Although the sequence of highs daily highs/lows continue the pullback from ahead of initial resistance on Wednesday is of some concern to bulls targeting the $0.9426-61 region. In saying that, initial support remains at the $0.9358 level with bears needing a close below this level to ease bullish pressure a little whereas a close below the 21-DMA is need to end bullish hopes and shift focus back to the key $0.9192-0.9233 support region.
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: $0.9380
SUP 1: $0.9358 – Hourly support June 10
SUP 2: $0.9318 – Low June 6
SUP 3: $0.9300 – 21-DMA
SUP 4: $0.9233 – Low June 2
NZD/USD had spent the earlier part of the week trading sideways between the 100-DMA ($0.8493) and 21-DMA before heading higher Wednesday and closing above the 21-DMA. Initial support is now noted at $0.8517 with bears needing a close below to ease the renewed bullish pressure that initially targets the $0.8694-0.8779 region. The 21 day upper Bollinger is noted at $0.8673 and it should be noted closes above are a rarity.
RES 4: $0.8779 – 2014 High May 6
RES 3: $0.8694 – High May 15
RES 2: $0.8673 – 21 day upper Bollinger band
RES 1: $0.8626 – Hourly resistance June 12
LPRICE: $0.8600
SUP 1: $0.8517 – Hourly support June 12
SUP 2: $0.8479 – Previous hourly resistance now support
SUP 3: $0.8432 – Hourly support June 5
SUP 4: $0.8400 – Low June 4
The up-trend looks to have come to an end with the AUD/NZD closing below the 200-DMA (NZ$1.0966). Immediate focus shifts to the 21-DMA with the pair having found support ahead of this level. Bears need a close below the 21-DMA to confirm an end to bullish hopes and see the aussie-kiwi bears initially targeting the NZ$1.0750 level and then the NZ$1.0640-50 region below. Bulls need a close above Wednesday’s high to refocus higher.
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$1.0994 – High June 11
LPRICE: NZ$1.0921
SUP 1: NZ$1.0893 – 21-DMA
SUP 2: NZ$1.0838 – Previous hourly resistance now support
SUP 3: NZ$1.0783 – 100-DMA
SUP 4: NZ$1.0750 – Low May 21
AUD/JPY has taken its first backward step for a couple of week’s overnight when it pulled back from ahead of the Y96.24 resistance level to manage a relatively bearish close just above initial support. The Y95.67 level confirmed its significance on Wednesday with bears needing a close below to confirm an easing of bullish pressure and see immediate focus shift to the Y94.84-95.18 region where the 21 & 55-DMA’s are located.
RES 4: Y98.16 – High May 29 2013
RES 3: Y97.88 – 21 week upper Bollinger band
RES 2: Y96.51 – 2014 high Apr 4
RES 1: Y96.24 – High Apr 23, 21 day upper Bollinger band
LPRICE: Y95.71
SUP 1: Y95.67 – Low June 10
SUP 2: Y95.27 – Hourly support June 5
SUP 3: Y94.84 – 21-DMA
SUP 4: Y94.26 – Hourly support May 29
The move lower continued on Wednesday with the EUR/AUD trading at fresh 2014 and 7 month lows and managing a relatively bearish close. Initial resistance is now noted at Wednesday’s high but bulls will need to see a close above the previous 2014 low at A$1.4511 to confirm an easing of bearish pressure. While this level caps bears will continue to focus on the A$1.4051 Nov 2013 monthly lows.
RES 4: A$1.4688 – 21-DMA
RES 3: A$1.4555 – Hourly resistance June 10
RES 2: A$1.4511 – Previous 2014 low now resistance
RES 1: A$1.4458 – High June 11
LPRICE: A$1.4415
SUP 1: A$1.4397 – 2014 Low June 11
SUP 2: A$1.4318 – Low Nov 20 2013
SUP 3: A$1.4144 – Low Nov 8 2013
SUP 4: A$1.4051 – Monthly Low Nov 7 2013
