EUR/USD Pausing above 1.0900.
EUR/USD is trading sideways. Hourly support is given at 1.0852 (27/04/2017 low) then 1.0682 (21/04/2017 base). Stronger support can be found at 1.0494 (22/02/2017 low). Hourly resistance is given at 1.0951 (26/04/2017 high). Expected to show another leg higher towards 1.10.
In the longer term, the death cross late October indicated a further bearish bias. The pair has broken key support given at 1.0458 (16/03/2015 low). Key resistance holds at 1.1714 (24/08/2015 high). Expected to head towards parity.
GBP/USD Continued bearish consolidation.
GBP/USD keeps pushing higher despite ongoing consolidation. Hourly resistance can be found at 1.2966 (30/04/2017 high). The pair has exited the short-term bearish momentum. Hourly support can be found at 1.2757 (21/04/2017 low). An unlikely break of this support would indicate further weakness.
The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.
USD/JPY Breaking resistance at 112.20.
USD/JPY keeps on pushing higher. Strong resistance given at 112.20 (31/03/2017 high) has been broken. Closest support can be located at 108.13 (17/04/2017 low). Other key supports lie at a distant 106.04 (11/11/2016 low). Expected to show continued bullish pressures.
We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
