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MNI FX Techs: EURO-DOLLAR: Bull Divergence
RES 4: $1.3853 Low 1 Feb
RES 3: $1.3838/39 High 9 Feb, 23.6% of Dec/Mar decline
RES 2: $1.3764/89 Top of Dec/Mar channel, Bollinger band, High 17 Feb
RES 1: $1.3736 High 3 March
CURRENT LEVEL: $1.3698
SUP 1: $1.3610 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 $1.3610 improves the
outlook to test the Bollinger band and top of the falling channel range
from early Dec, where the top comes in at $1.3764. The 5-DMA, which has
seen a bull-cross with the 21-DMA provides initial support at $1.3650.
CABLE: Daily Stochastic Recovers Within Overall Downtrend
RES 4: $1.5420/22 61.8% of Feb/Mar decline, 38.2% of 2010 decline
RES 3: $1.5350 Breakout level
RES 2: $1.5280/99 21-DMA, 50% retracement of post-17 Feb decline
RES 1: $1.5197 High 8 March
CURRENT LEVEL: $1.5062
SUP 1: $1.4866/73 Low 2, 10 March
SUP 2: $1.4750/81 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 remains under pressure, despite also seeing
bull-divergence in the daily stochastic and momentum studies. Bulls need
to seek a return to the 8 March high of $1.5197 and the 21-day moving
average of $1.5280 to re-establish themselves. Initial light support is
from the 5-DMA at $1.5030.
DOLLAR-YEN: Testing top of Ichimoku Cloud
RES 4: Y92.15 High 19 Feb
RES 3: Y91.85 200-day moving average
RES 2: Y91.24 76.4% retracement
RES 1: Y90.65/81 61.8% retracement, 55-DMA, High 10 Mar
CURRENT LEVEL: Y90.64
SUP 1: Y89.65 Low 9 March
SUP 2: Y89.45 Tenkan line of the Ichimoku cloud
SUP 3: Y89.25 Base of the Ichimoku cloud
SUP 4: Y88.13/24 Low 4 March, 61.8% retracement of Oct/Dec rally
COMMENTARY: Dollar-yen trades atop the 21 & 100-DMAs as well as the
Kijun line of the Ichimoku cloud, which combine at Y90.15 as the market
tests the top of the Ichomoku cloud, 55-DMA and recent high at
Y91.65/81. Daily studies still support an upside break.
EURO-YEN: Daily Studies Still Turning Higher
RES 4: Y127.02/08 50% retracement, High 28 Jan
RES 3: Y126.50/55 Base of Ichimoku cloud, 55-day moving average
RES 2: Y125.22/29 High 22 Feb, Bollinger band, 38.2% of 2010 decline
RES 1: Y124.77 Low 1 Feb
CURRENT PRICE: Y124.17
SUP 1: Y122.60 21-day moving average
SUP 2: Y121.46/80 Low 9 March, Tenkan line of the Ichimoku cloud
SUP 3: Y120.10 Current Bollinger band base
SUP 4: Y119.60/66 High 28 Jan 2009, Low 25 Feb
COMMENTARY: The daily studies are turning higher in euro-yen, turning
bull's attention to Fibonacci level and mid-Feb highs at Y125.22/29.
EURO-STERLING: Within Bollinger Band
RES 4: stg0.9411 High 13 Oct
RES 3: stg0.9240 High 26 Oct
RES 2: stg0.9206/21 Res line from December, 76.4% of Oct-Feb decline
RES 1: stg0.9150/54 High 1 March, 30 Nov
CURRENT PRICE: stg0.9097
SUP 1: stg0.8982 Low 5 March
SUP 2: stg0.8915 100-day moving average
SUP 3: stg0.8900 21-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 stg0.9240. While stg0.9150 remains the near-term high, the main
Fibonacci retracements are at stg0.8965, stg0.8907 and stg0.8850.
Initial support is at stg0.9080 from the 5-day moving average.
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