Bears continue to dominate with the AUD/USD trading at the lowest level since Feb 4 and remaining heavy. Layers of resistance continue to accumulate with bulls now needing a close above $0.8953 to confirm an easing of bearish pressure while a close above the 21-DMA is now needed to shift overall focus higher. Bears remain firmly focused on the 2014 low with the key concern seen coming from O/S daily studies, but while $0.8953 caps bears dominate
RES 4: $0.8953 – High Sept 22
RES 3: $0.8927 – High Sept 23
RES 2: $0.8897 – High Sept 24
RES 1: $0.8831 – Low Sept 23 now resistance
LPRICE: $0.8799
SUP 1: $0.8774 – Low Sept 25
SUP 2: $0.8735 – Bollinger band base
SUP 3: $0.8694 – Low Jan 31
SUP 4: $0.8660 – 2014 Low Jan 24
The largest one day sell-off in 2014 occurred in the NZD/USD Thursday with immediate focus having shifted to the $0.7855 low from Sept 5 2013 and overall focus to the $0.7682 2013 low. Initial resistance is now noted at $0.7968 with bulls now needing a close above $0.8098 to confirm an easing of bearish pressure and a close above $0.8232 to shift overall focus higher. The key concern for bears comes from the close below the Bollinger band base
RES 4: $0.8198 – Hourly resistance Sept 17
RES 3: $0.8098 – Previous hourly support now resistance
RES 2: $0.8041 – Low Sept 23 now resistance
RES 1: $0.7968 – Hourly resistance Sept 25
LPRICE: $0.7925
SUP 1: $0.7855 – Low Sept 5 2013
SUP 2: $0.7713 – Monthly Low Aug 30 2013
SUP 3: $0.7682 – 2013 Low June 24 2013
SUP 4: $0.7617 – Low June 8 2012
The close above the previous NZ$1.1026 resistance level has confirmed an easing of bearish pressure with immediate focus now having shifted to the 21-DMA. Bulls look for a close above the 21-DMA to end bearish hopes and see immediate focus shift to the NZ$1.1227-97 region. Initial support is noted on the hourlies at NZ$1.1063 but bears now need a close below Thursday’s low to reconfirm bearish pressure.
RES 4: NZ$1.1297 – 2014 High Sept 5
RES 3: NZ$1.1291 – Bollinger band top
RES 2: NZ$1.1227 – High Sept 11
RES 1: NZ$1.1108 – 21-DMA
LPRICE: NZ$1.1087
SUP 1: NZ$1.1063 – Hourly support Sept 25
SUP 2: NZ$1.0980 – Low Sept 25
SUP 3: NZ$1.0926 – 100-DMA
SUP 4: NZ$1.0841 – 200-DMA
After recently remaining capped ahead of the Y96.98 level Thursday’s sell-off has seen the pair close below both 55 & 100-DMAs with immediate focus having shifted to the 200-DMA at Y94.51. Bulls now need a close above Y96.08 to ease bearish pressure a little whereas a close above Y96.98 is needed to shift focus back to 2014 highs. Key concerns for bears are seen coming from O/S studies and the Bollinger band base (Y95.91).
RES 4: Y98.00 – Alternating hourly support/resistance
RES 3: Y98.40 – 21-DMA
RES 2: Y96.98 – High Sept 23
RES 1: Y96.08 – Low Sept 24 now resistance
LPRICE: Y95.50
SUP 1: Y95.03 – Low Aug 15, Ichimoku cloud top
SUP 2: Y94.51 – 200-DMA
SUP 3: Y93.93 – Monthly low Aug 8
SUP 4: Y93.70 – Low May 29
Choppy trading continues for the pair with a bounce from Wednesday’s lows back towards fresh 2 month highs set on Tuesday. Bears now need a close below A$1.4379 to confirm an easing of bullish pressure with bulls initially focused on the A$1.4604 July monthly high and then the 200-DMA (A$1.4794). Key concerns for bulls are seen coming from O/B daily studies and the proximity of the Bollinger band top (A$1.4621).
RES 4: A$1.4756 – Monthly High June 2
RES 3: A$1.4621 – Bollinger band top
RES 2: A$1.4604 – Monthly High July 3
RES 1: A$1.4557 – High Sept 23
LPRICE: A$1.4505
SUP 1: A$1.4379 – Low Sept 24
SUP 2: A$1.4294 – 55-DMA
SUP 3: A$1.4218 – High Sept 11 now support
SUP 4: A$1.4204 – 21-DMA
