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 shift to layers of resistance in the $0.9147-0.9248 region including the 100 and 200-DMA’s. Tuesday saw the $0.9079-85 resistance region thwart attempts to head higher once again with daily tech studies remaining at very O/B levels and slowly correcting lower with room to move.
R 4: $0.9133 – 100 day moving average
R 3: $0.9085 – Monthly high Jan 13
R 2: $0.9079 – 38.2% Fibonacci 0.9754-0.8662
R 1: $0.9046 – Hourly resistance Feb 19
Latest price: $0.9000
S 1: $0.8920 – 55 day moving average
S 2: $0.8907 – Low Feb 10
S 3: $0.8900 – 21 day moving average
S 4: $0.8870 – Hourly support Feb 4 & 5
NZD/USD dipped below key moving averages are clustered in the $0.8260-77 region before bouncing back above with a close below $0.8244 now needed to see overall focus return to retests of the $0.8050-55 region. The pair has pulled back from Monday’s high with lower daily highs and lows combined with correcting overbought daily tech studies weighing. A close above the $0.8392 resistance level is needed kick start bullish momentum.
R 4: $0.8541 – Monthly high Oct 22
R 3: $0.8428 – High Jan 14
R 2: $0.8392 – High Feb 17
R 1: $0.8344 – High Feb 19
Latest price: $0.8290
S 1: $0.8244 – Low Feb 20
S 2: $0.8189 – Low Feb 5
S 3: $0.8132 – 200 day moving average
S 4: $0.8052 – Low Feb 4
After remaining capped ahead of the NZ$1.0905 resistance level this week the AUD/NZD dipped back towards the 55 and 21-DMA’s as previously overbought daily tech studies return to more neutral levels. While the NZ$1.0905 level caps further dips toward key moving averages remain favoured with a close below the NZ$1.0730 level needed to confirm a break lower and see focus return to the NZ$1.0494-1.0570 region.
R 4: NZ$1.1033 – 100 day moving average
R 3: NZ$1.0980 – 21 day upper Bollinger band
R 2: NZ$1.0945 – High Feb 4
R 1: NZ$1.0905 – Hourly resistance Feb 6
Latest price: NZ$1.0846
S 1: NZ$1.0798 – 55 day moving average
S 2: NZ$1.0775 – 21 day moving average
S 3: NZ$1.0730 – Low Jan 31
S 4: NZ$1.0570 – Low Jan 29
AUD/JPY broke above the 55-DMA (Y92.23) on Tuesday but remained capped ahead of layers of resistance in the Y92.98-93.57 region. Daily tech studies are slowly correcting from oversold levels and may continue to see attempts higher lack follow through. While the falling daily channel caps retests of the 21-DMA remain favoured with the pair having bounced from just short of this level on Thursday.
R 4: Y94.07 – 2014 high Jan 6
R 3: Y93.09 – Falling daily trend line
R 2: Y92.98 – High Feb 12 & 18
R 1: Y92.46 – High Feb 19
Latest price: Y92.00
S 1: Y90.95 – Low Feb 7 & 10, 21-DMA
S 2: Y90.63 – Hourly support Feb 6
S 3: Y90.41 – Low Feb 6
S 4: Y89.85 – Low Feb 5
EUR/AUD finally managed a move above the A$1.5301-26 region with the pair failing to close above the 21-DMA and dipping back towards the initial support as previously oversold daily tech studies correct back to more neutral levels. We will now look for a close back below the A$1.5205 initial support to see initial focus shift back to a retest of the Feb 12 low being the low for the month so far
R 4: A$1.5728 – 21 day upper Bollinger band
R 3: A$1.5668 – High Jan 28
R 2: A$1.5480 – High Feb 4
R 1: A$1.5326 – 21 day moving average
Latest price: A$1.5240
S 1: A$1.5205 – Low Feb 19
S 2: A$1.4987 – Low Feb 12
S 3: A$1.4939 – 50.0% Fibonacci 1.4056-1.5832
S 4: A$1.4929 – 100 day moving average
