The bounce from recent 2015 and 5+ year lows has so far failed to trouble the $0.8055 resistance level. Bulls continue to look for a close above this level to confirm an easing of bearish pressure and to shift focus back to the layers of resistance in the $0.8111-0.8301 region where 21 & 55-DMAs and the falling daily channel top are located. While $0.8055 caps bears remain firmly focused on the channel base with the Bollinger band base ($0.7916) their key concern.
RES 4: $0.8192 – Falling daily channel top
RES 3: $0.8111 – 21-DMA
RES 2: $0.8055 – High Jan 23
RES 1: $0.7975 – High Jan 27
LPRICE: $0.7965
SUP 1: $0.7858 – 2015 Low Jan 26
SUP 2: $0.7811 – Weekly Bollinger band base
SUP 3: $0.7762 – Falling daily channel base
SUP 4: $0.7705 – Low May 26 2009
The sequence of lower daily highs that resulted in 2015 and nearly 3+ year lows came to an end Tuesday with an inside day as the pair hesitates ahead of the Nov 2011 monthly low with an inside day. Bulls need a close above $0.7528 to ease bearish pressure and above $0.7618 to shift focus to the $0.7698-0.7892 region where 21, 55 and 100-DMAs are located. While $0.7528 caps bears favour a break of the $0.7373 level.
RES 4: $0.7698 – 21-DMA
RES 3: $0.7618 – Low Jan 20 now resistance
RES 2: $0.7584 – High Jan 22
RES 1: $0.7528 – Hourly resistance Jan 23
PRICE: $0.7470
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 failure to better the Nz$1.0709 level on the bounce from NZ$1.0564 is a concern for bulls when combined with O/B studies looking to correct and sees the focus shifting to the key NZ$1.0537-64 support region. Bears look for a close below the 21-DMA to end bullish hopes and shift focus lower with a close below NZ$1.0462 then needed to confirm focus on 2015 lows. Bulls need a close above NZ$1.0709 to reconfirm bullish focus and above NZ$1.0758 to target NZ$1.0870-1.0938.
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$1.0709 – High Jan 26
LPRICE: NZ$1.0650
SUP 1: NZ$1.0564 – Low Jan 26
SUP 2: NZ$1.0537 – 21-DMA
SUP 3: NZ$1.0533 – Low Jan 20
SUP 4: NZ$1.0462 – Low Jan 14
The sell-off initially continued to start the new week with fresh 2015 and 3 month lows before the pair bounced from ahead of the ¥91.15-76 support region where the channel base is located. Layers of resistance remain 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: ¥94.11 – High Jan 27
LPRICE: ¥93.57
SUP 1: ¥93.19 – Low Jan 27
SUP 2: ¥92.17 – Low Jan 26
SUP 3: ¥91.76 – Monthly Low Oct 16
SUP 4: ¥91.40 – Falling daily channel base