3: Y99.65/70/94 Res line May 22
R 2: Y99.04/08/15 Lows Jul 17, 15, Aug 5 high
R 1: Y98.34-80 Dly Kijun, Dly Ichimoku base, 100-DMA & Cloud top
Latest price: Y97.73
S 1: Y97.48 Daily Tenkan
S 2: Y96.75/87 Jun 21 low
S 3: Y95.62/77/81/87 High Jun 18, Low Aug 8, Dly Bolli base
S 4: Y94.85/99/95.22 Apr 2 suppt line, May 2010 high & Jun 7 low, Jun 17 high
EUR/JPY failed to close above the daily Kijun line and 21-DMA, both part of initial res at Y130.36/53 and just below the Aug 14 high at Y130.66. A break and close above here would encourage bulls but bears are already testing suppt at Y129.34/39/59. Bear may be looking to close back within the daily cloud and slide to test a Jun 13 suppt line around Y128.20, part of a key further suppt level.
R 4: Y131.98/132.02/04/08 Highs Aug 2, Jul 23, May 31 high
R 3: Y131.41/44/57/58 Highs Jun 4 & 5, Aug 5 high, 100-Month MA
R 2: Y131.00/12 Resistance line from Jul 24, High Apr 11 & Jul 2
R 1: Y130.36/53/66 Daily Kijun line, 21-DMA, High Aug 14
Latest price: Y129.83
S 1: Y129.34/39/59 100-DMA, Daily Ichimoku cloud top, 55-DMA
S 2: Y128.86/98 Daily Ichimoku cloud base, Low May 8
S 3: Y128.19-31 Jun supp line, Daily Bolli base, 200-mth MA
S 4: Y127.98 Aug 12 reversal low