URO-DOLLAR: Breaks Below 50% Level
RES 4: $1.2820 Top of the Bollinger band
RES 3: $1.2673 High 21 May
RES 2: $1.2450 21-day moving average
RES 1: $1.2335 High 1 June
CURRENT LEVEL: $1.2209
SUP 1: $1.2110 Low 1 June
SUP 2: $1.2045 Base of the daily Bollinger band
SUP 3: $1.2035 Lows April 2006
SUP 4: $1.1928/42 Support line 22 Dec, Low 14 Mar, 2006
COMMENTARY: Euro finally broke below the key 50% retracement of the
lifetime range. From here, bears will want to focus on the base of the
daily Bollinger band, which is currently at $1.2045. Nearby, $1.2035
represents a series of lows from April 2006. On the topside, the 21-DMA
has capped action since 21 April.
CABLE: Breaks Over 21-DMA
RES 4: $1.5030/55 61.8% of Apr/May range, High 10 May
RES 3: $1.4950 Top of the daily Bollinger band
RES 2: $1.4878 50% of Apr/May range
RES 1: $1.4741 61.8% retracement of 10/19 May decline
CURRENT LEVEL: $1.4477
SUP 1: $1.4600 21-day moving average
SUP 2: $1.4580 5-day moving average
SUP 3: $1.4312 Minor support line
SUP 4: $1.4234/60 Low 25 May
COMMENTARY: Cable built on the recent bull-divergence in the daily
studies to break over the 21-DMA for the first time in May. This level
turns support as well as risking a bull-cross with the 5-DMA at
$1.4580/00. Bulls will want to build on the gains to test Fibonacci
retracements from $1.4741, $1.4878.
DOLLAR-YEN: Pushes Back Towards Base of Ichimoku Cloud
RES 4: Y92.75 Top of Ichimoku cloud
RES 3: Y92.50 55-day moving average
RES 2: Y91.85 Fibonacci level
RES 1: Y91.45 Base of Ichimoku Cloud, 100-day moving average
CURRENT LEVEL: Y91.30
SUP 1: Y91.10 5-day moving average
SUP 2: Y90.95 200-day moving average
SUP 3: Y89.87 Support line 6 May
SUP 4: Y89.20 Base of the Bollinger band
COMMENTARY: Dollar-yen studies are attempting to turn higher as the pair
seeks a return to the base of the Ichimoku cloud. The move is overtaking
the 200-DMA at Y90.95 to test the base of the cloud, which meets the
100-DMA at Y91.45. Break into the cloud could expose 21-DMA and a
Fibonacci level at Y91.85.
EURO-YEN: Hard Work Ahead for Bulls
RES 4: Y115.50 High 18 May
RES 3: Y114.50 High 21 May
RES 2: Y114.10 21-day moving average
RES 1: Y113.70 High 28 May
CURRENT PRICE: Y111.47
SUP 1: Y110.99 Hourly low
SUP 2: Y109.43/47 Low 26 May, Former low 20 May
SUP 3: Y108.83 Low 25 May
SUP 4: Y108.60 Current base of the Bollinger band
COMMENTARY: Euro-yen remains well below it's Ichimoku cloud, although
the daily stochastic is seeking some form of recovery within the
downtrend. However, bulls have significant work to do if they want to
turn attention to Fibonacci retracements from Y113.98, Y115.57.
EURO-STERLING: Bears Build on Weak Studies
RES 4: stg0.8546 High 28 May
RES 3: stg0.8525 21-day moving average
RES 2: stg0.8441 Resistance line 21 May
RES 1: stg0.8422/29 Lows 27 May, 6 May, Low 16 June 2009
CURRENT PRICE: stg0.8291
SUP 1: stg0.8249 Projected 21 May channel base
SUP 2: stg0.8192 Fibonacci level
SUP 3: stg0.8169 Fibonacci level
SUP 4: stg0.8164 Support line from 18 Mar low
COMMENTARY: Euro-sterling built on the weak daily studies to push
sharply lower. Studies remain weak, although there is a warning over the
speed of the move, as it has taken the cross below the base of the daily
Bollinger band at stg0.8330. This measure will be declining itself, but
it may also encourage some profit-taking.
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