The $0.9319 support continued to hold this morning with the AUD/USD bouncing off $0.9349 low, while moves higher have been capped ahead of $0.9395. While $0.9319 supports, bulls will continue to target the 2014 highs with a close above opening up the possibility of a continuation higher that targets the $0.9756 Oct 2013 monthly high. Bears need a close below $0.9319 to confirm a break of the 21-DMA and shift focus to the rising daily channel base.
RES 4: $0.9472 – 21 week upper Bollinger band
RES 3: $0.9461 – 2014 high Apr 10
RES 2: $0.9426 – High Apr 11, 21 day upper Bollinger band
RES 1: $0.9395 – Hourly resistance Apr 15
LPRICE: $0.9358
SUP 1: $0.9319 – Lows May 7/8
SUP 2: $0.9271 – Low May 6
SUP 3: $0.9264 – Rising daily channel base off Jan 31 low
SUP 4: $0.9202 – Low May 2
NZD/USD marked a new 2014 high last week but has since corrected lower, trading through initial support at the 21-dma at $0.8618. The move lower has eased bullish outlook for kiwi with bears eyeing close below $0.8591 to confirm a break of the 21-day, see focus shift lower to $0.8501-70 where the 55-dma is located. It should be noted kiwi has not traded below the 55-dma since Feb. 20 and a close below has also not been seen since back in early Feb.
RES 4: $0.8832 – 1.382 projection of $0.8516-0.8745
RES 3: $0.8779 – 2014 High May 6
RES 2: $0.8731 – 21 day upper Bollinger band
RES 1: $0.8685 – Hourly resistance May 7
LPRICE: $0.8621
SUP 1: $0.8591 – Low May 2
SUP 2: $0.8569 – 55-DMA
SUP 3: $0.8546 – Low Apr 30
SUP 4: $0.8517 – Low Apr 9
After bouncing from ahead of the key NZ$1.0606-40 region Tuesday, AUD/NZD continued to recover lost ground closing above the 21-DMA before pausing at the Apr 28 high. Immediate focus shifts to the key NZ$1.0908-47 region with a close above shifting focus to the 200-DMA (NZ$1.1036) with the 50% Fibo also noted at this level. The rate currently continues to respect immediate resistance at NZ$1.0871/73, the highs traded in the last 2 sessions.
RES 4: NZ$1.1036 – 50.0% Fibonacci 1.1579-1.0476
RES 3: NZ$1.0947 – 2014 high Feb 4
RES 2: NZ$1.0908 – 38.2% Fibonacci 1.1579-1.0476
RES 1: NZ$1.0871/73 – Highs Apr 28, May 8 & 9
LPRICE: NZ$1.0851
SUP 1: NZ$1.0816 – 21-DMA
SUP 2: NZ$1.0792 – Hourly resistance May 7 now support
SUP 3: NZ$1.0756 – 100-DMA
SUP 4: NZ$1.0728 – Low May 7
