AUD/USD continues to work its way closer to the 2014 low with fresh 8 month lows Monday providing bears with comfort. Layers of resistance accumulate with bulls now needing a close above $0.8831 to confirm an easing of bearish pressure while a close above $0.8951 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 $0.8831 caps bears dominate.
RES 4: $0.8927 – High Sept 23
RES 3: $0.8897 – High Sept 24
RES 2: $0.8831 – Low Sept 23 now resistance
RES 1: $0.8748 – High Sept 29
LPRICE: $0.8717
SUP 1: $0.8683 – Low Sept 29
SUP 2: $0.8660 – 2014 Low Jan 24
SUP 3: $0.8317 – Monthly Low July 1 2010
SUP 4: $0.8084 – Low June 8 2010
Fresh 2014 and 12 month lows continue for the NZD/USD despite O/S daily studies and the pair trading below both the daily and weekly Bollinger band bases. Bears now shift their overall focus to the $0.7370 monthly low from Nov 2011. Bears now look for a close below $0.7713 to add weight to the bearish case whereas bulls need a close above $0.7968 to confirm an easing of bearish pressure and above the 21-DMA ($0.8157) to shift focus higher.
RES 4: $0.8098 – Previous hourly support now resistance
RES 3: $0.8041 – Low Sept 23 now resistance
RES 2: $0.7968 – Hourly resistance Sept 25
RES 1: $0.7846 – Previous hourly support now resistance
LPRICE: $0.7765
SUP 1: $0.7713 – Monthly Low Aug 30 2013
SUP 2: $0.7682 – 2013 Low June 24 2013
SUP 3: $0.7617 – Low June 8 2012
SUP 4: $0.7501 – Low June 4 2012
The rally from the 100-DMA continued Monday with a move higher that fell just short of 2014 highs. Bulls clearly dominate with immediate focus now having shifted to the NZ$1.1386 high from Nov 8 2013. Initial support is now noted on the hourlies at NZ$1.1202 with bears needing a close below to ease bullish pressure and below the 21-DMA to shift overall focus lower with the 200-DMA (NZ$1.0846) then targeted.
RES 4: NZ$1.1386 – High Nov 8 2013
RES 3: NZ$1.1313 – High Nov 20 2013
RES 2: NZ$1.1297 – 2014 High Sept 5, Bollinger band top
RES 1: NZ$1.1286 – High Sept 29
LPRICE: NZ$1.1228
SUP 1: NZ$1.1202 – Hourly support Sept 29
SUP 2: NZ$1.1110 – 21-DMA
SUP 3: NZ$1.1063 – Hourly support Sept 25
SUP 4: NZ$1.0980 – Low Sept 25
After recently remaining capped ahead of the Y96.98 level Thursday’s sell-off saw the AUD/JPY close below both 55 & 100-DMAs with immediate focus having shifted to the 200-DMA at Y94.53. 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 (Y95.47).
RES 4: Y98.00 – Alternating hourly support/resistance
RES 3: Y97.20 – 21-DMA
RES 2: Y96.98 – High Sept 23
RES 1: Y96.08 – Low Sept 24 now resistance
LPRICE: Y95.45
SUP 1: Y95.03 – Low Aug 15, Ichimoku cloud top
SUP 2: Y94.53 – 200-DMA
SUP 3: Y93.93 – Monthly low Aug 8
SUP 4: Y93.70 – Low May 29
Choppy trading continues for the EUR/AUD with fresh 2 month highs continuing to start the new week. Bears 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$1.4786). Key concerns for bulls are seen coming from O/B daily studies but overall bears need a close below the 21-DMA to target 2014 lows once more.
RES 4: A$1.4786 – 200-DMA
RES 3: A$1.4756 – Monthly High June 2
RES 2: A$1.4651 – Bollinger band top
RES 1: A$1.4604 – Monthly High July 3
LPRICE: A$1.4544
SUP 1: A$1.4455 – Low Sept 25
SUP 2: A$1.4379 – Low Sept 24
SUP 3: A$1.4295 – 55-DMA
SUP 4: A$1.4246 – 21-DMA
