Continued hesitation ahead of the $0.8068 2010 low resulted in a break of the short term daily channel top Friday with initial resistance now noted in the $0.8132-75 region. Bulls continue to look for 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. The key concern for bears comes from the O/S daily studies looking to correct higher. Overall a close above $0.8301 is needed to end bearish hopes and target $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: $0.8132 – High Dec 26
LPRICE: $0.8117
SUP 1: $0.8068 – 2010 Low May 25 2010
SUP 2: $0.8009 – Bollinger band base
SUP 3: $0.7970 – Trend line projection
SUP 4: $0.7924 – Long term falling daily channel base
Bulls take a little comfort from Friday’s close marginally above the 21-DMA ($0.7758) with focus now having shifted to layers of resistance in the $0.7808-21 region where the 55-DMA and falling daily trend line are located. Bulls need a close above this region to end bearish hopes and shift overall focus to the $0.7980-0.8039 region. Bears now look for a close below $0.7737 to shift focus back to the $0.7609-79 region
RES 4: $0.7873 – High Dec 11
RES 3: $0.7859 – Bollinger band top
RES 2: $0.7821 – 55-DMA
RES 1: $0.7808 – High Dec 17, Falling daily trend line
LPRICE: $0.7764
SUP 1: $0.7737 – Hourly support Dec 26
SUP 2: $0.7679 – Low Dec 18
SUP 3: $0.7660 – Low Dec 10
SUP 4: $0.7609 – 2014 Low Dec 9
After having remained capped ahead of the NZ$1.0529 level 2014 lows were seen although the lack of follow through is a concern when combined with O/S daily studies looking to correct. In saying that, bulls now need a close above $1.0529 to ease bearish pressure and shift focus to the NZ$1.0609-1.0698 region where the falling daily trend line and 21-DMA (NZ$1.0642) are located. While NZ$1.0529 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$1.0464
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$1.0368 – Bollinger Band Base
SUP 4: NZ$1.0332 – 1.764 Fibonacci projection 1.1311-1.0756
A broad ¥97.00-98.02 range has defined the past couple of weeks with initial support now noted at the 100-DMA. Bulls continue to look for a close above the 55-DMA to shift immediate focus to the falling daily trend line off 2014 highs coming in around ¥99.10. While the 55-DMA caps a slight bearish bias remains with bears needing a close below the 100-DMA to provide breathing room and below ¥97.00 to shift immediate focus back to the 200-DMA.
RES 4: ¥98.80 – High Dec 11
RES 3: ¥98.51 – 21-DMA
RES 2: ¥98.21 – 55-DMA
RES 1: ¥98.02 – High Dec 15
LPRICE: ¥97.65
SUP 1: ¥97.40 – 100-DMA
SUP 2: ¥97.00 – Hourly support Dec 19
SUP 3: ¥96.73 – Alternating hourly support/resistance
SUP 4: ¥96.35 – 200-DMA
Recent sideways trading has resulted in a confirmation of the slight bearish bias with immediate focus having shifted to the 21-DMA. Bears look for a close below the A$1.4909 support to confirm breaks of the 21-DMA and 38.2% Fibo retracement and hint at a shift lower in focus that targets the layers of support in the A$1.4426-1.4633 region. The A$1.5123 resistance remains key with bulls needing a close above to end bearish hopes and shift overall focus back to 2014 highs
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$1.4971
SUP 1: A$1.4930 – 21-DMA
SUP 2: A$1.4914 – 38.2% Fibonacci retracement 1.4237-1.5333
SUP 3: A$1.4909 – Low Dec 11
SUP 4: A$1.4838 – Low Dec 9