Friday saw the AUD/USD manage an inside day bringing an end to the recent run of higher daily highs. The failure at the $0.9426-61 region combined with O/B daily studies could be hinting at cracks appearing in the up trend with bears needing a close below Friday’s low to provide further confirmation. Layers of support remain in the $0.9305-48 region with bears needing a close below to end bullish hopes and shift focus back to the $0.9172-0.9333 region
RES 4: $0.9576 – 21 week upper Bollinger band
RES 3: $0.9549 – High Nov 6 2013
RES 2: $0.9461 – 2014 high Apr 10
RES 1: $0.9436 – High June 12
LPRICE: $0.9395
SUP 1: $0.9375 – Low June 13
SUP 2: $0.9348 – Low June 12
SUP 3: $0.9318 – Low June 6
SUP 4: $0.9305 – 21-DMA
NZD/USD spent Friday consolidating at the upper end of Thursday’s range unable to make any further headway. Initial support is now noted at Friday’s low with a close below needed to ease bullish pressure a little, but overall bears need to see a close below the 55-DMA to hint at a deeper correction that targets the $0.8413 monthly low so far. Bulls need to see a close above $0.8700 to reconfirm bullish pressure.
RES 4: $0.8848 – Weekly trend line projection
RES 3: $0.8779 – 2014 High May 6
RES 2: $0.8743 – High May 7
RES 1: $0.8700 – High June 12
LPRICE: $0.8665
SUP 1: $0.8644 – Low June 13
SUP 2: $0.8604 – Hourly support June 12
SUP 3: $0.8594 – 55-DMA
SUP 4: $0.8517 – Low June 12
AUD/NZD remained heavy to end the week as it consolidated at the lower end of Thursday’s range. Bears remain focused on the 100-DMA this week with a close below further confirming an end to bullish hopes and seeing overall focus shift to the NZ$1.0620-50 region. The NZ$1.0901 resistance is key this week with bulls needing a close above to ease the renewed bearish pressure and shift focus back to the NZ$1.1030-70 region.
RES 4: NZ$1.0994 – High June 11
RES 3: NZ$1.0950 – Previous hourly support now resistance
RES 2: NZ$1.0901 – Hourly resistance June 12
RES 1: NZ$1.0875 – High June 13
LPRICE: NZ$1.0831
SUP 1: NZ$1.0809 – Low June 12
SUP 2: NZ$1.0789 – 100-DMA
SUP 3: NZ$1.0747 – Low May 21
SUP 4: NZ$1.0648 – Monthly Low May 6
The consolidation ahead of the Y96.24-51 region combined with daily techs at O/B levels is of some concern to bulls and is hinting at a correction lower. Bears continue to look for a close below Y95.34 to further confirm an easing of bullish pressure whereas a close below the 21-DMa is needed to end bullish hopes and shift focus back to the 100-DMA (Y93.76). Bulls need to see a close above Y96.24 to reconfirm bullish pressure.
RES 4: Y98.16 – High May 29 2013
RES 3: Y97.90 – 21 week upper Bollinger band
RES 2: Y96.51 – 2014 high Apr 4
RES 1: Y96.24 – High Apr 23
LPRICE: Y95.87
SUP 1: Y95.34 – Low June 12
SUP 2: Y95.22 – 55-DMA
SUP 3: Y94.90 – 21-DMA
SUP 4: Y94.26 – Hourly support May 29
EUR/AUD found support ahead of Thursday’s low to end the week although the bearish close gives bears some hope. Daily studies remain at O/S levels and combined with consolidation to end the week could be hinting at bounce after having fallen from A$1.4750 without taking a backward step. The A$1.4481 resistance is key to direction with a close above needed to hint at an easing of bearish pressure and a shift in focus back to the 21-DMA.
RES 4: A$1.4654 – 21-DMA
RES 3: A$1.4555 – Hourly resistance June 10
RES 2: A$1.4511 – Previous 2014 low now resistance
RES 1: A$1.4481 – High June 12
LPRICE: A$1.4403
SUP 1: A$1.4359 – 2014 Low June 12
SUP 2: A$1.4318 – Low Nov 20 2013
SUP 3: A$1.4144 – Low Nov 8 2013
SUP 4: A$1.4051 – Monthly Low Nov 7 2013
