Immediate pressure remains on the $0.8068 2010 low with bears favouring a break lower that initially targets the falling daily channel bases in the $0.7924-34 region. Layers of resistance continue to accumulate with bulls now needing a close above $0.8175 to confirm an easing of bearish pressure and to shift immediate focus to the $0.8235-0.8299 region where the 21-DMA is located. Overall a close above $0.8301 is needed to end bearish hopes and $0.8465-0.8618.
RES 4: $0.8299 – High Dec 12
RES 3: $0.8235 – High Dec 17
RES 2: $0.8175 – High Dec 22
RES 1: $0.8128 – Short term falling daily channel top
LPRICE: $0.8118
SUP 1: $0.8068 – 2010 Low May 25 2010
SUP 2: $0.8028 – Bollinger band base
SUP 3: $0.7934 – Long term falling daily channel base
SUP 4: $0.7924 – Short term falling daily channel base
Bears remain focused on the $0.7609 2014 low following repeated recent failures ahead of the $0.7808 resistance with the Bollinger band base ($0.7649) seen as the key concern. Bulls now need a close above the 21-DMA to ease bearish pressure whereas a close above the $0.7808-21 resistance region is needed to end bearish hopes and initially target the $0.7873-0.7980 region.
RES 4: $0.7812 – Falling daily trend line Nov-Dec
RES 3: $0.7808 – High Dec 17
RES 2: $0.7762 – 21-DMA
RES 1: $0.7743 – Alternating hourly support/resistance
LPRICE: $0.7725
SUP 1: $0.7679 – Low Dec 18
SUP 2: $0.7660 – Low Dec 10
SUP 3: $0.7609 – 2014 Low Dec 9
SUP 4: $0.7461 – 2012 Low May 23 2012
After having remained capped ahead of the NZ$1.0529 level the past few days fresh 2014 lows were seen Thursday although the lack of follow through is a concern when combined with O/S daily studies looking to correct. In saying that, bulls need a close above $1.0561 to ease bearish pressure and shift focus to the NZ$1.0649-1.0758 region where the falling daily trend line and 21-DMA (NZ$1.0662) are located. While
NZ$1.0561 caps bears remain focused on Fibonacci projections
RES 4: NZ$1.0649 – High Dec 15
RES 3: NZ$1.0600 – High Dec 16
RES 2: NZ$1.0561 – High Dec 22
RES 1: NZ$1.0529 – High Dec 23
LPRICE: NZ$1.0507
SUP 1: NZ$1.0449 – 2014 Low Dec 25
SUP 2: NZ$1.0413 – 1.618 Fibonacci projection 1.1311-1.0756
SUP 3: NZ$1.0387 – Bollinger Band Base
SUP 4: NZ$1.0332 – 1.764 Fibonacci projection 1.1311-1.0756
As daily studies slowly correct from O/S levels the aussie-yen continues to trade sideways within a ¥97.00-98.02 range. Bulls now need a close above the 55-DMA to confirm an easing of bearish pressure and shift focus back to the ¥99.49-87 region. Initial support remains ¥96.73-00 with bears needing a close below to reconfirm bearish focus and target Oct monthly lows with a close below the 200-DMA needed to add weight to the bearish case
RES 4: ¥98.80 – High Dec 11
RES 3: ¥98.65 – 21-DMA
RES 2: ¥98.13 – 55-DMA
RES 1: ¥98.02 – High Dec 15
LPRICE: ¥97.50
SUP 1: ¥97.00 – Hourly support Dec 19
SUP 2: ¥96.73 – Alternating hourly support/resistance
SUP 3: ¥96.32 – 200-DMA
SUP 4: ¥95.23 – Low Dec 16
Sideways trading within a A$1.4968-1.5123 range continues with a slight bearish bias remaining while A$1.5123 caps. Bulls need a close above A$1.5123 to end bearish hopes of a break lower and to shift focus back to the A$1.5208-1.5333 region. While A$1.5123 caps bears favour a break lower targeting the A$1.4418-1.4625 region where key DMAs and the rising daily trend line are located.
RES 4: A$1.5371 – High Mar 18
RES 3: A$1.5333 – High Dec 17
RES 2: A$1.5208 – High Dec 18
RES 1: A$1.5123 – Low Dec 17 now resistance
LPRICE: A$1.5050
SUP 1: A$1.4968 – Low Dec 12
SUP 2: A$1.4930 – 21-DMA
SUP 3: A$1.4914 – 38.2% Fibonacci retracement 1.4237-1.5333
SUP 4: A$1.4909 – Low Dec 11