Recent pressure on the $1.3333 level resulted in a break lower with the EUR/USD remaining heavy but supported ahead of the key $1.3292 Nov 2013 monthly low. This is the last line of defence for bears with a close below opening the door for a move that initially targets $1.3101. Layers of resistance are noted on the hourlies with a close above $1.3341 needed to ease bearish pressure and above the 21-DMA to shift focus to the key $1.3445 level.
RES 4: $1.3391 21-DMA
RES 3: $1.3381 Hourly support Aug 18 now resistance
RES 2: $1.3341 Hourly support Aug 19 now resistance
RES 1: $1.3328 Hourly resistance Aug 19
LPRICE: $1.3303
SUP 1: $1.3294 Monthly low Nov 7 2013
SUP 2: $1.3223 High Sept 5 2013 now support
SUP 3: $1.3101 Falling daily channel base, Low Sept 7 2013
SUP 4: $1.2993 Low July 15 2013
The failed recovery that stalled ahead of $1.6757 has resulted in a sharp fall and the first close below the 200-DMA ($1.6677) since August 2013. Fresh 4 month lows now see bears firmly focused on the $1.6466-1.6551 region where Mar and Apr monthly lows are located. The key concerns for bears are O/S daily studies and the proximity of the Bollinger band base. Bulls now need a close above the 200-DMA to ease bearish pressure
RES 4: $1.6757 Low Aug 12 now resistance
RES 3: $1.6712 Breakdown level Aug 19
RES 2: $1.6677 200-DMA
RES 1: $1.6625 Hourly resistance Aug 20
LPRICE: $1.6603
SUP 1: $1.6593 Falling channel base
SUP 2: $1.6584 Bollinger band base
SUP 3: $1.6551 Monthly Low Apr 4
SUP 4: $1.6466 Monthly Low Mar 24
After having recently found support ahead of the 21-DMA the USD/JPY has broken to fresh 4 month highs in although given the Bollinger band top at Y103.15 today topside follow through may be limited a little. Initial support is now noted at Y102.90 with a close below this level signalling a false break topside. Bears continue to look for a close below the 21-DMA to ease bullish pressure that now has bulls targeting the Y104.13 Apr monthly high.
RES 4: Y104.92 High Jan 16
RES 3: Y104.13 Monthly High Apr 4
RES 2: Y103.80 Low Apr 3 now resistance
RES 1: Y103.40 High Apr 7
LPRICE: Y103.17
SUP 1: Y102.90 Hourly support Aug 20
SUP 2: Y102.62 Hourly support Aug 19
SUP 3: Y102.43 200-DMA
SUP 4: Y102.33 21-DMA
After hesitating around the falling daily channel top (Y137.08) the EUR/JPY looks to be making a decisive break above. Immediate focus now shifts to layers of resistance in the Y137.62-138.07 region with a close above needed to see overall focus shit to Y138.77-139.87 where 100 & 200-DMAs are located. Initial support is now noted at Y137.01 with bears needing a close below to signal a false break and below Y136.77 to shift focus lower.
RES 4: Y138.07 High Aug 1
RES 3: Y137.87 55-DMA
RES 2: Y137.81 Bollinger band top
RES 1: Y137.62 High Aug 15
LPRICE: Y137.23
SUP 1: Y137.01 Hourly support Aug 20
SUP 2: Y136.77 Low Aug 15
SUP 3: Y136.60 Low Aug 13
SUP 4: Y136.36 Low Aug 12
The Gbp0.7984 support confirmed its significance Tuesday with a rally that stalled at the Bollinger band top. Bears continue to look for a close below the 55-DMA to confirm a break of the Gbp0.7984 support and an easing of bullish pressure and below Gbp0.7915 to end bullish hopes and target 2012 lows. Bulls remain focused on layers of resistance in the Gbp0.8030-72 region with the key concern being the proximity of the Bollinger band top
RES 4: Gbp0.8072 21-WMA
RES 3: Gbp0.8051 Low June 11 now resistance
RES 2: Gbp0.8036 High Aug 14
RES 1: Gbp0.8030 Bollinger band top
LPRICE: Gbp0.8010
SUP 1: Gbp0.7984 Low Aug 18
SUP 2: Gbp0.7972 55-DMA
SUP 3: Gbp0.7955 Breakout level Aug 13
SUP 4: Gbp0.7915 Low Aug 6
