EUR/USD descends through the 23.6% at $1.3518 to test the 21-DMA as support – now initial support at $1.3493. Bears look to break below while daily studies slide and weekly studies look overbought – break targets 38.2% at $1.3439 but support also at $1.3452/62 – Aug 20 high and Sept 25 low. If this level is reached we may see a slide toward 200-week MA and Jul 10 support line, at $1.3336 and 1.3299, respectively, however, failure at 21-DMA targets $1.3584.
R 4: $1.3607 High Oct 8
R 3: $1.3584 Resistance line from Oct 3
R 2: $1.3547 5-day moving average
R 1: $1.3539 Low Oct 4
Latest price: $1.3491
S 1: $1.3486/93 Low Oct 9, 21-day moving average
S 2: $1.3462 Low Sept 25
S 3: $1.3439 38.2% of $1.3105-1.3646
S 4: $1.3400 High Aug 8
GBP/USD tested the channel top again but this time broke the 21-DMA and accelerated lower, support has been found around the 23.6% of $1.4814-1.6260 at $1.5919 and new initial support. Daily studies are in sell-mode while weekly studies look likely to reverse lower from overbought territory. Key support seen from Jul 3 channel base at $1.5886 and below here the Jun 17 high at $1.5752, a break below could target $1.4800 level but failure here encourages bulls.
R 4: $1.6064 23.6% of $1.5429-1.6260
R 3: $1.6038 21-day moving average
R 2: $1.6014 5-day moving average
R 1: $1.5956 Low Sept 25
Latest price: $1.5918
S 1: $1.5916/19 Hourly low, 23.6% of $1.4814-1.6260
S 2: $1.5986 Channel base from Jul 3
S 3: $1.5845 50.0% of $1.5429-1.6260
S 4: $1.5813 Daily Bollinger band base
USD/JPY appears to be staging a recovery from the daily Bollinger base and 200-DMA – now at Y96.55 and Y96.84. Bulls currently meeting resistance from the falling channel top – at Y97.86 – but daily slow stochastic is showing signs of reversing higher from overbought territory adding upside risk. Further resistance seen at Y98.26, the dly Ichimoku base and above is cloud top at Y98.67 – a close above the cloud adds risk on a return to Y100.00 levels.
R 4: Y99.15 High Aug 23
R 3: Y98.67 Daily Ichimoku cloud top
R 2: Y98.26 Daily Ichimoku Cloud base
R 1: Y97.86 Falling channel top
Latest price: Y97.73
S 1: Y96.84 200-day moving average
S 2: Y96.55 Daily Bollinger band base
S 3: Y96.20 Support line from Sept 6 low
S 4: Y95.67/78 Falling channel base from Sept 11 high, Apr 2 support line
EUR/JPY still closing higher but the pair has left two long upper shadows – the highs at Y132.04/18 – bulls are looking to test initial resistance seen at Y132.32/34, the daily Tenkan line and a resistance line from Sept 19. A break above here could see a bullish move begin, especially as daily slow stochastic is about to reverse higher, but failure at this level could see bears test Jun 13 support line at Y131.06 – break below targets dly Ichimoku cloud.
R 4: Y133.21 High Oct 3
R 3: Y132.62 21-DMA
R 2: Y132.43 Daily Kijun line
R 1: Y132.32/34 Daily Tenkan line, Resistance line from Sept 19
Latest price: Y131.93
S 1: Y131.36 55-day moving average
S 2: Y131.06 Support line from Jun 13
S 3: Y130.97 Daily Bollinger band base
S 4: Y130.59/64 100-DMA, 61.8% of Y127.98-134.95
