The renewed bullish pressure that has been pressuring the 55-DMA resulted in a break and close above the $0.9335 resistance level Thursday. This confirms a break of the 21 and 55-DMA’s and sees bullish focus shift to the $0.9426-61 region. Bears now look for a close back below the 21-DMA to signal a false break higher and see focus shift back to the key $0.9185-0.9205 support region that provided the base for the recent rally.
RES 4: $0.9559 – 21 week upper Bollinger band
RES 3: $0.9461 – 2014 high Apr 10
RES 2: $0.9426 – High Apr 11
RES 1: $0.9408 – High May 14, 21 day upper Bollinger band
LPRICE: $0.9324
SUP 1: $0.9301 – 21-DMA
SUP 2: $0.9233 – Low June 2
SUP 3: $0.9205 – Low May 2
SUP 4: $0.9179 – 200-DMA
NZD/USD has bounced sharply from Wednesday’s fresh 3 month lows to be pressuring the alternating hourly support/resistance level at $0.8525 with the falling daily trend line also coming in around this level today. Bulls need to see a close above $0.8525 to confirm an easing of bearish pressure and see focus shift to the $0.8595 level with a close above needed to see bulls targeting the 2014 high.
RES 4: $0.8694 – High May 15
RES 3: $0.8595 – High May 21, 55-DMA
RES 2: $0.8559 – 21-DMA
RES 1: $0.8525 – Previous hourly support now resistance
LPRICE: $0.8500
SUP 1: $0.8475 – Previous hourly resistance now support
SUP 2: $0.8432 – Hourly support June 5
SUP 3: $0.8400 – Low June 4
SUP 4: $0.8366 – 200-DMA
After having closed above the 200-DMA for the first time since Nov 2012 on Wednesday the pair failed to make further gains on Thursday and has marginally dipped back below the 200-DMA (NZ$1.0982). Bears need to see a close below the 200-DMA to confirm an easing of bullish pressure and back below NZ$1.0908 to hint at a deeper correction. Until a close below the 200-DMA is seen bulls target the NZ$1.1313 level
RES 4: NZ$1.1165 – 61.8% Fibonacci 1.1579-1.0476
RES 3: NZ$1.1069 – High Dec 6 2013
RES 2: NZ$1.1048 – High Dec 11 2013
RES 1: NZ$1.1036 – 50.0% Fibonacci 1.1579-1.0476
LPRICE: NZ$1.0984
SUP 1: NZ$1.0970 – Hourly support June 4
SUP 2: NZ$1.0908 – Previous daily resistance now support
SUP 3: NZ$1.0867 – 21-DMA
SUP 4: NZ$1.0853 – Alternating daily support/resistance
AUD/JPY closed above the 21-DMA on Tuesday with it continuing to rally on Thursday. Initial support is now noted on the hourlies at Y95.27 but bears need to see a close below the Y94.71 support to confirm a break back below the 21-DMA and an easing of bullish pressure. While the Y94.71-95.27 region supports bulls will continue to target fresh 2014 highs
RES 4: Y98.16 – High May 29 2013
RES 3: Y96.51 – 2014 high Apr 4
RES 2: Y96.24 – High Apr 23
RES 1: Y96.05 – 21 day upper Bollinger band
LPRICE: Y95.65
SUP 1: Y95.27 – Hourly support June 5
SUP 2: Y94.71 – Hourly support June 3
SUP 3: Y94.26 – Hourly support May 29
SUP 4: Y93.68 – Low May 29
The fresh 2014 lows arrived on cue Thursday but the pair was unable to sustain levels below the 21 day lower Bollinger band and recovered lost ground. The 21-DMA remains key resistance for the pair with bulls needing a close above the 21-DMA to confirm an easing of bearish pressure and see immediate focus shift to the 55 & 200-DMA’s in the A$1.4808-70 region. While the 21-DMA caps bears will continue to target fresh 2014 lows
RES 4: A$1.5021 – High Apr 29
RES 3: A$1.4870 – 200-DMA
RES 2: A$1.4835 – High May 22
RES 1: A$1.4703 – 21-DMA
LPRICE: A$1.4625
SUP 1: A$1.4578 – 21 day lower Bollinger band
SUP 2: A$1.4511 – 2014 Low June 5
SUP 3: A$1.4486 – High Nov 13 2013 now support
SUP 4: A$1.4318 – Low Nov 20 2013
