Wednesday’s rally and bullish close ends bearish hopes and sees immediate focus shift to the 2014 high at $0.9505 with a break above initially targeting $0.9543 Nov 2013 monthly highs. Initial support is now noted on the hourlies at $0.9426 with bears needing a close below to ease bullish pressure a little. Overall bears need to see a close below the 21-DMA to shift focus back to layers of support in the $0.9322-56 region.
RES 4: $0.9543 – Monthly high Nov 6 2013
RES 3: $0.9505 – 2014 high July 1
RES 2: $0.9471 – Bollinger band top
RES 1: $0.9468 – Hourly resistance July 2
LPRICE: $0.9434
SUP 1: $0.9426 – Hourly support July 23
SUP 2: $0.9400 – 21-DMA
SUP 3: $0.9359 – 55-DMA
SUP 4: $0.9348 – Rising daily trend line
NZD/USD has reversed sharply lower with it having broken back below the 55 & 100-DMAs and focus having shifted to the $0.8560-93 region where the long term daily channel base and key 61.8% Fibonacci support are located. Initial resistance is now noted at the 55-DMA with bulls needing a close above to ease the current bearish pressure
RES 4: $0.8771 – Hourly resistance July 15
RES 3: $0.8730 – Hourly resistance July 16
RES 2: $0.8719 – High July 21
RES 1: $0.8652 – 55-DMA
LPRICE: $0.8615
SUP 1: $0.8593 – High May 21 now support
SUP 2: $0.8573 – 61.8% Fibonacci 0.8413-0.8835
SUP 3: $0.8560 – Rising daily channel base Feb/June lows
SUP 4: $0.8481 – Low June 9
Following the brief dip below the 100-DMA (NZ$1.0780) on Monday AUD/NZD is trading above the the 200-DMA with immediate focus having shifted to the NZ$1.0987-1.1035 region. Initial support is now noted at the 200-DMA with bears needing a close below to ease the bullish pressure a little. Overall a close below the NZ$1.0823 support is needed to signal a false move higher and shift the focus back to the 21 & 100-DMAs.
RES 4: NZ$1.1070 – High Dec 6 2013
RES 3: NZ$1.1035 – 2014 high June 4
RES 2: NZ$1.1023 – 55-WMA
RES 1: NZ$1.0987 – Weekly Bollinger band top
LPRICE: NZ$1.0960
SUP 1: NZ$1.0880 – 200-DMA
SUP 2: NZ$1.0861 – Hourly support July 23
SUP 3: NZ$1.0823 – Low July 23
SUP 4: NZ$1.0774 – Low July 21
After having found support ahead of the 100-DMA to start the week bulls have confirmed their dominance with a rally Wednesday and relatively bullish close that sees focus return to the 2014 high. Initial support is now noted at Y95.59 with bears needing a close below to ease the current bullish pressure and shift immediate focus back to the Y94.96 support where 100-DMA and 21-WMAs are located.
RES 4: Y97.12 – Weekly Bollinger band top
RES 3: Y96.51 – 2014 high July 1
RES 2: Y96.27 – Bollinger band top
RES 1: Y96.18 – Hourly resistance July 2
LPRICE: Y95.95
SUP 1: Y95.59 – Hourly support July 23
SUP 2: Y94.96 – 100-DMA, 21-WMA
SUP 3: Y94.59 – Ichimoku cloud base
SUP 4: Y94.26 – Low June 2
Fresh 2014 and 8 month lows continue for EUR/AUD with bears firmly focused on the A$1.4051-1.4140 support region. Daily studies are approaching O/S levels but the current bearish pressure is too strong to argue with. Initial resistance is noted in the A$1.4312-57 region with bulls needing a close above A$1.4357 to ease bearish pressure. Overall a close above the A$1.4447 resistance level is needed to end bearish hopes and target A$1.4602
RES 4: A$1.4447 – High July 22
RES 3: A$1.4385 – Previous hourly support now resistance
RES 2: A$1.4357 – High July 23
RES 1: A$1.4312 – Low July 22 now resistance
LPRICE: A$1.4231
SUP 1: A$1.4140 – Weekly Bollinger band base
SUP 2: A$1.4051 – Monthly Low Nov 7 2013
SUP 3: A$1.3864 – Monthly Low July 10 2013
SUP 4: A$1.3812 – Low June 14 2013
