Recent hesitation ahead of the 2010 low resulted in a bounce to start the new week with the failure ahead of the $0.8175 level confirming its significance as resistance. 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: $0.8240 – 21-DMA
RES 2: $0.8235 – High Dec 17
RES 1: $0.8175 – High Dec 22
LPRICE: $0.8124
SUP 1: $0.8068 – 2010 Low May 25 2010
SUP 2: $0.8007 – Bollinger band base
SUP 3: $0.7951 – Trend line projection
SUP 4: $0.7912 – Long term falling daily channel base
The recovery from ahead of the $0.7679 support remained capped by the $0.7805 Dec 17 high and falling daily trend line ($0.7800) to start the new week with the 55-DMA just above. Bulls need a close above the 55-DMA to end bearish hopes and shift overall focus to the $0.7980-0.8039 region. Bears now need a close below $0.7763 to shift focus back to the $0.7609-79 region.
RES 4: $0.7873 – High Dec 11
RES 3: $0.7855 – Bollinger band top
RES 2: $0.7818 – 55-DMA
RES 1: $0.7805 – High Dec 17
LPRICE: $0.7785
SUP 1: $0.7763 – Hourly resistance Dec 29 now support
SUP 2: $0.7737 – Hourly support Dec 26
SUP 3: $0.7679 – Low Dec 18
SUP 4: $0.7660 – Low Dec 10
Pressure has returned to the 2014 low to start the new week with bears remaining firmly focused on a break lower that targets the Fibonacci projections and the Bollinger band base. Layers of resistance continue to accumulate with bulls needing 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.
The key concern for bears comes from O/S daily studies
RES 4: NZ$1.0600 – High Dec 16
RES 3: NZ$1.0561 – High Dec 22
RES 2: NZ$1.0529 – High Dec 23
RES 1: NZ$1.0480 – High Dec 29
LPRICE: NZ$1.0440
SUP 1: NZ$1.0436 – 2014 Low Dec 25
SUP 2: NZ$1.0413 – 1.618 Fibonacci projection 1.1311-1.0756
SUP 3: NZ$1.0352 – Bollinger Band Base
SUP 4: NZ$1.0332 – 1.764 Fibonacci projection 1.1311-1.0756
The rally to start the new week has so far remained capped at the 55-DMA with the 21-DMA and falling daily trend line noted just above. Bulls now look for a close above the falling daily trend line to end bearish hopes and to shift immediate focus to the ¥99.49-87 region. The 100-DMA continues to support with bears needing a close below to provide breathing room and below ¥97.00 to shift immediate focus to the 200-DMA
RES 4: ¥98.95 – Falling daily trend line
RES 3: ¥98.80 – High Dec 11
RES 2: ¥98.39 – 21-DMA
RES 1: ¥98.28 – 55-DMA
LPRICE: ¥98.07
SUP 1: ¥97.44 – 100-DMA
SUP 2: ¥97.00 – Hourly support Dec 19
SUP 3: ¥96.73 – Alternating hourly support/resistance
SUP 4: ¥96.37 – 200-DMA
Recent sideways trading has resulted in a confirmation of the slight bearish bias with EUR/AUD dipping below 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$1.5333 – High Dec 17
RES 3: A$1.5208 – High Dec 18
RES 2: A$1.5123 – Low Dec 17 now resistance
RES 1: A$1.5018 – High Dec 29
LPRICE: A$1.4951
SUP 1: A$1.4914 – 38.2% Fibonacci retracement 1.4237-1.5333
SUP 2: A$1.4909 – Low Dec 11
SUP 3: A$1.4838 – Low Dec 9
SUP 4: A$1.4785 – 50.0% Fibonacci retracement 1.4237-1.5333