EUR/USD is now finding support ahead of the 21-DMA as it eyes the $1.3621-38 hourly resistance region. Overall bulls need a close above $1.3700 to confirm a break of the 55 & 200-DMA’s which then sees immediate focus shift to the 100-DMA and overall focus to the $1.3775 level. The $1.3564-76 support region remains key with bears needing a close below to reconfirm focus on the $1.3503-12 region.
RES 4: $1.3700 High July 1
RES 3: $1.3678 55-DMA
RES 2: $1.3669 Hourly resistance July 2
RES 1: $1.3638 Low July 2 now resistance
LPRICE: $1.3616
SUP 1: $1.3604 21-DMA
SUP 2: $1.3576 Low June 26
SUP 3: $1.3564 Low June 20
SUP 4: $1.3503 Monthly Low June 5
The continued hesitation ahead of the $1.7180-98 region is of some concern to bulls when combined with the very O/B daily studies overdue a correction. This has resulted in a dip towards the key $1.7063 support with bears looking for a close below to hint at a deeper correction that initially targets the $1.6920-30 region. Bulls continue to look for fresh 2014/multi-year highs to reconfirm dominance and target Oct 2008 levels.
RES 4: $1.7516 High Oct 20 2008
RES 3: $1.7198 High Oct 21 2008
RES 2: $1.7180 2014 High July 4
RES 1: $1.7149 2014 High July 8
LPRICE: $1.7130
SUP 1: $1.7085 Low July 8
SUP 2: $1.7063 Previous 2014 high now support
SUP 3: $1.7023 21-DMA
SUP 4: $1.7007 Low June 27
USD/JPY struggled with the 100-DMA last week and failed to take out the key Y102.35 resistance. Monday’s close below Y101.95 relieved the bullish pressure and sees bears targeting the Y100.75-101.23 region while Y101.95 caps. Overall bulls continue to look for a close above Y102.35 to end bearish hopes, shifting immediate focus to the Y102.79-103.02 region and overall focus to the 104.13 Apr monthly high.
RES 4: Y102.79 Monthly High June 4
RES 3: Y102.35 High June 18
RES 2: Y101.95 Alternating support/resistance level, 55-DMA
RES 1: Y101.84 21-DMA
LPRICE: Y101.60
SUP 1: Y101.41 Low July 2
SUP 2: Y101.23 Monthly Low June 30
SUP 3: Y100.82 Monthly Low May 21
SUP 4: Y100.75 2014 Low Feb 4
The pullback continued Tuesday with the pair finding support around the short term daily rising channel base. Layers of resistance remain in the Y138.63-139.53 region including key moving averages and Fibonacci levels with bulls needing a close above Y139.47 to hint at a bigger bounce that targets the Y140.27-99 region. Initial resistance remains Y138.65-86 with bulls needing a close above to shift current focus from the Y137.72 support
RES 4: Y139.53 38.2% Fibonacci 142.47-137.70
RES 3: Y139.31 High June 10
RES 2: Y138.86 Low July 3 now resistance
RES 1: Y138.65 Hourly resistance July 7
LPRICE: Y138.36
SUP 1: Y137.91 Low June 26
SUP 2: Y137.72 Monthly Low June 16
SUP 3: Y137.10 55-WMA
SUP 4: Y136.23 2014 Low Feb 4
The bounce from the 2014 lows is providing bulls with a glimmer of hope with a close above Gbp0.7998 now needed to confirm a break of the 21-DMA and see immediate focus shift to the key Gbp0.8033 resistance level. Daily studies are looking to correct from O/S levels and are supportive of a bounce. Key supports are noted Gbp0.7887-0.7915 with lower Bollinger bands expected to limit any downside follow through.
RES 4: Gbp0.8052 Falling daily trend line
RES 3: Gbp0.8033 High June 25
RES 2: Gbp0.7998 Low July 1 now resistance
RES 1: Gbp0.7980 Hourly resistance July 2
LPRICE: Gbp0.7944
SUP 1: Gbp0.7915 2014 Low July 7 2014
SUP 2: Gbp0.7904 Weekly Bollinger band base
SUP 3: Gbp0.7887 Low Sept 5 2012
SUP 4: Gbp0.7764 2012 Low July 2012
