Asian Currencies Technicals

AUD/USD continues to hover precariously above the key $0.9173-0.9205 support region where key moving averages, lower 21 day Bollinger band and Ichimoku cloud base are all located. Bears remain firmly focused on a break lower that initially targets the 200-DMA and then the 100-DMA. Bulls need to see a close above $0.9275 to confirm an easing of bearish pressure whereas a close above the 21-DMA is needed to shift overall focus higher

RES 4: $0.9408 – High May 14

RES 3: $0.9335 – High May 20

RES 2: $0.9306 – 21-DMA

RES 1: $0.9275 – Hourly resistance May 20

LPRICE: $0.9241

SUP 1: $0.9205 – Low May 2

SUP 2: $0.9173 – 200-DMA

SUP 3: $0.9106 – 100-DMA

SUP 4: $0.8997 – Low Mar 20

NZD/USD finally broke lower last week, taking out and closing below both the 21-DMA and 55-DMA on Tuesday. Immediate focus has seen bears now initially targeting the $0.8501-18 region and then the $0.8440-60 region overall. Bulls need to see a close back above the $0.8620 level to ease the renewed bearish pressure that sees the pair consolidate below the 55-DMA. A close above the 21-DMA would give bulls some breathing space

The move below the 55 & 100-DMA’s was short lived last week with the AUD/NZD having found support ahead of the 100-DMA as the week drew to a close. The bounce eased the bearish pressure a little but bulls still need to see a close above the $1.0819 resistance level to confirm an easing of bearish pressure while a close above the $1.0878 May 14 high is needed to confirm a shift in focus back to retests of the 2014 high.

AUD/JPY managed a spike below the 100-DMA last week that stalled ahead of the 200-DMA before regaining a little lost ground into the end of the week. The 21 & 55-DMA’s are noted in the Y94.37-89 region with a close above Y94.89 needed to confirm an easing of bearish pressure and a close above Y95.22 needed to shift overall focus back to the 2014 high. While the Y94.37-89 region caps bears target the 100 then 200-DMA.

EUR/AUD managed to continue the recovery off the 2014 lows early last week with the pair spiking above the 200-DMA on Wednesday. The move high was short lived with bears continuing to target retests of 2014 lows while the 200-DMA caps. Bulls need a close above the May 22 high to confirm an easing of bearish pressure with bulls then looking for a close above the 200-DMA to confirm a shift higher in focus to the Apr monthly high.