EUR/USD turns around and brings daily studies higher also, yesterday met resistance around the 21-DMA, now initial resistance at $1.3285. A bullish piercing pattern has formed but we look to the weekly chart now as bulls are testing a Feb 2013 resistance line at $1.3279 – a break and close above here could really swing sentiment to the upside. Further resistance is at $1.3319, the 61.8% of $1.3452-1.3105 and above here is the 76.4% at $1.3370.
R 4: $1.3400 High Aug 8
R 3: $1.3370 76.4% of $1.3452-1.3105
R 2: $1.3319 61.8% of $1.3452-1.3105
R 1: $1.3285 21-day moving average
Latest price: $1.3263
S 1: $1.3240 Resistance line from Feb 2013
S 2: $1.3205 5-day moving average
S 3: $1.3193 55-day moving average
S 4: $1.3150 200-DMA
GBP/USD pushed up to its highest since the Jun 17 reversal high which is now further key res at $1.5752. Dly/wkly studies continue to trend higher but further into overbought territory – close above Jun 17 high may confirm a double-bottom on monthly chart – targets a measured move to $1.6690, however the overbought studies suggest the topside is limited. Initial res is at $1.5727 and further res at $1.5738, the daily Bolli top and 200-week MA, respectively
R 4: $1.5782 61.8% $1.6381-1.4814
R 3: $1.5752 Reversal high Jun 17
R 2: $1.5738 200-week MA
R 1: $1.5727 Daily Bollinger band top
Latest price: $1.5701
S 1: $1.5650 5-day moving average
S 2: $1.5635 55-week MA
S 3: $1.5603 High Sept 3
S 4: $1.5589 21-day moving average
USD/JPY still above the daily Ichimoku cloud – top is initial support at Y99.25. Bulls left a harami candle yesterday and didn’t test initial resistance – still at Y100.23 the Sept 6 high. Bulls may test this level today but studies are overbought and 10-week momentum shows negative divergence, a break into the cloud targets support at Y99.01 – 100-DMA, followed by 55-DMA & Tenkan line at Y98.83/84 and key support at Y98.54 – the 38.2% of Y95.81-100.23.
R 4: Y102.89 Weekly Bollinger band top
R 3: Y101.53 Reversal high Jul 8
R 2: Y100.87 High Jul 19
R 1: Y100.23/29 High Sept 6, Daily Bollinger band top
Latest price: Y99.60
S 1: Y99.25 Daily Ichimoku cloud top
S 2: Y99.01 100-DMA
S 3: Y98.83/84 55-day moving average, Daily Tenkan line
S 4: Y98.54 38.2% of Y95.81-100.23
EUR/JPY slips above the May 22 trendline and key 50.0% Fibonacci at Y131.94 and Y132.04, respectively. Bulls will be aiming to close above this level with focus higher on the May 22 reversal high at Y133.80, ahead of here initial res is at Y132.41, the daily Bolli band top. Further res at Y132.74 and Y133.47 – the May 14 high and weekly Bolli band top. However, monthly studies look overbought and if bulls fail to hold above we could see bears take control.
R 4: Y133.80 Reversal high May 22
R 3: Y133.47 Weekly Bollinger band top
R 2: Y132.74 High May 14
R 1: Y132.41 Daily Bollinger band top
Latest price: Y132.23
S 1: Y131.48 High Sept 6
S 2: Y130.77/82 Daily Tenkan line, 21-DMA
S 3: Y130.65 Daily Ichimoku cloud top
S 4: Y130.21/27 Daily Kijun line, 61.8% of Y129.31-131.82