Layers of resistance are accumulating with bulls needing a close above $1.2742 to ease bearish pressure and a close above $1.2845 to shift focus back to $1.2995. Bears remain firmly in control with a break below $1.2605 seeing immediate focus turn to the 2014 lows with overall focus shifting to the $1.2042 2012 low. The Bollinger band base is the key concern for bears and may limit downside follow through.
RES 4: $1.2902 High Sept 23
RES 3: $1.2845 Hourly resistance Oct 16
RES 2: $1.2742 Hourly resistance Oct 22
RES 1: $1.2679 High Oct 23
LPRICE: $1.2651
SUP 1: $1.2605 Low Oct 10
SUP 2: $1.2544 Bollinger band base
SUP 3: $1.2501 2014 Low Oct 3
SUP 4: $1.2428 Weekly Bollinger band base
Despite recent pressure on the 21-DMA GBP/USD bulls have been unable to capitalize with the pair pulling back from the $1.6184 level. Initial resistance is now noted on the hourlies in the $1.6060-1.6142 region with bulls needing a close above $1.6142 to ease bearish pressure. Bears look for a close below $1.5994 to reconfirm bearish pressure and the immediate focus on a retest of the 2014 lows.
RES 4: $1.6142 Alternating hourly support/resistance
RES 3: $1.6104 Alternating hourly support/resistance
RES 2: $1.6079 Hourly resistance Oct 22
RES 1: $1.6060 High Oct 23
LPRICE: $1.6038
SUP 1: $1.5994 Low Oct 24
SUP 2: $1.5940 Low Oct 16
SUP 3: $1.5875 2014 Low Oct 15
SUP 4: $1.5854 Monthly Low Nov 12 2012
After initially slowing attempts higher pressure saw USD/JPY take out the ¥107.60 previous resistance level with bulls taking added comfort in the close above the 21-DMA (¥107.94) which has supported on dips during the Asian session. Bears now need a close below ¥107.60 to ease bullish pressure and below ¥106.79 to target a retest of the ¥105.19 low. While ¥107.60 supports bulls look for a close above ¥108.74 to confirm overall focus on the ¥110.09-68 region.
RES 4: ¥110.09 2014 High Oct 1
RES 3: ¥109.25 High Oct 7
RES 2: ¥108.74 High Oct 8
RES 1: ¥108.35 High Oct 23
LPRICE: ¥108.01
SUP 1: ¥107.60 Alternating hourly support/resistance
SUP 2: ¥107.12 Hourly support Oct 23
SUP 3: ¥106.79 Low Oct 22
SUP 4: ¥106.57 Hourly support Oct 21
The 21-DMA was confirmed as key resistance Thursday with bulls needing a close above to hint at a bigger bounce with above ¥137.94 needed to confirm and target the 200-DMA (¥139.13). While the 21-DMA caps bears will remain focused on the ¥134.10 low with it having sharply rejected the sell-off on Oct 16. Bears now need to see a close back below ¥136.06 to provide some breathing space and reconfirm bearish pressure.
RES 4: ¥137.94 Low Sept 30 now resistance
RES 3: ¥137.70 100-DMA
RES 2: ¥137.28 Alternating hourly support/resistance
RES 1: ¥136.95 21-DMA
LPRICE: ¥136.65
SUP 1: ¥136.52 Hourly support Oct 24
SUP 2: ¥136.06 Hourly support Oct 23
SUP 3: ¥135.68 Hourly breakout level Oct 23
SUP 4: ¥135.21 Low Oct 23
The EUR/GBP continues to with the 21-DMA (£0.7880) with bears needing a close below £0.7850 to confirm a break of the 21-DMA and shift overall focus back to the 2012 & 2014 lows in the £0.7764-66 region. While the 21-DMA supports bulls retain a slight bias with a close above £0.7951 needed to confirm bullish pressure and see focus shift to the £0.8067-88 region where the 200-DMA is located.
RES 4: £0.8067 Monthly High Sept 10
RES 3: £0.7985 Hourly resistance Oct 16
RES 2: £0.7951 Alternating hourly support/resistance
RES 1: £0.7927 High Oct 22
LPRICE: £0.7887
SUP 1: £0.7850 Low Oct 10
SUP 2: £0.7820 Low Oct 2
SUP 3: £0.7766 2014 Low Sept 30
SUP 4: £0.7764 2012 Low July 23 2012
