AUD/USD followed up Thursday’s rally and close above the 21 &55-DMA’s with fresh highs for the week and consolidation at the upper end of the weekly range. The 21&55-DMA’s remain key support to start the new week with bears needing a close below to ease the renewed bullish pressure and shift focus back to the key $0.9187-0.9205 region. While these DMA’s support immediate focus remains on a retest of the $0.9426-61 region
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
LPRICE: $0.9335
SUP 1: $0.9299 – 21-DMA, 55-DMA
SUP 2: $0.9233 – Low June 2
SUP 3: $0.9205 – Low May 2
SUP 4: $0.9187 – 200-DMA
The sharp bounce from last week’s low on Thursday was followed up with further topside Friday only to end the week little changed on the day. Friday’s rally was capped at the 21-DMA with immediate focus to start the new week on the $0.8552-95 region. Bulls need a close above the 55-DMA to shift focus back to 2014 highs. Bears now look for a close below $0.8479 to shift focus back to last week’s low
RES 4: $0.8779 – 2014 High May 6
RES 3: $0.8694 – High May 15
RES 2: $0.8595 – High May 21, 55-DMA
RES 1: $0.8559 – 21-DMA
LPRICE: $0.8497
SUP 1: $0.8479 – 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 last Wednesday the pair failed to make further gains on Thursday and dipped back below the 200-DMA (NZ$1.0979). 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$1.0980
SUP 1: NZ$1.0908 – Previous daily resistance now support
SUP 2: NZ$1.0874 – 21-DMA
SUP 3: NZ$1.0853 – Alternating daily support/resistance
SUP 4: NZ$1.0838 – Previous hourly resistance now support
AUD/JPY closed above the 21-DMA last Tuesday with it continuing to rally Friday. Initial support remains 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 & 55-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: Y96.10 – 21 day upper Bollinger band
LPRICE: Y95.73
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 EUR/AUD 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$1.4808-69 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$1.4869 – 200-DMA
RES 2: A$1.4835 – High May 22
RES 1: A$1.4996 – 21-DMA
LPRICE: A$1.4625
SUP 1: A$1.4569 – 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
