Following on from Thursday’s bounce the AUD/USD spent Friday chopping around the 21-DMA ($0.9306) but remained supported ahead of the $0.9275 level. Bulls continue to look for a close above the $0.9335 May 20 high to confirm a break of the 21-DMA and see bulls targeting the $0.9426-61 region. Bears need to see a close below $0.9275 to ease the renewed bullish pressure and see focus return to the key $0.9179-0.9205 support region.
RES 4: $0.9461 – 2014 high Apr 10
RES 3: $0.9426 – High Apr 11
RES 2: $0.9408 – High May 14
RES 1: $0.9335 – High May 20
LPRICE: $0.9310
SUP 1: $0.9275 – Hourly support May 29
SUP 2: $0.9205 – Low May 2
SUP 3: $0.9179 – 200-DMA
SUP 4: $0.9122 – 100-DMA
After having dipped below the 100-DMA on Thursday, the NZD/USD managed to try and regain some lost ground Friday as daily tech studies remain very O/S and looking to correct. Bears now need to see a close below last week’s low to reconfirm bearish pressure and negate the O/S studies. Bulls continue to look for a close above $0.8525 to confirm an easing of bearish pressure and above the 55-DMA to target 2014 highs.
RES 4: $0.8620 – Hourly resistance May 20
RES 3: $0.8605 – 55-DMA, 21-DMA
RES 2: $0.8595 – High May 21
RES 1: $0.8525 – Previous hourly support now resistance
LPRICE: $0.8492
SUP 1: $0.8453 – Low May 29
SUP 2: $0.8426 – Low Mar 12
SUP 3: $0.8415 – 50.0% Fibonacci 0.8052-0.8778
SUP 4: $0.8353 – 200-DMA
AUD/NZD consolidated Thursday’s sharp move higher with consolidation at the upper end of last week’s range to end the week. The 200-DMA remains key to further topside with bulls targeting a close above to confirm bullish focus and shift focus to the N$1.1200-50 region. The pair is currently hovering above the N$1.0945 level but bears need to see a close below the NZ$1.0908 support to confirm an easing of bullish pressure.
RES 4: NZ$1.1069 – High Dec 6 2013
RES 3: NZ$1.1048 – High Dec 11 2013
RES 2: NZ$1.1036 – 50.0% Fibonacci 1.1579-1.0476
RES 1: NZ$1.0992 – 200-DMA
LPRICE: NZ$1.0952
SUP 1: NZ$1.0908 – Previous daily resistance now support
SUP 2: NZ$1.0853 – Alternating daily support/resistance
SUP 3: NZ$1.0816 – 21-DMA
SUP 4: NZ$1.0783 – 55-DMA
AUD/JPY has popped a little higher in early Asian trading to take out last week’s high and spike above the 55-DMA (Y94.83) in the process. Bulls need to see a close above the 55-DMA to add support to the bullish case with a close above Y95.19 shifting focus back to 2014 highs. The pair closed above the 21-DMA on Friday and bears now look for a close below the Y94.26 support to shift focus lower.
RES 4: Y96.51 – 2014 high Apr 4
RES 3: Y96.24 – High Apr 23
RES 2: Y95.95 – 21 day upper Bollinger band
RES 1: Y95.19 – High May 19
LPRICE: Y94.80
SUP 1: Y94.26 – Hourly support May 29
SUP 2: Y93.68 – Low May 29
SUP 3: Y93.54 – 21 day lower Bollinger band
SUP 4: Y93.40 – 100-DMA
With the 21-DMA having guided the pair lower last week the EUR/AUD broke sharply lower on Thursday with bears remaining firmly focused on a test of the 2014 low. Initial resistance remains at the previous A$1.4706 support level with bulls needing a close above this level to ease the current bearish pressure. A break to fresh 2014 lows see bears targeting the A$1.4051 Nov 2013 monthly low overall.
RES 4: A$1.4874 – 200-DMA
RES 3: A$1.4835 – High May 22
RES 2: A$1.4751 – 21-DMA
RES 1: A$1.4706 – Previous daily support now resistance
LPRICE: A$1.4638
SUP 1: A$1.4560 – 2014 Low May 15
SUP 2: A$1.4538 – 21 day lower Bollinger band
SUP 3: A$1.4486 – High Nov 13 2013 now support
SUP 4: A$1.4318 – Low Nov 20 2013
