EUR/USD continued to consolidate below the 100-DMA to end last week after having traded down to fresh 3 month lows. Bulls need to see a close above the 100-DMA to confirm an easing of bearish pressure while an overall close above the 21 & 55-DMA’s in the $1.3809-14 region is needed to shift focus back to 2014 highs. While the 100-DMA caps, bears target the 200-DMA with a close below now seen since Sept 2013.
RES 4: $1.3814 55-DMA
RES 3: $1.3809 21-DMA
RES 2: $1.3775 High May 12
RES 1: $1.3738 100-DMA
LPRICE: $1.3703
SUP 1: $1.3685 Low May 16
SUP 2: $1.3644 Low Feb 27
SUP 3: $1.3629 200-DMA
SUP 4: $1.3563 Low Feb 12
GBP/USD has managed to bounce from ahead of the rising daily trend line and 55-DMA following last week’s dip but remains capped ahead of the 21-DMA. Bulls need a close above the 21-DMA to confirm an easing of bearish pressure and see overall focus shift back to 2014 highs. Immediate focus remains on the $1.6725-30 region while the 21-DMA caps, with a break lower seeing the 100-DMA targeted.
RES 4: $1.6996 2014 High May 6
RES 3: $1.6956 21 day upper Bollinger band
RES 2: $1.6875 High May 14
RES 1: $1.6845 21-DMA
LPRICE: $1.6822
SUP 1: $1.6782 Hourly support May 16
SUP 2: $1.6727 55-DMA, Rising daily trend line
SUP 3: $1.6683 Low Apr 15
SUP 4: $1.6634 100-DMA
Following the recent retreat lower from failed attempts at the 21 & 55-DMA’s USD/JPY is currently hesitating ahead of the layers of support in the Y100.75-101.32 region which includes the 200-DMA at Y101.23. Initial resistance is noted on the hourlies at Y101.67 with bulls needing a close above to ease bearish pressure a little. Overall above the 55-DMA is needed to end bearish hopes and see focus shift to the Y102.66-103.00 region.
RES 4: Y103.00 High May 2
RES 3: Y102.66 100-DMA
RES 2: Y102.33 55-DMA
RES 1: Y101.67 Hourly resistance May 16
LPRICE: Y101.40
SUP 1: Y101.32 Low Apr 10
SUP 2: Y101.23 200-DMA
SUP 3: Y100.75 2014 low Feb 4
SUP 4: Y100.45 High Nov 15 2013 now support
EUR/JPY has remained heavy following the break to the downside that took out the rising daily triangle base. Immediate bearish pressure remains on the Y138.81 Feb 27 low with the pair having bounced from marginally ahead of this level last week. Bulls need a close above Y140.32 to ease the bearish pressure and a close above key moving averages clustered in the Y141.04-36 region to shift focus back to the Y142.46 region
RES 4: Y141.36 55-DMA
RES 3: Y140.94 High May 13
RES 2: Y140.32 Hourly resistance May 13
RES 1: Y139.45 Hourly resistance May 16
LPRICE: Y138.99
SUP 1: Y138.95 Hourly support May 19
SUP 2: Y138.81 Low Feb 27
SUP 3: Y138.00 200-DMA
SUP 4: Y136.23 2014 low Feb 4
The bounce from fresh 2014 lows last week was short lived with the bearish close Friday ensuring bears retain control with focus on sub Gbp0.8000 levels. Bulls still need to see a close above the Gbp0.8191 level that previously supported to confirm an easing of bearish pressure. Overall a close above the 21-DMA is needed to see focus shift back to the Gbp0.8257-59 region where key moving averages are clustered.
RES 4: Gbp0.8314 High Apr 3
RES 3: Gbp0.8257 High Apr 29, 55-DMA, 100-DMA
RES 2: Gbp0.8197 21-DMA
RES 1: Gbp0.8191 Low Feb 28 now resistance
LPRICE: Gbp0.0.8143
SUP 1: Gbp0.8129 2014 Low May 14
SUP 2: Gbp0.8035 Low Dec 10 2012
SUP 3: Gbp0.8005 Low Nov 21 2012
SUP 4: Gbp0.7960 Monthly low Nov 8 2012
