Recent topside failures ahead of $1.3445 resistance have kept bearish hopes alive. $1.3333 further confirmed its significance Wednesday with bears needing a close below to reconfirm bearish pressure and retain overall focus on the $1.3105 Sept 2013 monthly low. Bulls continue to look for a close above $1.3445 to confirm an easing of bearish pressure and above $1.3485 to hint at a bigger bounce targeting $1.3643-00 where 100 & 200-DMAs are noted.
RES 4: $1.3468 Falling channel top May/July highs
RES 3: $1.3445 High Aug 1
RES 2: $1.3422 21-DMA
RES 1: $1.3373 Hourly resistance Aug 13
LPRICE: $1.3362
SUP 1: $1.3333 2014 low Aug 6
SUP 2: $1.3294 Monthly low Nov 7 2013
SUP 3: $1.3223 High Sept 5 2013 now support
SUP 4: $1.3105 Monthly Low Sept 6 2013
Recent losses below the 100-DMA ($1.6881) accelerated Wednesday with GBP/USD trading at fresh 3 month lows and remaining heavy as it hovers precariously above the 200-DMA. Layers of resistance have developed on the hourlies with bulls now needing a close above $1.6757 to ease bearish pressure a little and above the 55-DMA to shift overall focus back to 2014 highs. Daily studies remain O/S but a close below the 200-DMA sees bears target 2014 lows.
RES 4: $1.6859 Falling channel top 2014 high
RES 3: $1.6757 Low Aug 12 now resistance
RES 2: $1.6735 Hourly resistance Aug 13
RES 1: $1.6698 Hourly resistance Aug 13
LPRICE: $1.6681
SUP 1: $1.6661 200-DMA
SUP 2: $1.6551 Monthly Low Apr 4
SUP 3: $1.6466 Monthly Low Mar 24
SUP 4: $1.6441 55-WMA
The recent run of consecutive higher daily highs/lows continues for the USD/JPY with it now making headway above the 200-DMA that was slowing progress earlier in the week. Immediate focus has now shifted to the Y102.94-103.09 region but daily and weekly Bollinger band tops in this region may limit topside follow through above Y103.09. Bears now need to see a close below Y102.22 to ease bullish pressure and a close below the 55-DMA to end bullish hopes
RES 4: Y103.09 Monthly High July 30
RES 3: Y103.04 Bollinger band top
RES 2: Y102.94 High Aug 5
RES 1: Y102.66 High Aug 6
LPRICE: Y102.57
SUP 1: Y102.54 Hourly support Aug 14
SUP 2: Y102.40 Hourly support Aug 13
SUP 3: Y102.22 Low Aug 13
SUP 4: Y101.98 55-DMA
EUR/JPY is currently working its way through layers of resistance previously noted in the Y137.00-37 region with bulls looking for a close above the falling daily channel top to confirm an easing of bearish pressure. This then sees immediate focus shift to the 55-DMA with a close above hinting at a move higher that targets the Y139.28-79 region where 100 & 200-DMAs are located. Bears now need a close below Y136.86 to ease pressure on initial resistance
RES 4: Y138.30 38.2% Fibonacci 142.46-135.73
RES 3: Y138.04 55-DMA
RES 2: Y137.79 Bollinger band top
RES 1: Y137.37 Falling daily channel top
LPRICE: Y137.08
SUP 1: Y137.00 Hourly support Aug 14
SUP 2: Y136.86 Hourly support Aug 13
SUP 3: Y136.60 Low Aug 13
SUP 4: Y136.36 Low Aug 12
The initial move to the downside came within a pip of the Aug 6 low before the largest daily move on a high/low basis since Feb 3 unfolded providing a close well above the 55-DMA for the first time since early Apr. Immediate focus has now shifted to the Gbp0.8033-82 region with bears now needing a close below the 55-DMA to confirm an easing of bullish pressure and below Gbp0.7915 to end bullish hopes and target 2012 lows.
RES 4: Gbp0.8082 100-DMA
RES 3: Gbp0.8064 Alternating daily support/resistance
RES 2: Gbp0.8033 High June 25
RES 1: Gbp0.8024 Trend line projection
LPRICE: Gbp0.8006
SUP 1: Gbp0.8000 Hourly support Aug 13
SUP 2: Gbp0.7982 55-DMA
SUP 3: Gbp0.7955 Breakout level Aug 13
SUP 4: Gbp0.7915 Low Aug 6
