AUD/USD continued to flirt with its recent 2014 and 4-year lows during Monday’s session while the bearish outlook remains despite mild recovery efforts. Bulls will need to see a close above last week’s $0.8831 to confirm an easing of bearish pressure and above the 21-DMA ($0.8898) needed to end bearish hopes and shift focus to the 200-day at $0.9173. Bears now target the $0.8068-0.8317 region.
RES 4: $0.8927 – High Sept 23
RES 3: $0.8897 – High Sept 24 (21-dma)
RES 2: $0.8831 – Low Sept 23 now resistance
RES 1: $0.8784 – High Oct 6
LPRICE: $0.8768
SUP 1: $0.8643 – 2014 Low Oct 3
SUP 2: $0.8567 – Bollinger band base
SUP 3: $0.8317 – Monthly Low July 1 2010
SUP 4: $0.8068 – 2010 Low May 25 2010
The $0.7968 region confirmed its significance last week with the bounce from fresh 2014 lows capped ahead of this level. Yesterday’s trade saw NZD/USD again mark a low just shy of the 2014 low, at $0.7714. Bulls will continue to look for a close above $0.7968 to confirm an easing of bearing pressure and see immediate focus shift to the 21-DMA. Bears remain firmly focused on the $0.7682-0.7713 region where the 2013 low is located.
RES 4: $0.8059 – 21-DMA
RES 3: $0.8041 – Low Sept 23 now resistance
RES 2: $0.7968 – Hourly resistance Sept 25
RES 1: $0.7928 – High Oct 2
LPRICE: $0.7837
SUP 1: $0.7713 – Monthly Low Aug 30 2013
SUP 2: $0.7709 – Bollinger band base, 2014 low
SUP 3: $0.7682 – 2013 Low June 24 2013
SUP 4: $0.7617 – Low June 8 2012
AUD/NZD got up to NZ$1.1286 highs last week, ahead of 2014 highs, before a subsequent sell-off the next day (Wed) 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$1.1297 – 2014 High Sept 5
RES 2: NZ$1.1286 – High Sept 29
RES 1: NZ$1.1229 – High Oct 6
LPRICE: NZ$1.1190
SUP 1: NZ$1.1103 – 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
