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Wednesday November 25, 2009 - 10:17:42 GMT
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EUR, GBP and AUD Support and Resistance

Key Levels of Support & Resistance

EUR, GBP, & AUD

 

As the market continues its sideways movement it is a good idea to keep cognizant of important key levels of S&R as well as the 50 SMA and 100 SMA.  When markets move sideways for an extended period of time ensuing price action on a breach of major S&R or an MA can be quick, therefore you want to be in a position to execute.

 

AUD key levels of Resistance are as follows; .9300 , .9500, and .9650.

 

AUD key Support levels are the 50 SMA which is currently at .9038.  The next support level is at .8890 which was the prior low and also represents the 76.4% Fibonacci Retrace level going back to July of 2008.

 

______________________________________

 

The EUR is in between 2 key levels of Resistance with the lower level handle at 1.4870 and the near term Resistance at 1.5055.  If we break near term Resistance at 55 then we expect the 76.4% Fibonacci Retrace level from July 2008, at a handle of 1.5165 to stand as the next key Resistance level.  Looking north just a bit further  1.5345 would represent R4

 

A candle appearing below the Support level of the 50 SMA would signal a Short EUR entry. A very strong Short EUR signal would be a close below 61.8% Fibonacci Retrace level from July 2008, which is perfectly in sync with the prior low at 1.4621

 

 

GBP is sitting between 2 near term Resistance levels.  We have R1 at 1.65, R2 at 1.66 and R3 at 1.70. the 100 day MA is sitting at 1.6404 and in line with the important Fibonacci Retrace level of 38.2% from November of 2007.

 

 

When a 100 SMA is above a 50 SMA, as it is with the Cable, it is usually indicative of a falling price environment.  A close below the 50 SMA,currently at 1.6340 would generate a near term Short Pound entry.  The next level of Support at S2 is 1.6130.  A breach of S2 would more than likely send us south of 1.60.

 

The longer price spends consolidating between 2 points the more price action we expect to see when a breakout finally occurs. It is analogous to a spring placed in a box.  The longer the spring and the more coils one forces into a confined space the more resistance the spring builds.  Conversely, a short spring in the same space has less potential energy.  Break open the box and the larger spring is going to move quicker and further than the smaller spring.  Therefore the longer we consolidate price into a range the more price action we expect to see when it finally breaks key levels of Support and Resistance.

 

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