The move lower continued Friday before bouncing a little from just below the 55-DMA ($1.3711). Initial resistance remains at the $1.3779 level on the hourly time frame with bulls needing a close above this level to ease the current bearish pressure that is currently targeting the $1.3554-1.3643 region. A close above the $1.3797 high from Thursday is needed for bulls to target a retest of the key $1.3847-79 resistance region that capped last week
RES 4: $1.3847 Hourly resistance Mar 25
RES 3: $1.3823 21-DMA
RES 2: $1.3797 High Mar 27
RES 1: $1.3779 Hourly resistance Mar 27
LPRICE: $1.3746
SUP 1: $1.3705 Low Mar 28
SUP 2: $1.3676 100-DMA
SUP 3: $1.3665 61.8% Fibonacci 1.3479-1.3966
SUP 4: $1.3643 Low Feb 27
The bounce from the rising daily trend line off Nov monthly lows has continued with cable making headway above the 21-DMA ($1.6615) on Friday before stalling ahead of the $1.6666 Mar 17 resistance. Bears look for a close below the $1.6597 hourly support to ease the bullish pressure while a close below the 55-DMA is needed to hint at a deeper correction that initially targets the rising trend line coming in around $1.6504 today.
RES 4: $1.6787 Monthly high Mar 7
RES 3: $1.6756 21 day upper Bollinger band
RES 2: $1.6718 High Mar 13
RES 1: $1.6666 High Mar 17
LPRICE: $1.6630
SUP 1: $1.6597 Hourly support Mar 28
SUP 2: $1.6565 55-DMA
SUP 3: $1.6504 Rising trend line off Nov monthly low
SUP 4: $1.6456 Low Mar 24
Friday’s sharp move higher that closed above the previous key resistance at Y102.68 eased the previous bearish pressure and now sees bulls back in control and targeting the key Y103.76-86 resistance region. Bears now need to see a close back below the Y102.49 support to see focus shift back to last week’s Y101.72 low. The Y102.49-68 region is seen as key for the immediate direction of dollar-yen this week.
RES 4: Y103.86 Low Jan 20 now resistance
RES 3: Y103.76 High Mar 7
RES 2: Y103.48 21 day upper Bollinger band
RES 1: Y103.10 High Mar 12, Falling daily trend line
LPRICE: Y102.84
SUP 1: Y102.68 Hourly support Mar 28
SUP 2: Y102.49 High Mar 25 now support
SUP 3: Y101.99 Hourly support Mar 27
SUP 4: Y101.72 Low Mar 27
The sharp bounce from just below the 50.0% Fibonacci on Friday eased the previous bearish pressure and sees focus shift back to layers of resistance in the Y141.75-142.24 region. A close above the Y142.24 level is key to confirming bullish focus and seeing the pair heading back towards the Y143.79 March monthly high so far. Bears now need a close back below hourly support at Y141.03 to shift focus lower once more.
RES 4: Y143.46 21 day upper Bollinger band
RES 3: Y142.24 Low Mar 12 now support
RES 2: Y141.97 High Mar 17 & 18
RES 1: Y141.75 Hourly resistance Mar 24
LPRICE: Y141.45
SUP 1: Y141.25 Hourly support Mar 28
SUP 2: Y141.03 Alternating hourly support/resistance
SUP 3: Y139.96 Low Mar 28
SUP 4: Y139.14 61.8% Fibonacci 136.28-143.77
EUR/GBP marginally dipped below the 61.8% Fibonacci retracement on Friday with it also spiking below the rising daily trend line. The Gbp0.8285 hourly resistance remains key to start the week with bulls needing a close above to ease the bearish pressure, while a close above the Gbp0.8330 level is needed to shift focus back to the Gbp0.8363-0.8400 region. Bears currently look for a continuation lower that targets the Gbp0.8159-0.8205 region.
RES 4: Gbp0.8367 Hourly resistance Mar 25
RES 3: Gbp0.8330 Low Mar 20 now resistance
RES 2: Gbp0.8323 High Mar 27
RES 1: Gbp0.8285 Hourly resistance Mar 27
LPRICE: Gbp0.8266
SUP 1: Gbp0.8251 61.8% Fibonacci 0.8159-0.8400
SUP 2: Gbp0.8217 21 day lower Bollinger band
SUP 3: Gbp0.8205 Low Mar 5
SUP 4: Gbp0.8192 Low Feb 28
