AUD/USD: Above $1.0398 Needed To Shift Focus Higher. The AUD/USD has bounced back towards initial resistance with the 21-DMA noted just above ($1.0387). We continue to look for a close above the $1.0398 level to see immediate focus turn to the Jan 30 high and then the Jan monthly highs. Daily tech studies are correcting from oversold levels and this may continue to provide support for the pair on dips, but while the $1.0398 resistance remains in play focus remains on the $1.0220-30 support region.
RES 4: $1.0578 – High Jan 16 & 22
RES 3: $1.0477 – High Jan 30
RES 2: $1.0398 – High Feb 6
RES 1: $1.0374 – High Feb 15
Latest price: 1.0357
SUP 1: $1.0228 – Low Feb 12
SUP 2: $1.0223 – 21 day lower Bollinger band
SUP 3: $1.0150 – Monthly low Oct 8
SUP 4: $1.0101 – Monthly low Jul 12
NZD/USD: Bounces Off 21-DMA. The $0.8395-10 support region confirmed its significance yesterday with the pair bouncing off the 21-DMA. While this support region remains in play further spikes above the upper 21 day Bollinger band are favoured as focus remains on the Aug 2011 monthly high. A close below the $0.8396 level is needed to relieve the current bullish focus and see the pair head lower to retest the weekly low from Jan 28.
RES 4: $0.8783 – 2011 high Aug 1 2011
RES 3: $0.8568 – Monthly high Aug 31 2011
RES 2: $0.8534 – High Feb 15
RES 1: $0.8505 – 21 day upper Bollinger band
Latest price: 0.8453
SUP 1: $0.8409 – 21 day moving average
SUP 2: $0.8396 – Low Feb 13
SUP 3: $0.8308 – 21 day lower Bollinger band
SUP 4: $0.8281 – Weekly low Jan 28
AUD/JPY: Bullish Pressure Remains. The pair is little changed from yesterday’s NY close as it continues to pause ahead of initial resistance. Pressure remains topside with a spike higher to retest the Jpy97.40 double daily top favoured while the Jpy96.51 level supports. Overall the Jpy95.08 support remains key with a close below needed to relieve bullish pressure while back below the Jan 16 low is needed to hint at a deeper correction.
RES 4: Jpy99.93 – High Aug 7 2008
RES 3: Jpy98.23 – High Aug 11 2008
RES 2: Jpy97.40 – High Feb 5 & 6
RES 1: Jpy96.96 – High Feb 14
Latest price: 96.86
SUP 1: Jpy96.51 – Low Feb 19
SUP 2: Jpy95.81 – 21 day moving average
SUP 3: Jpy95.08 – Previous daily resistance now support
SUP 4: Jpy94.13 – Low Jan 28
EasyForexNews Research Team