AUD/USD drifted a little higher to start the new week to retest the $0.9249 level that capped late last week with the $0.9174-0.9205 support region remaining key. Bears remain firmly focused on a break lower that initially targets the 200-DMA and then the 100-DMA. Bulls need to see a close above $0.9275 to confirm an easing of bearish pressure whereas a close above the 21-DMA is needed to shift overall focus higher.
RES 4: $0.9335 – High May 20
RES 3: $0.9305 – 21-DMA
RES 2: $0.9275 – Hourly resistance May 20
RES 1: $0.9249 – High May 26
LPRICE: $0.9240
SUP 1: $0.9233 – Hourly support May 26
SUP 2: $0.9205 – Low May 2
SUP 3: $0.9174 – 200-DMA
SUP 4: $0.9109 – 100-DMA
NZD/USD finally broke lower last week, taking out and closing below both the 21-DMA and 55-DMA on Tuesday. Immediate focus has seen bears now initially targeting the $0.8501-18 region and then the $0.8440-60 region overall. Bulls need to see a close back above the $0.8595 level to ease the renewed bearish pressure that sees the pair consolidate below the 55-DMA. A close above the 21-DMA would give bulls some breathing space
RES 4: $0.8655 – High May 16
RES 3: $0.8620 – Hourly resistance May 20, 21-DMA
RES 2: $0.8606 – 55-DMA
RES 1: $0.8595 – High May 21
LPRICE: $0.8550
SUP 1: $0.8518 – Low Apr 29
SUP 2: $0.8501 – Low Mar 20
SUP 3: $0.8480 – 38.2% Fibonacci 0.8052-0.8745
SUP 4: $0.8471 – 100-DMA
The bounce to start the new week has seen the AUD/NZD heading for a close above the 21-DMA which helps to ease the bearish pressure that had the pair focused on the NZ$1.0728-52 region. Overall bulls look for a close above the May 14 NZ$1.0878 high to end bearish hopes and see immediate focus shift to the NZ$1.0908-12 region. Bears need to see a close back below the 21-DMA to reignite bearish pressure and confirm focus on key support.
RES 4: NZ$1.0908 – 38.2% Fibonacci 1.1579-1.0476
RES 3: NZ$1.0878 – High May 14
RES 2: NZ$1.0858 – High May 19
RES 1: NZ$1.0836 – Hourly resistance May 19
LPRICE: NZ$1.0800
SUP 1: NZ$1.0796 – 21-DMA
SUP 2: NZ$1.0752 – 100-DMA
SUP 3: NZ$1.0728 – Low May 7
SUP 4: NZ$1.0691 – 21 day lower Bollinger band
AUD/JPY continued its recovery from last week’s spike below the 100-DMA to start the new week. The 21 & 55-DMA’s are noted in the Y94.37-83 region with a close above Y94.83 needed to confirm an easing of bearish pressure and a close above Y95.22 needed to shift overall focus back to the 2014 high. While the Y94.37-89 region caps bears target the 100 then 200-DMA. Daily studies are approaching O/S and may support on dips.
RES 4: Y95.22 – Alternating hourly support/resistance
RES 3: Y94.83 – 21-DMA
RES 2: Y94.78 – High May 20
RES 1: Y94.37 – High May 22
LPRICE: Y94.17
SUP 1: Y93.75 – Hourly support May 22
SUP 2: Y93.35 – 100-DMA
SUP 3: Y92.92 – 200-DMA
SUP 4: Y91.18 – Low Mar 17
Last week’s rally was short lived with bears continuing to target retests of 2014 lows while the 200-DMA caps. Bulls need a close above the May 22 high to confirm an easing of bearish pressure and a break of the 21-DMA with bulls then looking for a close above the 200-DMA to confirm a shift higher in focus to the Apr monthly high. It should be noted that closes above and below the 200-DMA have been good indicators of direction of late.
RES 4: A$1.4906 – 55-DMA
RES 3: A$1.4877 – 200-DMA
RES 2: A$1.4835 – High May 22
RES 1: A$1.4801 – 21-DMA
LPRICE: A$1.4762
SUP 1: A$1.4740 – Low May 26
SUP 2: A$1.4706 – High May 19 now support
SUP 3: A$1.4560 – 2014 Low May 15
SUP 4: A$1.4476 – High Nov 13 2013 now support
