The move lower Wednesday was quickly reversed with the AUD/USD having found support ahead of the 55 & 21-DMA’s and the pair having bounced sharply above initial layers of resistance. Immediate focus has shifted back to the key $0.9405-61 resistance region. Initial support is now noted on the hourlies at $0.9367 but bears will now need to see a close below the 21-DMA to confirm a break lower with focus then shifting to the $0.9191-0.9233 region
RES 4: $0.9461 – 2014 high Apr 10
RES 3: $0.9436 – High June 12
RES 2: $0.9417 – High June 16
RES 1: $0.9405 – Hourly resistance June 16
LPRICE: $0.9397
SUP 1: $0.9367 – Hourly resistance June 17 now support
SUP 2: $0.9323 – 55-DMA
SUP 3: $0.9314 – 21-DMA
SUP 4: $0.9233 – Low June 3
Immediate focus has shifted higher for the NZD/USD following the sharp rally from ahead of the $0.8642 level Wednesday. Initial support is now noted on the hourlies at $0.8700 with bears needing a close below to ease the renewed bullish pressure shifting immediate focus back to the 55-DMA. The 2014 highs are just above with bulls now targeting fresh highs and a move towards the 21 week upper Bollinger band
RES 4: $0.8832 – 1.382 projection of $0.8516-0.8745
RES 3: $0.8825 – 21 week upper Bollinger band
RES 2: $0.8779 – 2014 High May 6
RES 1: $0.8743 – High May 7
LPRICE: $0.8724
SUP 1: $0.8700 – High June 12 & 16 now support
SUP 2: $0.8642 – Low June 17
SUP 3: $0.8604 – Hourly support June 12
SUP 4: $0.8597 – 55-DMA
Following on from Tuesday’s close below the 100-DMA (NZ$1.0794) the AUD/NZD consolidated below with the bounce so far remaining capped ahead of the 100-DMA. Bulls continue to look for a close above the 55-DMA to confirm a break of the 100-DMA and an easing of bearish pressure with immediate focus shifting to the NZ$1.0875-1.0901 region where the 21-DMA is located. Overall while the 55-DMA caps bears will initially target the NZ$1.0640-48 region.
RES 4: NZ$1.0901 – Hourly resistance June 12
RES 3: NZ$1.0875 – High June 13
RES 2: NZ$1.0844 – 55-DMA
RES 1: NZ$1.0809 – Low June 12 now resistance
LPRICE: NZ$1.0770
SUP 1: NZ$1.0732 – Low June 18
SUP 2: NZ$1.0648 – Monthly Low May 6
SUP 3: NZ$1.0640 – Low Mar 27
SUP 4: NZ$1.0536 – Monthly Low Mar 12
AUD/JPY found support at the 55-DMA on Tuesday before bouncing from ahead of this support on Wednesday with the bounce and close above Y95.54 having eased the bearish pressure a little. The Y96.24-51 region remains key with the 21 day upper Bollinger band seen coming in just above. Bears now need a close below Y95.54 to see the 21 & 55-DMA pressured with a close below the 21-DMA needed to end bullish hopes and target Y93.40-94
RES 4: Y96.51 – 2014 high Apr 4
RES 3: Y96.24 – High Apr 23
RES 2: Y95.78 – Hourly resistance June 16
RES 1: Y95.54 – Hourly resistance June 17
LPRICE: Y95.80
SUP 1: Y95.54 – Previous hourly resistance now support
SUP 2: Y95.21 – 55-DMA
SUP 3: Y95.07 – 21-DMA
SUP 4: Y94.26 – Hourly support May 29
After having corrected a little higher from last week’s fresh 2014 low the EUR/AUD has stalled and headed lower from ahead of initial resistance with the bearish close of some concern to bulls who had been initially targeting the 21-DMA and falling daily trend line. Bears now look for pressure to return to the recent 2014 lows with a break lower favoured while the 21-DMA & falling daily trend line continue to cap on rallies
RES 4: A$1.4871 – 200-DMA
RES 3: A$1.4725 – 55-DMA
RES 2: A$1.4608 – 21-DMA, Falling daily trend line
RES 1: A$1.4555 – Hourly resistance June 10
LPRICE: A$1.4447
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
