Attempts to head higher last week lacked follow through with bulls now needing a close above $0.7909 to confirm an easing of bearish pressure. This then shifts focus to layers of resistance $0.7986-0.8153 where key DMAs and the channel top are located. Bears will look for a close below $0.7710 to reconfirm the bearish bias and overall focus on the falling weekly channel base
RES 4: $0.8055 – High Jan 23
RES 3: $0.7986 – 21-DMA
RES 2: $0.7909 – High Jan 29
RES 1: $0.7878 – High Feb 6
LPRICE: $0.7767
SUP 1: $0.7710 – Hourly resistance Feb 3 now support
SUP 2: $0.7626 – 2015 Low Feb 3
SUP 3: $0.7575 – Falling weekly channel base
SUP 4: $0.7452 – Low May 18 2009
Bears are taking comfort in the topside failure at the 38.2% Fibonacci retracement level although correcting O/S studies remain their key concern and may see pressure remain on initial resistance. Layers of resistance remain $0.7450-0.7608 with bulls needing a close above $0.7450 to shift focus to the $0.7529- 0.7608 region where the 21-DMA is located. While $0.7450 caps bears target the weekly channel base ($0.7026).
RES 4: $0.7534 – 50.0% Fibonacci retracement $0.7892-0.7176
RES 3: $0.7529 – 21-DMA
RES 2: $0.7494 – High Jan 28
RES 1: $0.7450 – 38.2% Fibonacci retracement $0.7892-0.7176
LPRICE: $0.7340
SUP 1: $0.7253 – Alternating hourly support/resistance
SUP 2: $0.7176 – 2015 Low Feb 3
SUP 3: $0.7129 – Bollinger band base
SUP 4: $0.7126 – 2011 Low Mar 17 2011
The recovery from recent lows Thursday continued to end the week with the 55-DMA seen capping. Bulls now look for a close above the 55-DMA to confirm an end to bearish hopes and shift focus back to the NZ$1.0795-1.0938 region where 100 & 200-DMAs are located. The NZ$1.0435-1.0512 region remains key support this week with bears needing a close below to confirm current bearish focus on 2015 lows.
RES 4: NZ$1.0795 – 2015 High Jan 29
RES 3: NZ$1.0739 – Alternating hourly support/resistance
RES 2: NZ$1.0654 – Hourly resistance Feb 3
RES 1: NZ$1.0617 – 55-DMA
LPRICE: NZ$1.0571
SUP 1: NZ$1.0512 – Low Feb 4
SUP 2: NZ$1.0462 – Low Jan 14
SUP 3: NZ$1.0440 – Bollinger band base
SUP 4: NZ$1.0435 – High Jan 7 now support
Friday’s rally eased bearish pressure and shifts immediate focus to initial resistance at ¥93.27. Layers of resistance remain above this level in the ¥94.09-96.79 region where key DMAs, Fibo retracements and the falling daily channel top are located. Bears will need to see a close below ¥90.72 this week to confirm the bearish bias and see bears focused on the 2014 low
RES 4: ¥94.83 – Hourly support Jan 23 now resistance
RES 3: ¥94.53 – 38.2% Fibonacci retracement 102.87-89.37
RES 2: ¥94.09 – 21-DMA
RES 1: ¥93.27 – High Jan 29
LPRICE: ¥92.39
SUP 1: ¥90.72 – Low Feb 4
SUP 2: ¥89.37 – 2015 Low Feb 3
SUP 3: ¥89.29 – 200-WMA
SUP 4: ¥88.23 – 2014 Low Feb 3
Since Tuesday’s aggressive spike the EUR/AUD struggled topside in the latter half of last week with the dip below key DMAs Friday easing the bullish pressure. The 21-DMA remains the key support this week with bears needing a close below to end bullish hopes and shift immediate focus to the 2015 low. Bulls will now look for a close above A$1.4896 to confirm a bullish bias targeting the Dec monthly high at A$1.5333
RES 4: A$1.4922 – Low Dec 29 now resistance
RES 3: A$1.4896 – High Feb 3
RES 2: A$1.4790 – Bollinger band top
RES 1: A$1.4785 – Ichimoku cloud base
LPRICE: A$1.4560
SUP 1: A$1.4475 – Low Feb 6
SUP 2: A$1.4408 – High Jan 22 now support
SUP 3: A$1.4386 – 21-DMA
SUP 4: A$1.4273 – Low Jan 29