EUR/USD remains heavy following fresh 9 yr lows again Wednesday with bears initially focused on the $1.1780 level and overall focus remaining on the $1.1640 2005 low. Layers of resistance continue to accumulate with bulls now needing a close above $1.1898 to ease bearish pressure and above $1.1977 to shift immediate focus back to the $1.2107-1.2255 region where the 21-DMA is located. The Bollinger band
base and O/S studies remain key concerns for bears.
RES 4: $1.2033 Alternating hourly support/resistance
RES 3: $1.2000 Low Jan 2 now resistance
RES 2: $1.1976 High Jan 5
RES 1: $1.1898 Hourly resistance Jan 7
LPRICE: $1.1821
SUP 1: $1.1802 2015 Low Jan 7
SUP 2: $1.1780 Low Dec 30 2005, Bollinger band base
SUP 3: $1.1666 Monthly Low Dec 2 2005
SUP 4: $1.1640 2005 Low Nov 15 2005
GBP/USD remains heavy following fresh 2015 lows with the pair having found support ahead of the $1.5023 low from July 15 2013. Layers of resistance continue to accumulate with the $1.5274-1.5335 region seen as key. Bulls now need a close above $1.5155 to ease bearish pressure and above $1.5335 needed to shift immediate focus back to the $1.5486-1.5684 region. While $1.5157 caps immediate bearish focus remains on the 2013 low
RES 4: $1.5335 Hourly resistance Jan 5
RES 3: $1.5274 High Jan 6
RES 2: $1.5203 Hourly support Jan 5 now resistance
RES 1: $1.5155 High Jan 7
LPRICE: $1.5086
SUP 1: $1.5054 2015 Low Jan 7
SUP 2: $1.5023 Low July 15 2013
SUP 3: $1.4818 2013 Low July 9 2013
SUP 4: $1.4227 2010 Low May 2010
Bulls are taking a little comfort in the bounce from the ¥118.05 level although a clear break back above ¥119.82 is needed to shift immediate focus back to the ¥120.53-00 region. Overall bulls need a close above ¥121.00 to reconfirm bullish pressure, shifting immediate focus to the 2014 high and overall focus back to the ¥124.16 2007 high. While ¥120.53-00 caps a slight bearish bias will remain with bears now needing a close back below ¥118.70 to gain some breathing room.
RES 4: ¥121.00 High Dec 9
RES 3: ¥120.74 High Jan 2
RES 2: ¥120.53 Falling daily trend line
RES 1: ¥119.82 Hourly resistance Jan 8
LPRICE: ¥119.71
SUP 1: ¥118.70 Hourly support Jan 7
SUP 2: ¥118.05 Low Jan 6
SUP 3: ¥117.23 55-DMA
SUP 4: ¥115 57 Monthly Low Dec 16
Bulls are taking some comfort from the continued hesitation ahead of the 200-DMA when combined with daily studies at O/S levels. In saying that, bulls need a close above ¥142.01 to confirm an easing of bearish pressure and to shift immediate focus to the ¥144.16-145.61 region where 21 & 55-DMAs are located. Bears now need a close below the 200-DMA to confirm the bearish pressure and target the ¥138.08-139.16 region. Key concerns for bears come from O/S daily studies and the Bollinger band base
RES 4: ¥144.81 55-DMA
RES 3: ¥144.16 Hourly resistance Jan 5
RES 2: ¥142.97 Hourly resistance Jan 5
RES 1: ¥142.01 Alternating hourly support/resistance
LPRICE: ¥141.51
SUP 1: ¥140.32 200-DMA
SUP 2: ¥140.12 61.8% Fibonacci retracement 134.14-149.80
SUP 3: ¥139.16 High Sept 29 now support
SUP 4: ¥138.08 High Oct 30 now support
The £0.7870-0.7923 resistance confirmed its significance Tuesday with the rally retreating from its first foray into this region. Bulls continue to look for a close above £0.7923 to confirm breaks of 55 & 100-DMAs, ending bearish hopes and shifting focus to the £0.7978-0.8008 region where the falling daily trend line, 200-DMA and Dec highs are located. While £0.7875 caps bearish focus remains on retests of the 2015 low at £0.7745.
RES 4: £0.7954 High Dec 17
RES 3: £0.7923 High Dec 18
RES 2: £0.7896 100-DMA
RES 1: £0.7875 High Jan 6
LPRICE: £0.7834
SUP 1: £0.7814 Low Jan 7
SUP 2: £0.7794 Hourly support Jan 5
SUP 3: £0.7772 Hourly resistance Jan 1 now support
SUP 4: £0.7745 2015 Low Jan 2