The sharp correction lower for the aussie on Thursday found support at the 55-DMA with daily tech studies now looking to correct lower from very overbought levels. The $0.9085 Jan monthly high remains key resistance this week with a close above this level needed to kick start bullish momentum and see focus turn to layers of resistance in the $0.9147-0.9248 region including the 100 and 200-DMA’s. While $0.9085 caps potential for a correction increases.
R 4: $0.9169 – High Dec 2
R 3: $0.9145 – 100 day moving average
R 2: $0.9085 – Monthly high Jan 13
R 1: $0.9079 – 38.2% Fibonacci 0.9754-0.8662
Latest price: $0.9035
S 1: $0.8969 – Low Feb 14
S 2: $0.8923 – 55 day moving average
S 3: $0.8907 – Low Feb 10
S 4: $0.8870 – Hourly support Feb 4 & 5
The $0.8292 level confirmed its significance as initial support on Thursday with the pair having bounced from this level to fresh 4 week highs to start the new week. Friday’s low remains key support with a close below needed to hint at cracks in the current up trend. Key moving averages are clustered in the $0.8256-77 region with a close below needed to end bullish aspirations and see overall focus return to retests of the $0.8050-55 region.
R 4: $0.8541 – Monthly high Oct 22
R 3: $0.8428 – High Jan 14
R 2: $0.8414 – 21 day upper Bollinger band
R 1: $0.8392 – High Feb 17
Latest price: $0.8360
S 1: $0.8333 – Low Feb 14
S 2: $0.8292 – Hourly support Feb 11
S 3: $0.8263 – 21 day moving average
S 4: $0.8256 – 55 day moving average
The sharp correction lower on Thursday has so far found support ahead of the NZ$1.0730 level as daily tech studies begin to correct lower. Initial resistance is now noted at Monday’s high but we will look for a close above the NZ$1.0872 Feb high to shift overall focus higher once more. While the NZ$1.0872 level caps a break below the NZ$1.0730 support is favoured, confirming a break of the 21-DMA and shifting focus to the NZ$1.0570 level
R 4: NZ$1.0905 – Hourly resistance Feb 6
R 3: NZ$1.0872 – High Feb 12
R 2: NZ$1.0862 – Ichimoku cloud base
R 1: NZ$1.0831 – High Feb 17
Latest price: NZ$1.0793
S 1: NZ$1.0730 – Low Jan 31
S 2: NZ$1.0570 – Low Jan 29
S 3: NZ$1.0509 – 21 day lower Bollinger band
S 4: NZ$1.0494 – 2014 low 24
The 55-DMA remains initial resistance after having capped the move higher on Friday and Monday with the 200-DMA noted just above at Y92.35 and aussie-yen having managed a close above last week. With the falling daily trend line coming in around Y93.18 today a close above is needed to refocus higher and see immediate focus shift to the Y94.07-59 region. While the falling daily channel caps retests of the 21-DMA remain favoured.
R 4: Y94.07 – 2014 high Jan 6
R 3: Y93.18 – Falling daily trend line
R 2: Y92.98 – High Feb 12
R 1: Y92.26 – 55 day moving average
Latest price: Y92.00
S 1: Y90.95 – Low Feb 7 & 10
S 2: Y90.63 – Hourly support Feb 6
S 3: Y90.41 – Low Feb 6
S 4: Y89.85 – Low Feb 5
EUR/AUD continues to fail topside ahead of the A$1.5301-55 region where 55 and 21-DMA’s are noted. Last week’s low is key this week with a close below needed to hint at a potential continuation lower that would target the 200-DMA (A$1.4558). Daily tech studies continue to slowly look to correct from very oversold levels which may continue to limit downside follow through. A close above the 21-DMA is needed to see focus return to the 2014 high.
R 4: A$1.5668 – High Jan 28
R 3: A$1.5480 – High Feb 4
R 2: A$1.5342 – 21 day moving average
R 1: A$1.5315 – High Feb 10
Latest price: A$1.5177
S 1: A$1.4987 – Low Feb 12
S 2: A$1.4939 – 50.0% Fibonacci 1.4056-1.5832
S 3: A$1.4905 – 100 day moving average
S 4: A$1.4802 – Monthly low Dec 2
