EUR/USD rebounded from the 50.0% of $1.2755-1.3452 in the last session to close above 200-DMA and below 55-DMA, initial support and resistance respectively at $1.3148 and $1.3188. Weekly and monthly studies are bearish, however daily studies are near oversold levels, we may see a correction higher before bears return. A break above initial res should test Feb 2013 res line at $1.3243 – a break above could accelerate gains to 21-DMA at $1.3283
R 4: $1.3279/83 Former May 2011 resistance line, 21-day moving average
R 3: $1.3243 Resistance line from Feb 2013
R 2: $1.3223 High Sept 5
R 1: $1.3188 55-day moving average
Latest price: $1.3171
S 1: $1.3148 200-DMA
S 2: $1.3111 Daily Bollinger band base
S 3: $1.3103 50.0% of $1.2755-1.3452
S 4: $1.3084 Jul 2012 Support line
GBP/USD maintains its hold above $1.5600 despite bears already testing today, however studies are mainly bullish and bulls continue to eye resistance ahead of Aug 21 reversal high. Initial res at $1.5650 – 76.4% of $1.5718-1.5429. Further res at $1.5681/87, then the daily Bolli top is at $1.5706. However, weekly and monthly studies are nearing overbought levels, bears may aim to break back below initial suppt at $1.5603.
R 4: $1.5718 Reversal high Aug 21
R 3: $1.5706 Daily Bollinger band top
R 2: $1.5681/87 High Sept 6, 100-week MA
R 1: $1.5650 76.4% of $1.5718-1.5429
Latest price: $1.5641
S 1: $1.5603 High Sept 3
S 2: $1.5575 21-day moving average
S 3: $1.5518 Jul 9 support line
S 4: $1.5494 200-DMA
USD/JPY broke and closed back within the daily cloud on Friday however has opened above today and the daily Ichimoku cloud top is once again initial support at Y99.29. Daily studies appear overbought and a break back within cloud finds support at Y99.01 – 100-DMA, with the 55-DMA at Y98.80 and key May 22 trendline at Y98.52. The monthly chart shows dol-yen trying to break above the cloud top but closing below, continued failure adds risk downside.
R 4: Y102.90 Weekly Bollinger band top
R 3: Y101.53 Reversal high Jul 8
R 2: Y100.87 High Jul 19
R 1: Y100.21/23 Daily Bollinger band top, High Sept 6
Latest price: Y99.64
S 1: Y99.29 Daily Ichimoku cloud top
S 2: Y99.01 100-DMA
S 3: Y98.80 55-day moving average
S 4: Y98.52 May 22 Trendline
EUR/JPY continues to pressure the May 22 trendline and key 50.0% of Y169.96-94.12 – resistance at Y131.96 and Y132.04, respectively. Another attempted break above adds further pressure to downside, initial support remains at Y130.71/73 – dly cloud top and Tenkan, a break into cloud meets a lot of support, 21-DMA at Y130.63, then dly Kijun at Y130.21 and 61.8% at Y130.27. The 100-DMA is then at Y130.07 and a support line from Jun 13 is at Y129.41
R 4: Y132.74 High May 14
R 3: Y132.23 Daily Bollinger band top
R 2: Y132.04 50.0% of Y169.96-Y94.12
R 1: Y131.85/96 Hourly high, Trendline from May 22
Latest price: Y131.34
S 1: Y130.71/73 Daily Ichimoku cloud top, Daily Tenkan line
S 2: Y130.63 21-day moving average
S 3: Y130.21/27 Daily Kijun line, 61.8% of Y129.31-131.82
S 4: Y129.41 Support line from Jun 13