EUR/USD continues to find support ahead of $1.3779 with bears needing a close below to confirm a break of the 21-DMA and see focus shift to the $1.3676-1.3722 region where key moving averages and Fibonacci supports are located. Bulls need to see a close above $1.3833 to ease the current bearish pressure while a close above $1.3863 is needed to shift focus to the $1.3905-67 region.
RES 4: $1.3905 High Apr 11
RES 3: $1.3863 High Apr 14
RES 2: $1.3833 Hourly support Apr 17 now resistance
RES 1: $1.3803 Low Apr 21 now resistance
LPRICE: $1.3794
SUP 1: $1.3779 Low Apr 9, 38.2% Fibonacci 1.3479-1.3967
SUP 2: $1.3771 55-DMA
SUP 3: $1.3722 50.0% Fibonacci 1.3479-1.3967, 100-DMA
SUP 4: $1.3673 Low Apr 4
Attempts to head higher continue to be rebuffed and lack follow through with GBP/USD now flirting with the rising daily channel base around $1.6788. Daily studies remain very O/B and looking to correct, but bears need a close below $1.6749. This confirms a break of the rising daily channel base, easing bullish pressure and seeing immediate focus shift to the 21-DMA. While the $1.6749 level supports, bulls will continue to target retests of 2014 highs
RES 4: $1.6878 Monthly high Nov 16 2009
RES 3: $1.6868 21 day upper Bollinger band
RES 2: $1.6842 2014 high Apr 17
RES 1: $1.6820 High Apr 21
LPRICE: $1.6790
SUP 1: $1.6749 High Apr 16 now support
SUP 2: $1.6713 Hourly support April 15 & 16
SUP 3: $1.6692 21-DMA
SUP 4: $1.6639 55-DMA
USD/JPY is grinding its way higher after having found support ahead of the 55-DMA with the pair managing a close above the 21-DMA (Y102.54) on Monday. Bears need a close below the 55-DMA to ease the bullish pressure that is dominating and now initially targets the layers of resistance in the Y102.95-103.10 region, which include the 38.2% Fibo of the 104.13-101.32 move. A close below the 55-DMA sees bears initially targeting Y101.80.
RES 4: Y104.13 High Apr 4
RES 3: Y103.95 21 day upper Bollinger band
RES 2: Y103.10 High Apr 8
RES 1: Y102.95 100-DMA
LPRICE: Y102.61
SUP 1: Y102.50 Hourly support Apr 21
SUP 2: Y102.36 55-DMA
SUP 3: Y101.80 Hourly support Apr 16
SUP 4: Y101.32 Low Apr 10
Pressure is building on the key Y141.96 resistance with EUR/JPY building a base ahead of the 21-DMA following the close above the 100-DMA on Wednesday. Layers of support are noted in the Y139.96-141.45 region and combined with correcting O/S studies are adding support to the bullish case. Bulls need a close above Y141.96 to see immediate focus shift to the falling Triangle top around Y143.00 and overall focus to the Y145.69 Dec 2013 monthly high.
RES 4: Y143.45 High Apr 2
RES 3: Y143.00 Falling Triangle top off Dec monthly high
RES 2: Y142.88 21 day upper Bollinger band
RES 1: Y141.96 Alternating daily support/resistance
LPRICE: Y141.55
SUP 1: Y141.45 21-DMA
SUP 2: Y141.26 100-DMA
SUP 3: Y140.65 Rising Triangle base off Nov monthly low
SUP 4: Y140.02 50.0% Fibonacci 136.28-143.77
The correction lower following the 55-DMA failures ensures focus remains on the Gbp0.8158-0.8205 support region with the only negative for a bearish continuation being oversold daily studies threatening a correction higher. Bulls now look for a close above the Gbp0.8338 Apr 18 high to ease the bearish pressure and a close above the 55-DMA to target layers of resistance in the Gbp0.8294-0.8330 region
RES 4: Gbp0.8276 55-DMA
RES 3: Gbp0.8268 High Apr 16
RES 2: Gbp0.8252 Alternating support/resistance
RES 1: Gbp0.8238 High Apr 18
LPRICE: Gbp0.8212
SUP 1: Gbp0.8205 Monthly low Mar 5
SUP 2: Gbp0.8192 Low Feb 28
SUP 3: Gbp0.8160 21 week lower Bollinger band
SUP 4: Gbp0.8158 2014 Low Feb 17
