AUD/USD did little to inspire confidence Monday with the pair dipping marginally below Friday’s low. The failure at the $0.9426-61 region combined with O/B daily studies could be hinting at a correction with bears now needing a close below $0.9374 to confirm. Layers of support remain in the $0.9306-48 region with bears needing a close below to end bullish hopes and shift focus back to the $0.9172-0.9333 region.
RES 4: $0.9561 – 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: $0.9392
SUP 1: $0.9374 – Low June 16
SUP 2: $0.9348 – Low June 12
SUP 3: $0.9318 – Low June 6
SUP 4: $0.9306 – 21-DMA
NZD/USD spent Friday consolidating at the upper end of Thursday’s range unable to make any further headway and Monday’s price action has seen a double daily top form at $0.8700. Initial support remains at $0.8644 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.
RES 4: $0.8857 – 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: $0.8676
SUP 1: $0.8666 – Hourly support June 16
SUP 2: $0.8644 – Low June 13
SUP 3: $0.8604 – Hourly support June 12
SUP 4: $0.8594 – 55-DMA
After remaining heavy to end last week the AUD/NZD headed back towards initial support on Monday. 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 confirm a break of the 21-DMA, 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$1.0828
SUP 1: NZ$1.0809 – Low June 12
SUP 2: NZ$1.0791 – 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 (Y93.82). Bulls need to see a close above Y96.24 to reconfirm bullish pressure
RES 4: Y98.16 – High May 29 2013
RES 3: Y97.78 – 21 week upper Bollinger band
RES 2: Y96.51 – 2014 high Apr 4
RES 1: Y96.24 – High Apr 23
LPRICE: Y95.72
SUP 1: Y95.34 – Low June 12
SUP 2: Y95.22 – 55-DMA
SUP 3: Y94.94 – 21-DMA
SUP 4: Y94.26 – Hourly support May 29
EUR/AUD failed to retest the recent 2014 lows to start the new week with it drifting back towards initial resistance. 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$1.4633 – 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$1.4435
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
