Daily Market Technicals

EUR/USD bounced from ahead of the 21-DMA, only to remain capped ahead of the key $1.3863 resistance level O/N. Bulls continue to look for a close above $1.3863 to end bearish hopes and shift focus higher to the $1.3905-67 region. While $1.3863 caps, bears continue to look for a close below $1.3779 to confirm a break of the 21-DMA and see focus shift to the $1.3673-1.3722 region where the 100-DMA and Fibonacci supports are located.

RES 4: $1.3948 High Mar 17

RES 3: $1.3905 High Apr 11

RES 2: $1.3890 21 day upper Bollinger band

RES 1: $1.3863 High Apr 14

LPRICE: $1.3821

SUP 1: $1.3795 21-DMA

SUP 2: $1.3779 Low Apr 9, 38.2% Fibonacci 1.3479-1.3967, 55-DMA

SUP 3: $1.3722 50.0% Fibonacci 1.3479-1.3967, 100-DMA

SUP 4: $1.3673 Low Apr 4

After having failed at the 2014 high, cable headed lower, closing below the short term daily rising channel base and combined with daily tech studies that remain O/B, cracks are starting to appear in the up-trend. Bears now need to see a close below the $1.6749 support to hint at a deeper correction that targets the long term rising daily channel base. Bulls need the $1.6749 level to hold and fresh 2014 highs to kick start bullish momentum

USD/JPY is now struggling at the 21-DMA (Y102.57) and dipped below the 55-DMA on Wednesday but failed to close below. Lower highs the past couple of days are starting to make the pair look a little heavy but bears now look for a close below Y102.16 to see immediate focus return to the Y101.86 level and overall focus to the Y100.75-101.46 region. Bulls now look for a close above Y102.72 to kick start bullish momentum and confirm bullish focus.

EUR/JPY traded marginally above Y141.96 before heading sharply lower with the resulting bounce ensuring a close above the 100-DMA. Bears need a close below the 100-DMA to relieve the bullish pressure, whereas bulls continue to target a break higher while the 100-DMA supports. The triangle top comes in around Y142.94 with a close above targeting the Y142.15-65 region. The triangle base comes in around Y140.81 with a break lower targeting Feb monthly lows.

EUR/GBP has taken its first backward step in the down trend that re-emerged following the Apr 11 failure at the 21-DMA. Wednesday’s bounce relieved the bearish pressure that was targeting the Gbp0.8158-92 region and combined with O/S studies that are looking to correct, could be hinting at a bigger bounce. Bulls now look for a close above the Gbp0.8252 resistance level to end bearish hopes and see the pair targeting the Gbp0.8292-0.8330 region.