Aussie Currencies Technicals

Bears take comfort in the pullback from ahead of 2014 highs and relatively bearish close with immediate focus now on the $0.9322-45 region. A close below $0.9322 confirms a break of the 21 & 55-DMA’s and shifts focus lower to the $0.9198-0.9233 where 100 & 200-DMA’s are located. Bulls now need to see a close above the $0.9431 high from Tuesday to ease the bearish pressure that has developed while fresh 2014 highs remain needed to kick start bullish momentum.

RES 4: $0.9549 – High Nov 6

RES 3: $0.9461 – 2014 high Apr 10

RES 2: $0.9431 – High June 24

RES 1: $0.9394 – Hourly resistance June 24

LPRICE: $0.9370

SUP 1: $0.9367 – Hourly resistance June 17 now support

SUP 2: $0.9345 – 21-DMA

SUP 3: $0.9322 – Low June 18

SUP 4: $0.9233 – Low June 3

Fresh highs for the month Monday lacked follow through with divergence noted on the daily charts and has been followed up with lower levels and a bearish close Tuesday, breaking the rising daily channel base. The $0.8642 low from last week remains 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.

AUD/NZD managed a close above the 100-DMA on Monday with the pair finding support marginally below the 100-DMA on Tuesday. Daily studies are slowly correcting from O/S and supportive of higher levels. Overall bulls still need to see a close above the 55-DMA to confirm an easing of bearish pressure and see immediate focus shift to the 21 and then 200-DMA’s. Bears look for a close below NZ$1.0762 to reconfirm bearish focus.

Immediate focus has shifted to the 21 & 55-DMA’s following the move lower on Tuesday that has eased bullish pressure and comes on the back of Monday’s failed move higher. Bears look for a close below the 55-DMA to add further weight to the bearish case and see overall focus shit to the Y93.47-94.18 region where the 100 & 200-DMA’s are located. Bulls need a close above Tuesday’s high to return focus to the Y96.32-51 region.

Following on from Monday’s bounce ahead of the 2014 low the EUR/AUD continued with the rally on Tuesday and is currently just below the key falling daily trend line and 21-DMA resistance levels. The bullish close increases the likelihood of a retest of the key resistance region with bulls looking for a close above to confirm an easing of bearish pressure and see initial focus shift to the 55-DMA and overall focus to the 200-DMA.