AUD/USD continued to struggle last week on the approach to the $0.9436-61 resistance region and combined with daily studies that are correcting from O/B levels is hinting at a correction lower. Initial support is noted at $0.9367 with a close below needed to confirm an easing of bullish pressure whereas a close below the $0.9330 is needed to shift immediate focus to the $0.9197-0.9233 region where key moving averages are located
RES 4: $0.9549 – High Nov 6
RES 3: $0.9461 – 2014 high Apr 10
RES 2: $0.9436 – High June 12
RES 1: $0.9391 – Hourly resistance June 20
LPRICE: $0.9385
SUP 1: $0.9367 – Hourly resistance June 17 now support
SUP 2: $0.9330 – 21-DMA
SUP 3: $0.9233 – Low June 3
SUP 4: $0.9203 – 100-DMA
Bears take some comfort in the double daily top around the $0.8735 level and the failure ahead of the 2014 highs combined with daily studies that are looking to correct from O/B. The $0.8642 low from last week is now key support with bears needing a close below to confirm an easing of bullish pressure with immediate focus then shifting to the 55-DMA and overall focus to the $0.8413-81 region.
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: $0.8735 – High June 18 & 19
LPRICE: $0.8701
SUP 1: $0.8642 – Low June 17
SUP 2: $0.8604 – Hourly support June 12, 55-DMA
SUP 3: $0.8564 – 21-DMA
SUP 4: $0.8526 – 100-DMA
AUD/NZD managed spikes above the 100-DMA Thurs & Fri before stalling around the NZ$1.0810 level that was previously noted as support. 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 continues to cap 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$1.0810 – High June 19
LPRICE: NZ$1.0765
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
The 21 & 55-DMA’s remain key support for the AUD/JPY this week with bears needing a close below to confirm an easing of bullish pressure and see immediate focus shift to the Y94.26 June 2 low. Initial support is noted on the hourlies at Y95.67 to start the new week with a close below seeing immediate focus shift to the key moving averages. The Y96.24-51 region remains key resistance with bulls needing a close above to kick start bullish momentum.
RES 4: Y96.51 – 2014 high Apr 4
RES 3: Y96.24 – High Apr 23
RES 2: Y95.97 – High June 19
RES 1: Y95.73 – Low June 19 now resistance
LPRICE: Y95.65
SUP 1: Y95.54 – Previous hourly resistance now support
SUP 2: Y95.26 – 21-DMA
SUP 3: Y95.21 – 55-DMA
SUP 4: Y94.26 – Low June 2
The rally from the 2014 lows seems to be running out of steam ahead of the A$1.4555-82 resistance region. The A$1.4582 level is key today with bulls needing a close above to confirm a break of the falling daily trend line, 21-DMA and an easing of bearish pressure with overall focus then shifting back to the A$1.4870-1.4938 region where the 200 & 100-DMAs are located. While initial resistance caps bears look for fresh 2014 lows with overall focus on A$1.4051.
RES 4: A$1.4872 – 200-DMA
RES 3: A$1.4714 – 55-DMA
RES 2: A$1.4582 – 21-DMA, Falling daily trend line
RES 1: A$1.4555 – Hourly resistance June 10
LPRICE: A$1.4488
SUP 1: A$1.4442 – Low June 19
SUP 2: A$1.4359 – 2014 Low June 12
SUP 3: A$1.4318 – Low Nov 20 2013
SUP 4: A$1.4144 – Low Nov 8 2013
