Rallies stalled ahead of the $0.8393 resistance level last week with pressure firmly on the 2014 and 4 year lows seen Thursday. Bulls now need a close above $0.8299 to ease bearish pressure and shift immediate focus to the $0.8393-0.8489 region where the 21-DMA is located. While $0.8291 caps bears favour fresh 2014 lows with focus shifting to the $0.8068-84 region where 2014 lows are located. O/S studies remain the key concern for bears.
RES 4: $0.8469 – High Dec 3
RES 3: $0.8429 – High Dec 4
RES 2: $0.8393 – High Dec 5
RES 1: $0.8299 – High Dec 12
LPRICE: $0.8247
SUP 1: $0.8215 – 2014 Low Dec 11
SUP 2: $0.8084 – Monthly Low June 8 2010
SUP 3: $0.8068 – 2010 Low May 25 2010
SUP 4: $0.7962 – Low July 16 2009
With the spike above the 21 & 55-DMAs and falling daily trend line Thursday lacking follow through bears took comfort in the price action Friday combined with the relatively bearish close. Bulls need a close above $0.7869 to end bearish hopes and shift focus so the $0.7919-0.8039 region. Until a close above $0.7869 is seen, a bearish bias remains with bears targeting 2014 lows and then the $0.7373-0.7461 region
RES 4: $0.7980 – Monthly high Nov 11
RES 3: $0.7929 – High Nov 27
RES 2: $0.7919 – Falling daily trend line Sept-Dec
RES 1: $0.7869 – High Dec 11
LPRICE: $0.7767
SUP 1: $0.7729 – Hourly resistance Dec 10 now support
SUP 2: $0.7671 – Bollinger band base
SUP 3: $0.7660 – Low Dec 10
SUP 4: $0.7609 – 2014 Low Dec 9
After having found support at or ahead of the NZ$1.0756 level the break lower last week reconfirmed bearish pressure with the result being a test of July monthly lows. Initial resistance is now noted in the NZ$1.0627-98 region with bulls needing a close above NZ$1.0698 to shift focus back to the NZ$1.0756-1.0938 region where key DMAs are located. Key concerns for bears come from O/S daily studies and the
Bollinger band base (NZ$1.0592).
RES 4: NZ$1.0822 – High Dec 10
RES 3: NZ$1.0756 – Low Dec 4 now resistance
RES 2: NZ$1.0698 – High Dec 11
RES 1: NZ$1.0627 – High Dec 12
LPRICE: NZ$1.0602
SUP 1: NZ$1.0535 – Monthly Low Mar 13
SUP 2: NZ$1.0492 – 2014 Low Jan 24
SUP 3: NZ$1.0479 – 1.500 Fibonacci projection 1.1311-1.0756
SUP 4: NZ$1.0413 – 1.618 Fibonacci projection 1.1311-1.0756
Following last week’s sell-off the pair is finding support ahead of the 100-DMA. In addition to O/S daily studies and the Bollinger band base, the failure to close below the 55-DMA (Y97.84) and lack of follow through Thursday and Friday are seen as concerns for bears. In saying that, bulls now need a close above Y98.78 to ease bearish pressure and shift immediate focus to the Y99.56-100.20 region. While Y98.78 caps bears look for a close below the 100-DMA to shift immediate focus to the Y95.38-96.12 region where the 200-DMA is located.
RES 4: ¥100.20 – High Dec 9
RES 3: ¥99.86 – Hourly support Dec 9 now resistance
RES 2: ¥99.56 – Hourly resistance Dec 9
RES 1: ¥98.78 – High Dec 11
LPRICE: ¥97.77
SUP 1: ¥97.44 – Low Dec 11
SUP 2: ¥97.23 – 100-DMA
SUP 3: ¥96.12 – 200-DMA
SUP 4: ¥95.38 – Low Oct 30
The rally continues for the EUR/AUD with fresh 9 month highs seen Friday. The Bollinger band top (A$1.5127) continues to limit follow through and O/B daily studies are also seen as a concern for bulls. The A$1.4838-1.4968 support region is now key with bears needing a close below to confirm a break of the rising daily channel base and shift focus back to the A$1.4347-1.4569 region where key DMAs and the rising daily trend line off Sept lows is located.
RES 4: A$1.5268 – Rising daily channel top
RES 3: A$1.5258 – High Mar 21
RES 2: A$1.5201 – Low Mar 7 now resistance
RES 1: A$1.5146 – High Dec 12
LPRICE: A$1.5141
SUP 1: A$1.4968 – Low Dec 12
SUP 2: A$1.4909 – Low Dec 11
SUP 3: A$1.4895 – Rising daily channel base
SUP 4: A$1.4838 – Low Dec 9