Recent topside failures have confirmed the significance of the $1.2506-46 resistance region. Bulls need a close above the 55-DMA to confirm a break of this region and shift immediate focus to $1.2595-1.2601 where the falling daily trend line is located and overall focus to the $1.2771-1.2885 region. While $1.2506-46 caps, bears remain focused on $1.2042-1.2241, with below $1.2362 to add weight to the bearish case.
RES 4: $1.2599 High Nov 19
RES 3: $1.2546 55-DMA
RES 2: $1.2532 High Nov 26
RES 1: $1.2506 High Dec 1
LPRICE: $1.2441
SUP 1: $1.2414 Alternating hourly support/resistance
SUP 2: $1.2362 Low Dec 10
SUP 3: $1.2241 Low Aug 10 2012
SUP 4: $1.2133 Low Aug 2 2012
Despite closes above the 21-DMA and the recovery from 2014 lows, current hesitation ahead of the $1.5763 resistance and the falling daily trend line coming in just below is concerning for bulls. In saying that, bulls need a close above $1.5763 to confirm a bullish bias but this then sees the proximity of the Bollinger band top become an issue. Bears now need a close below the 21-DMA ($1.5685) to reconfirm
bearish pressure and below $1.5647 to target 2014 lows.
RES 4: $1.5825 High Nov 27
RES 3: $1.5780 Bollinger band top
RES 2: $1.5763 High Dec 1
RES 1: $1.5746 High Dec 12
LPRICE: $1.5718
SUP 1: $1.5694 Low Dec 12
SUP 2: $1.5647 Low Dec 10
SUP 3: $1.5624 Low Dec 9
SUP 4: $1.5541 2014 Low Dec 8
The ¥117.23 support confirmed significance last week with the recovery coming from just above this level. Layers of support in the ¥116.33-117.23 region remain key with bears needing a close below to confirm a break of the Oct-Dec rising daily channel base. This would see immediate focus shift to ¥115.31 and overall focus back to ¥112.32-113.86. Bulls continue to look for a close above ¥120.12 to reconfirm bullish
pressure and see initial focus return to retests of recent 2014 and 7 year highs.
RES 4: ¥121.00 High Dec 9
RES 3: ¥120.95 Bollinger band top
RES 2: ¥120.12 Hourly resistance Dec 9
RES 1: ¥119.55 High Dec 11
LPRICE: ¥118.53
SUP 1: ¥117.77 Hourly support Dec 12
SUP 2: ¥117.23 Low Nov 27
SUP 3: ¥116.33 Low Nov 18
SUP 4: ¥115.31 Low Nov 13
The bounce from ahead of the ¥146.29 support eased bearish pressure and confirmed the significance of this support level with immediate focus having returned to the ¥148.37 resistance. The ¥145.58-146.29 support region remains key with bears needing a close below ¥145.58 to hint at a deeper correction and bears then targeting the ¥140.39-142.09 region. Bulls now need a close above Y148.95 needed to shift immediate focus back to the ¥150.00 level.
RES 4: ¥149.80 2014 High Dec 8
RES 3: ¥149.35 Bollinger band top
RES 2: ¥148.95 High Dec 9
RES 1: ¥148.37 Hourly resistance Dec 9
LPRICE: ¥147.48
SUP 1: ¥146.83 Hourly support Dec 15
SUP 2: ¥146.29 Low Nov 25
SUP 3: ¥145.58 Low Nov 24
SUP 4: ¥145.42 Bollinger band base
Spikes above the 21-DMA continue with bulls looking for a close above to hint at a shift higher in focus with a close above £0.7954 needed to confirm. While the £0.7927-54 region caps a bearish bias remains with bears needing a close below £0.7874 to add weight to the bearish case, initially targeting £0.7832 and confirming overall focus on the £0.7764-66 region. Above £0.7953 shifts focus back to the £0.8025-67 region.
RES 4: £0.8004 High Nov 21
RES 3: £0.7977 High Dec 1
RES 2: £0.7954 High Dec 11
RES 1: £0.7927 21-DMA
LPRICE: £0.7914
SUP 1: £0.7908 Alternating hourly support/resistance
SUP 2: £0.7893 Alternating hourly support/resistance
SUP 3: £0.7874 Low Dec 12
SUP 4: £0.7832 Low Dec 3