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MNI FX Techs: EURO-DOLLAR: Holds Above 21-DMA
RES 4: $1.3930 55-day moving average
RES 3: $1.3853/73 Low 1 Feb, 38.2% retracement of Jan/Mar decline
RES 2: $1.3838/39 High 9 Feb, 55-DMA, 23.6% of Dec/Mar decline
RES 1: $1.3770/96 Bollinger band, High 12 March
CURRENT LEVEL: $1.3694
SUP 1: $1.3620 21-day moving average
SUP 2: $1.3530 Low 5 March
SUP 3: $1.3475 Current Bollinger band base
SUP 4: $1.3420/37 76.4% of April/Dec rally, Low 2 Mar
COMMENTARY: The euro built on recent positive daily studies and the
close above the 21-day moving average, now at $1.3620, to break out of
the falling channel range from early December. Daily studies remain
firm, although momentum risks fading as the market pulls back from the
Bollinger band top.
CABLE: Daily Stochastic Turns Attention to 21-DMA
RES 4: $1.5420/22 61.8% of Feb/Mar decline, 38.2% of 2010 decline
RES 3: $1.5350 Breakout level
RES 2: $1.5299 50% retracement of post-17 Feb decline
RES 1: $1.5218/30 High 12 March, 21-day moving average
CURRENT LEVEL: $1.5054
SUP 1: $1.4866/73 Low 2, 10 March
SUP 2: $1.4781 Current base of the daily Bollinger band, Low 1 March
SUP 3: $1.4659 High 23 Feb
SUP 4: $1.4619 Low 29 Apr
COMMENTARY: Cable's recent bull-divergence in the daily stochastic and
momentum studies has turned near-term attention back towards the 21-day
moving average at $1.5230. Bulls will be focused on achieving a close
over here and the 50% retracement level at $1.5299 in order to
re-establish themselves. Initial focus is the 5-DMA at $1.5070.
DOLLAR-YEN: Testing top of Ichimoku Cloud
RES 4: Y92.15 High 19 Feb
RES 3: Y91.80 200-day moving average
RES 2: Y91.24 76.4% retracement
RES 1: Y91.09 High 12 Mar
CURRENT LEVEL: Y90.20
SUP 1: Y90.15 21 & 100-DMA, Kijun line
SUP 2: Y89.60/65 Tenkan line of the Ichimoku cloud, Low 9 March
SUP 3: Y89.55 Base of the Ichimoku cloud
SUP 4: Y88.13/24 Low 4 March, 61.8% retracement of Oct/Dec rally
COMMENTARY: Dollar-yen is back within the Ichimoku cloud and trading
around the 21 & 100-DMAs as well as the Kijun line, which meet at
Y90.15. Daily studies remain firm, but the top of the Ichimoku cloud
(now Y90.55) is proving sticky for the bulls.
EURO-YEN: Tests Fibonacci Level
RES 4: Y126.25 55-day moving average
RES 3: Y125.80 Base of Ichimoku cloud,
RES 2: Y125.50 Current top of the daily Bollinger band
RES 1: Y125.22/29 High 22 Feb, 38.2% of 2010 decline
CURRENT PRICE: Y123.42
SUP 1: Y123.08 38.2% retracement of March recovery
SUP 2: Y122.80 Tenkan line of Ichimoku cloud, 21-day moving average
SUP 3: Y122.43 Kijun line, 50% retracement
SUP 4: Y121.46/78 Low 9 March, 61.8% retracement
COMMENTARY: The daily studies remain firm in euro-yen, although the
recovery stalled at the Fibonacci level and mid-Feb highs of Y125.22/29,
turning bear's attention back to near-term Fibonacci levels from
Y123.08 and Tenkan line/21-DMA at Y122.80.
EURO-STERLING: Within Bollinger Band
RES 4: stg0.9411 High 13 Oct
RES 3: stg0.9221/40 76.4% of Oct-Feb decline, High 26 Oct
RES 2: stg0.9202 Resistance line from December
RES 1: stg0.9150/54 High 1 March, 30 Nov
CURRENT PRICE: stg0.9098
SUP 1: stg0.8982 Low 5 March
SUP 2: stg0.8945 21-day moving average
SUP 3: stg0.8915 100-day moving average
SUP 4: stg0.8840 200-day moving average, High 11 Feb
COMMENTARY: Euro-sterling continues to see a stretched daily stochastic,
although it should be noted that these remain below historic levels of
reversal and the pair is well within the Bollinger band top, which is up
at stg0.9250. While stg0.9150 remains the near-term high, the main
Fibonacci retracements are at stg0.8965, stg0.8907 and stg0.8850.
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