The sharp move lower to end the week and the close below the $1.3771 previous support has seen immediate focus shift to the 100-DMA which is currently supporting. It should be noted that a close below the 100-DMA has not been seen since early Feb and a close below would add significant weight to the bearish case. Bulls need a close above $1.3771 to ease the renewed bearish pressure and a close above the 21-DMA to shift focus higher.
RES 4: $1.3889 Alternating daily support/resistance
RES 3: $1.3834 21-DMA
RES 2: $1.3816 55-DMA
RES 1: $1.3771 Low Apr 30 now resistance
LPRICE: $1.3763
SUP 1: $1.3817 55-DMA
SUP 2: $1.3673 Monthly low Apr 4, rising daily trend line
SUP 3: $1.3644 Low Feb 27
SUP 4: $1.3620 200-DMA
The hesitation ahead of the recent fresh 2014 highs and psychological $1.7000 level resulted in a move lower with O/B daily studies are commencing a correction lower. The 21-DMA is currently supporting with bears looking for a close below to confirm a shift lower in focus that initially targets the $1.6685-1.6712 region where the rising channel base and 55-DMA are noted.
RES 4: $1.7042 2009 high Aug 5
RES 3: $1.6996 2014 high May 6
RES 2: $1.6975 High May 8
RES 1: $1.6913 Hourly resistance May 9
LPRICE: $1.6850
SUP 1: $1.6833 21-DMA
SUP 2: $1.6821 Low May 2
SUP 3: $1.6777 Low Apr 28
SUP 4: $1.6712 55-DMA
Lower daily highs/lows continued Wednesday before USD/JPY bounced from just short of the Y101.32 support. Layers of resistance remain in the Y102.01-36 region with bulls needing a close above Y102.36 to confirm an easing of bearish pressure and see immediate focus shift higher to the Y102.85-103.10 region. While the Y102.01-36 region caps, bears will continue to target the Y100.75-101.32 region with the key 200-DMA noted at Y101.09.
RES 4: Y103.12 High Apr 8
RES 3: Y102.82 100-DMA
RES 2: Y102.36 Hourly resistance May 2, 55-DMA
RES 1: Y102.19 Hourly resistance May 5, 21-DMA
LPRICE: Y101.97
SUP 1: Y101.43 Low May 7
SUP 2: Y101.32 Low Apr 10
SUP 3: Y101.21 Low Mar 14
SUP 4: Y101.11 200-DMA
The break lower Thursday was followed up with a dip below the Y139.96-140.02 support region to end the week. Bears are now targeting a continuation lower that tests the Y138.81 Feb 27 low with overall focus having shifted to the 200-DMA. Bulls now look for a close above the Y141.14 resistance level to ease the current bearish pressure.
RES 4: Y143.45 High Apr 2
RES 3: Y142.59 Triangle top off Dec monthly high
RES 2: Y142.47 High Apr 29
RES 1: Y141.14 Low May 7 now resistance
LPRICE: Y140.31
SUP 1: Y139.92 Low May 9
SUP 2: Y139.14 61.8% Fibonacci 136.28-143.77
SUP 3: Y138.81 Low Feb 27
SUP 4: Y137.74 200-DMA
EUR/GBP managed another spike above the 21-DMA that fell short of the Gbp0.8257 resistance level before reversing sharply lower and taking out the Gbp0.9192-98 region that has supported the past two weeks. The sharp move lower reconfirms bearish focus and sees bears firmly focused on a retest of 2014 lows with a break lower then targeting the 2013 low. Bulls need a close above the Gbp0.8191 level to ease the current bearish pressure.
RES 4: Gbp0.8266 55-DMA
RES 3: Gbp0.8257 High Apr 29
RES 2: Gbp0.8217 21-DMA
RES 1: Gbp0.8191 Low Feb 28 now resistance
LPRICE: Gbp0.0.8164
SUP 1: Gbp0.8158 2014 Low Feb 17, 21 week lower Bollinger band
SUP 2: Gbp0.8085 2013 Low Jan 3
SUP 3: Gbp0.8035 Low Dec 10 2012
SUP 4: Gbp0.8005 Low Nov 21 2012
