The sell-off continued Wednesday with the AUD/USD coming within a couple of pips of the 2014 low before bouncing back towards initial resistance. Bulls now look for a close above $0.8768 to confirm an easing of bearish pressure while a close above $0.8897 is now needed to shift immediate focus to the 21-DMA. While the $0.8768 level caps bears favour fresh 2014 lows and target the $0.8084-0.8317 region. O/S daily studies remain the key concern for bears.
RES 4: $0.8927 – High Sept 23
RES 3: $0.8897 – High Sept 24
RES 2: $0.8831 – Low Sept 23 now resistance
RES 1: $0.8768 – High Sept 30
LPRICE: $0.8746
SUP 1: $0.8660 – 2014 Low Jan 24
SUP 2: $0.8588 – Bollinger band base
SUP 3: $0.8317 – Monthly Low July 1 2010
SUP 4: $0.8084 – Low June 8 2010
NZD/USD continues to tread water a little following sharp falls that have seen daily studies at very O/S levels and the Bollinger band base play a little catch up. Bears now target the $0.7370 monthly low from Nov 2011 but look for a close below $0.7713 to add weight to the bearish case. Bulls now need a close above $0.7860 to confirm an easing of bearish pressure and above $0.7958 to shift immediate focus to the 21-DMA ($0.8105).
RES 4: $0.8098 – Previous hourly support now resistance
RES 3: $0.8041 – Low Sept 23 now resistance
RES 2: $0.7968 – Hourly resistance Sept 25
RES 1: $0.7860 – High Oct 1
LPRICE: $0.7795
SUP 1: $0.7713 – Monthly Low Aug 30 2013
SUP 2: $0.7682 – 2013 Low June 24 2013
SUP 3: $0.7617 – Low June 8 2012
SUP 4: $0.7501 – Low June 4 2012
The 5 consecutive days of solid gains came to an end Tuesday with the AUD/NZD pulling back from ahead of 2014 highs before Wednesday’s sell-off eased bullish pressure and confirmed the significance of the NZ$1.1097-1.1115 support region. Bears now need a close below NZ$1.1097 to confirm a break of the 21-DMA and see immediate focus shift to the NZ$1.0927 Sept monthly low. Bulls continue to target 2014 highs while NZ$1.1097 supports.
RES 4: NZ$1.1313 – High Nov 20 2013
RES 3: NZ$1.1304 – Bollinger band top
RES 2: NZ$1.1297 – 2014 High Sept 5
RES 1: NZ$1.1286 – High Sept 29
LPRICE: NZ$1.1210
SUP 1: NZ$1.1115 – 21-DMA
SUP 2: NZ$1.1097 – Low Sept 29
SUP 3: NZ$1.1063 – Hourly support Sept 25
SUP 4: NZ$1.0980 – Low Sept 25
After recently remaining capped ahead of the Y96.98 level Thursday’s sell-off saw the pair close below both 55 & 100-DMAs with immediate focus having shifted to the 200-DMA at Y94.53. Bulls need a close above Y96.08 to ease bearish pressure a little whereas a close above the 21-DMA is now needed to shift focus back to 2014 highs. Key concerns for bears are seen coming from O/S studies and the Bollinger band base (Y95.06).
RES 4: Y98.00 – Alternating hourly support/resistance
RES 3: Y97.02 – 21-DMA
RES 2: Y96.98 – High Sept 23
RES 1: Y96.08 – Low Sept 24 now resistance
LPRICE: Y95.20
SUP 1: Y95.03 – Low Aug 15, Ichimoku cloud top
SUP 2: Y94.53 – 200-DMA
SUP 3: Y93.93 – Monthly low Aug 8
SUP 4: Y93.70 – Low May 29
EUR/AUD continues to stall ahead of the A$1.4604 July monthly high before dipping back towards key initial support. Bears continue to look for a close below A$1.4379 to confirm an easing of bullish pressure whereas a close below the 21-DMA is needed to end bullish hopes and shift focus back to the 2014 low. Bulls now need a close above A$1.4604 to reconfirm bullish pressure and target the 200-DMA (A$1.4777).
RES 4: A$1.4777 – 200-DMA
RES 3: A$1.4756 – Monthly High June 2
RES 2: A$1.4724 – Bollinger band top
RES 1: A$1.4604 – Monthly High July 3
LPRICE: A$1.4447
SUP 1: A$1.4414 – 100-DMA
SUP 2: A$1.4379 – Low Sept 24
SUP 3: A$1.4294 – 55-DMA
SUP 4: A$1.4278 – 21-DMA
