The move lower gathered momentum on Tuesday with the sharp break and close below $0.9374 combined with the correcting O/B daily tech studies adding weight to the bearish case. Immediate focus has shifted to the $0.9307-18 region with bears looking for a close below to see focus ratchet lower to the key $0.9184-0.9233 support region. Layers of resistance have developed on the hourlies with bulls needing a close above $0.9376 to ease the pressure a little.
RES 4: $0.9417 – High June 16
RES 3: $0.9405 – Hourly resistance June 16
RES 2: $0.9376 – Previous daily support now resistance
RES 1: $0.9367 – Hourly resistance June 17
LPRICE: $0.9337
SUP 1: $0.9318 – Low June 6, 55-DMA
SUP 2: $0.9307 – 21-DMA
SUP 3: $0.9233 – Low June 3
SUP 4: $0.9209 – Low May 21
With a double daily top in place at $0.8700, daily studies at O/B levels and the NZD/USD pulling back from recent highs to manage a relatively bearish close, the kiwi remains a little heavy. Immediate focus is now on layers of support in the $0.8479-0.8594 region where 21, 55 & 100-DMA’s are located. A close below would confirm a break of the 55-DMA and add weight to the bearish case. Bulls need a close above $0.8700 to regain control.
RES 4: $0.8779 – 2014 High May 6
RES 3: $0.8743 – High May 7
RES 2: $0.8700 – High June 12 & 16
RES 1: $0.8674 – Hourly resistance June 17
LPRICE: $0.8653
SUP 1: $0.8642 – Low June 17
SUP 2: $0.8604 – Hourly support June 12
SUP 3: $0.8594 – 55-DMA
SUP 4: $0.8544 – 21-DMA
AUD/NZD continues to head lower in a move that has now seen the pair take out and close below the 21, 55, 100 & 200-DMA’s which adds additional weight to the bearish case. Immediate focus has now shifted to the $1.0747 support with overall focus on the Mar monthly low. Bulls now need to see a close above the 55-DMA to signal a false break lower and shift focus to layers of resistance in the NZ$1.0875-1.0957 region.
RES 4: NZ$1.0901 – Hourly resistance June 12
RES 3: NZ$1.0875 – High June 13
RES 2: NZ$1.0845 – 55-DMA
RES 1: NZ$1.0809 – Low June 12 now resistance
LPRICE: NZ$1.0784
SUP 1: NZ$1.0747 – Low May 21
SUP 2: NZ$1.0648 – Monthly Low May 6
SUP 3: NZ$1.0640 – Low Mar 27
SUP 4: NZ$1.0536 – Monthly Low Mar 12
After having spent last week struggling to make an impact on the Y96.24-51 region the move lower Tuesday has seen the AUD/JPY finding support at the 55-DMA for now. The pair is looking heavy and combined with correcting O/B daily studies sees bears looking for a close below the 21-DMA to add weight to the case for a move that then targets the 100 & 200-DMA’s in the Y93.39-87 region. Bulls need a close above Y95.28 to confirm an easing of bearish pressure.
RES 4: Y96.51 – 2014 high Apr 4
RES 3: Y96.24 – High Apr 23
RES 2: Y95.78 – Hourly resistance June 16
RES 1: Y95.54 – Hourly resistance June 17
LPRICE: Y95.34
SUP 1: Y95.22 – 55-DMA
SUP 2: Y94.97 – 21-DMA
SUP 3: Y94.26 – Hourly support May 29
SUP 4: Y93.87 – 100-DMA
EUR/AUD continues to distance itself from last week’s lows with immediate focus having shifted to the 21-DMA. Bulls will now look for a close above the 21-DMA to support their case for a move higher that targets the A$1.4875 May 21 high with the 200-DMA noted just below. Bears now need to see a close below Tuesday’s low to regain control and target fresh 2014 lows.
RES 4: A$1.4870 – 200-DMA
RES 3: A$1.4733 – 55-DMA
RES 2: A$1.4633 – 21-DMA, Falling daily trend line
RES 1: A$1.4555 – Hourly resistance June 10
LPRICE: A$1.4504
SUP 1: A$1.4453 – Low June 17
SUP 2: A$1.4359 – 2014 Low June 12
SUP 3: A$1.4318 – Low Nov 20 2013
SUP 4: A$1.4144 – Low Nov 8 2013
