Fresh 2015 and 5+ year lows for the AUD/USD to start the new week see bears firmly focused on the falling daily channel base. The key concern for bears comes from the Bollinger band base which is likely to limit follow through. Bulls continue to look for a close above $0.8055 to confirm an easing of bearish pressure and to shift focus back to the layers of resistance in the $0.8121-0.8301 region where 21 & 55-DMAs and the falling daily channel top are located.
RES 4: $0.8204 – Falling daily channel top
RES 3: $0.8121 – 21-DMA
RES 2: $0.8055 – High Jan 23
RES 1: $0.7955 – Hourly resistance Jan 23
LPRICE: $0.7925
SUP 1: $0.7858 – 2015 Low Jan 26
SUP 2: $0.7809 – Weekly Bollinger band base
SUP 3: $0.7774 – Falling daily channel base
SUP 4: $0.7705 – Low May 26 2009
Fresh 2015 and nearly 3+ year lows continued Monday following the dramatic correction lower from the 100-DMA failure in recent weeks. Layers of resistance continue to accumulate with bulls needing a close above $0.7528 to ease bearish pressure and above $0.7618 to shift focus to the $0.7713-0.7892 region where 21, 55 and 100-DMAs are located. Immediate bearish focus remains on the $0.7126-0.7373 region.
RES 4: $0.7618 – Low Jan 20 now resistance
RES 3: $0.7584 – High Jan 22
RES 2: $0.7528 – Hourly resistance Jan 23
RES 1: $0.7471 – High Jan 26
LPRICE: $0.7415
SUP 1: $0.7373 – Monthly Low Nov 25 2011
SUP 2: $0.7126 – 2011 Low Mar 17 2011
SUP 3: $0.6951 – Monthly Low Aug 25 2010
SUP 4: $0.6797 – Monthly Low July 1 2010
The pullback from recent 2015 highs saw the AUD/NZD dip below the rising daily trend line before finding support Monday and bouncing back above the 55-DMA (NZ$1.0680). Bulls now need a close above the NZ$1.0758 2015 high to reconfirm focus on the NZ$1.0870-1.0938 region where 100 & 200-DMAs are located. O/B daily studies and the Bollinger band top remain key concerns. Bears continue to look for a close below the 21-DMA to ease bullish pressure and below NZ$1.0460 to target 2015 lows.
RES 4: NZ$1.0867 – High Dec 8
RES 3: NZ$1.0831 – 50.0% Fibonacci retracement 1.1308-1.0354
RES 2: NZ$1.0758 – High Jan 22
RES 1: NZ$1.0724 – Bollinger band top
LPRICE: NZ$1.0677
SUP 1: NZ$1.0640 – Alternating hourly support/resistance
SUP 2: NZ$1.0564 – Low Jan 26
SUP 3: NZ$1.0533 – Low Jan 20
SUP 4: NZ$1.0528 – 21-DMA
The sell-off initially continued to start the new week with fresh 2015 and 3 month lows before the AUD/JPY bounced from ahead of the ¥91.15-76 support region where the channel base is located. Layers of resistance continue to accumulate with bulls needing a close above ¥94.83 to ease bearish pressure and shift focus back to the ¥95.85-97.66 region where the channel top and key DMAs are located. Daily studies have room to move before becoming O/S.
RES 4: ¥95.85 – High Jan 22
RES 3: ¥94.83 – Hourly support Jan 23 now resistance
RES 2: ¥94.26 – Low Jan 14 now resistance
RES 1: ¥93.97 – Hourly support Jan 26
LPRICE: ¥93.78
SUP 1: ¥93.28 – Hourly support Jan 26
SUP 2: ¥92.17 – Low Jan 26
SUP 3: ¥91.76 – Monthly Low Oct 16
SUP 4: ¥91.53 – Falling daily channel base
Volatile trading continued for the EUR/AUD Monday with fresh 2015 and 4 month lows to start the week before bouncing back towards the channel top. Bulls now need a close above the channel top to confirm an easing of bearish pressure with focus then shifting to the A$1.4409-1.4646 region where key DMAs are located. A close above this region is needed to end bearish hopes and shift overall focus back to the Dec monthly high.
RES 4: A$1.4409 – High Jan 22
RES 3: A$1.4323 – Falling daily channel top
RES 2: A$1.4271 – Hourly support Jan 22 now resistance
RES 1: A$1.4260 – High Jan 26
LPRICE: A$1.4227
SUP 1: A$1.3965 – 2015 Low Jan 26
SUP 2: A$1.3977 – Bollinger band base
SUP 3: A$1.3929 – Weekly Bollinger band base
SUP 4: A$1.3801 – 2014 Low Sept 5