AUD/USD started the new week with fresh highs and initial support now noted at Friday’s low. Bears need a close below Friday’s low to ease the bullish pressure and a close below the 21-DMA to end bullish hopes and see focus shift back to the key $0.9189-0.9233 support region. While $0.9318 supports bulls remain firmed focused on the $0.9426-61 region with a close above needed to shift focus to the 200-WMA around $0.9963 today
RES 4: $0.9565 – 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: $0.9342
SUP 1: $0.9318 – Low June 6
SUP 2: $0.9298 – 21-DMA
SUP 3: $0.9233 – Low June 2
SUP 4: $0.9205 – Low May 2
NZD/USD found support ahead of Friday’s low with it also remaining capped ahead of the 21-DMA. The relatively bearish close is of some concern to bulls with bears looking for a close below $0.8479 to confirm a break back below the 100-DMA (0.8488) and see focus return to the 200-DMA. Bulls need to see a close above the 21-DMA to give bulls some breathing space.
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: $0.8546 – 21-DMA
LPRICE: $0.8488
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: $0.8373 – 200-DMA
After having dipped below the 200-DMA on Friday the AUD/NZD found support at this level Monday. Initial support remains at Friday’s low with bears needing a close below this level to ease bullish pressure a little while overall a close below the 21-DMA is needed to end bullish hopes and shift focus back to the NZ$1.0750 level. At present bulls are focused on higher levels an initially target layers of resistance NZ$1.1036-69.
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$1.1017
SUP 1: NZ$1.0970 – Hourly support June 9
SUP 2: NZ$1.0936 – Low June 6
SUP 3: NZ$1.0908 – Previous daily resistance now support
SUP 4: NZ$1.0874 – 21-DMA
EUR/AUD has started the new week where it left off and remains heavy following Monday’s sharp move lower towards the fresh 2014 lows set last week. Initial resistance is noted on the hourlies at A$1.4555 but bulls continue to look for a close above the 21-DMA to confirm an easing of bearish pressure and a close above the 200-DMA to shift focus back to levels above A$1.5000. Bears are firmly focused on fresh 2014 lows and then the Nov 2013 monthly low.
RES 4: A$1.4835 – High May 22
RES 3: A$1.4786 – 55-DMA
RES 2: A$1.4688 – 21-DMA
RES 1: A$1.4555 – Hourly resistance June 10
LPRICE: A$1.4531
SUP 1: A$1.4511 – 2014 Low June 5
SUP 2: A$1.4486 – High Nov 13 2013 now support
SUP 3: A$1.4318 – Low Nov 20 2013
SUP 4: A$1.4051 – Monthly Low Nov 7 2013
The sequence of higher daily highs and lows continued to start the new week as the AUD/JPY continues to work its way towards the Y96.19-51 resistance region. The only concern for bulls are daily tech studies that are approaching O/B but while higher daily highs/lows continue bulls remain in control. Bears need a close below Monday’s low to hint at a correction which initially targets the 21-DMA (Y94.80).
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: Y96.19 – 21 day upper Bollinger band
LPRICE: Y95.90
SUP 1: Y95.75 – Hourly support June 9
SUP 2: Y95.27 – Hourly support June 5
SUP 3: Y94.71 – Hourly support June 3
SUP 4: Y94.26 – Hourly support May 29
