The bounce from ahead of the $1.2241 support and falling daily trend line projection continued Tuesday, popping above the 21-DMA ($1.2435) and falling daily trend line ($1.2420) before stalling ahead of $1.2456. Bulls now need a close above $1.2456 end bearish hopes and shift initial focus back to the $1.2599 resistance level. Bears now look for a close back below $1.2345 to reconfirm bearish focus and target the $1.2042-1.2241 region
RES 4: $1.2559 55-DMA
RES 3: $1.2532 High Nov 26
RES 2: $1.2506 High Dec 1
RES 1: $1.2456 High Dec 4
LPRICE: $1.2392
SUP 1: $1.2345 Alternating hourly support/resistance
SUP 2: $1.2241 Low Aug 10 2012
SUP 3: $1.2226 Falling daily trend line projection Oct/Nov lows
SUP 4: $1.2133 Low Aug 2 2012
The recovery from recent 2014 lows saw cable spike above the falling daily channel top ($1.5682) and the 21-DMA ($1.5684) Tuesday before closing back below. Bulls now look for a close above $1.5728 to confirm a break of the 21-DMA and channel top, easing bearish pressure, with a close above $1.5825 remaining needed to shift immediate focus to the $1.5919-47 region. Bears now need a close below $1.5624 to reconfirm bearish focus and target $1.6425-62.
RES 4: $1.5919 55-DMA
RES 3: $1.5825 High Nov 27
RES 2: $1.5763 High Dec 1, Falling daily trend line
RES 1: $1.5728 High Dec 4
LPRICE: $1.5683
SUP 1: $1.5650 Hourly support Dec 9
SUP 2: $1.5624 Low Dec 9
SUP 3: $1.5541 2014 Low Dec 8
SUP 4: $1.5462 Low Aug 30 2013
The sharp dip overnight bounced from ahead of the ¥117.87 support with initial resistance now noted on the hourlies at ¥120.12. Bulls now look for a close above ¥120.12 to reconfirm bullish pressure and see initial focus remain on retests of recent 2014 and 7 year highs. Bears now look for a close below ¥117.23 to confirm a shift lower in focus that sees bears initially targeting the ¥113.85-115.49 region where the 38.2% Fibo of the ¥105.19-121.84 move and the Bollinger band base (¥114.51) are located.
RES 4: ¥121.84 2014 High Dec 8
RES 3: ¥121.25 Hourly support Dec 8 now resistance
RES 2: ¥121.00 High Dec 9
RES 1: ¥120.12 Hourly resistance Dec 9
LPRICE: ¥118.82
SUP 1: ¥118.28 21-DMA
SUP 2: ¥117.86 Low Nov 28
SUP 3: ¥117.23 Low Nov 27
SUP 4: ¥116.33 Low Nov 18
The pullback from ahead of the ¥150.00 level following fresh 2014 and 6 year highs combined with bearish closes remain concerns for bulls with focus now having shifted to the ¥146.80-147.09 region where the 21-DMA is located. Bears now look for a close below ¥146.80 to confirm a break of the 21-DMA and shift immediate focus to the ¥145.58 Nov 24 low. Initial resistance is now noted ¥148.37-95 with bulls needing a close above ¥148.95 to reconfirm bullish pressure and initially target the psychological ¥150.00 level.
RES 4: ¥150.00 Psychological resistance level
RES 3: ¥149.80 2014 High Dec 8
RES 2: ¥148.95 Alternating daily support/resistance
RES 1: ¥148.37 Hourly resistance Dec 9
LPRICE: ¥147.72
SUP 1: ¥147.09 21-DMA
SUP 2: ¥146.80 Low Dec 9
SUP 3: ¥146.29 Low Nov 25
SUP 4: ¥145.58 Low Nov 24
Volatile trading continues for euro-sterling but the pair remains capped on bounces around the 21-DMA. The £0.7930-46 resistance region remains key with bulls needing a close above to end bearish hopes and shift overall focus back to the £0.8036-67 region. While the key resistance region caps bears now look for a
close below £0.7891 to reconfirm bearish focus and initially target the £0.7825-32 region
RES 4: £0.8004 High Nov 21
RES 3: £0.7977 High Dec 1
RES 2: £0.7946 Alternating hourly support/resistance
RES 1: £0.7930 21-DMA
LPRICE: £0.7897
SUP 1: £0.7891 Hourly support Dec 10
SUP 2: £0.7862 Hourly support Dec 9
SUP 3: £0.7832 Low Dec 3
SUP 4: £0.7825 Rising daily trend line