Another failed attempt to surmount the 21-DMA Monday combined with
what is looking like a relatively bearish close have reconfirmed bearish dominance and immediate focus on the $0.8540-0.8604 support region. Layers of resistance are accumulating in the $0.8723-96 region with bulls needing a close above $0.8746 to confirm a break of the 21-DMA ($0.8703) and above $0.8798 to shift focus back to the $0.8911 Oct monthly high.
RES 4: $0.8796 – High Nov 17
RES 3: $0.8746 – High Nov 18
RES 2: $0.8723 – High Nov 21
RES 1: $0.8652 – Alternating hourly support/resistance
LPRICE: $0.8609
SUP 1: $0.8602 – Low Nov 24
SUP 2: $0.8566 – Low Nov 20
SUP 3: $0.8540 – 2014 Low Nov 7
SUP 4: $0.8317 – Monthly Low July 1 2010
RES 2: $0.8723 – High Nov 21
RES 1: $0.8652 – Alternating hourly support/resistance
LPRICE: $0.8609
SUP 1: $0.8602 – Low Nov 24
SUP 2: $0.8566 – Low Nov 20
SUP 3: $0.8540 – 2014 Low Nov 7
SUP 4: $0.8317 – Monthly Low July 1 2010
Although the pair has continued to find support around the 21-DMA the failure to close above the 55-DMA ($0.7919) despite recent spikes above is a concern for bulls. This sees the pressure return to the $0.7791-35 region with bears needing a close below $0.7791 to end bullish hopes and shift immediate focus back to the $0.7660-0.7712 support region where the 2014 low is located
RES 4: $0.8042 – Low Sept 23 now resistance
RES 3: $0.7980 – High Oct 29
RES 2: $0.7946 – High Nov 21
RES 1: $0.7882 – Hourly resistance Nov 24
LPRICE: $0.7859
SUP 1: $0.7835 – 21-DMA
SUP 2: $0.7791 – Low Nov 12
SUP 3: $0.7712 – Low Nov 11
SUP 4: $0.7660 – 2014 Low Nov 7
RES 4: $0.8042 – Low Sept 23 now resistance
RES 3: $0.7980 – High Oct 29
RES 2: $0.7946 – High Nov 21
RES 1: $0.7882 – Hourly resistance Nov 24
LPRICE: $0.7859
SUP 1: $0.7835 – 21-DMA
SUP 2: $0.7791 – Low Nov 12
SUP 3: $0.7712 – Low Nov 11
SUP 4: $0.7660 – 2014 Low Nov 7
Sideways trading continues in a NZ$1.0935-1.1023 range with the key NZ$1.0916-19 support and the 200-DMA noted just below. The pair has not closed below the 200-DMA since last July with a close below shifting overall focus back to the 2014 low. Bulls need to see a close above the 100-DMA to confirm an easing of bearish pressure with above NZ$1.1092 needed to hint at further topside and above NZ$1.1175 to confirm.
RES 4: NZ$1.1091 – Previous daily support now resistance
RES 3: NZ$1.1046 – 100-DMA
RES 2: NZ$1.1023 – High Nov 19
RES 1: NZ$1.0974 – Hourly resistance Nov 24
LPRICE: NZ$1.0957
SUP 1: NZ$1.0935 – Low Nov 18
SUP 2: NZ$1.0919 – Low Sept 22
SUP 3: NZ$1.0916 – 200-DMA
SUP 4: NZ$1.0837 – High July 2 now support
RES 4: NZ$1.1091 – Previous daily support now resistance
RES 3: NZ$1.1046 – 100-DMA
RES 2: NZ$1.1023 – High Nov 19
RES 1: NZ$1.0974 – Hourly resistance Nov 24
LPRICE: NZ$1.0957
SUP 1: NZ$1.0935 – Low Nov 18
SUP 2: NZ$1.0919 – Low Sept 22
SUP 3: NZ$1.0916 – 200-DMA
SUP 4: NZ$1.0837 – High July 2 now support
The lack of follow through following fresh 2014 highs Friday combined with another failed attempt short of the 2014 high Monday, O/B studies and a relatively bearish close are all hinting at cracks in the uptrend. In saying that, bears continue to look for a close below Y101.23 to confirm an easing of bullish pressure with below Y100.06 then needed to hint at deeper correction targeting the Y98.05-99.71 region where the 21-DMA is located.
RES 4: Y104.07 – Bollinger band top
RES 3: Y103.70 – Rising daily channel top
RES 2: Y102.87 – 2014 High Nov 21
RES 1: Y102.48 – High Nov 24
LPRICE: Y101.87
SUP 1: Y101.23 – Low Nov 17
SUP 2: Y100.71 – Low Nov 14
SUP 3: Y100.06 – Low Nov 12
SUP 4: Y99.71 – Previous 2014 high now support
RES 4: Y104.07 – Bollinger band top
RES 3: Y103.70 – Rising daily channel top
RES 2: Y102.87 – 2014 High Nov 21
RES 1: Y102.48 – High Nov 24
LPRICE: Y101.87
SUP 1: Y101.23 – Low Nov 17
SUP 2: Y100.71 – Low Nov 14
SUP 3: Y100.06 – Low Nov 12
SUP 4: Y99.71 – Previous 2014 high now support
The roller coaster ride continues with yet another bounce from the A$1.4184-1.4208 region confirming the significance of this support. The bounce back above the 21, 55 & 100-DMAs eased the bearish pressure from Friday with bulls now needing a close above A$1.4487 to confirm a shift in focus back to the A$1.4604-1.4706 region where the 200-DMA is located. Bulls then target a break above A$1.4706 to break free of broad A$1.4208-1.4706 range trading.
RES 4: A$1.4706 – Monthly High Oct 16
RES 3: A$1.4654 – High Oct 17
RES 2: A$1.4604 – 200-DMA
RES 1: A$1.4487 – Alternating daily support/resistance
LPRICE: A$1.4440
SUP 1: A$1.4356 – 100-DMA
SUP 2: A$1.4208 – Low Oct 31
SUP 3: A$1.4196 – Bollinger band base
SUP 4: A$1.4184 – Low Sept 12
RES 4: A$1.4706 – Monthly High Oct 16
RES 3: A$1.4654 – High Oct 17
RES 2: A$1.4604 – 200-DMA
RES 1: A$1.4487 – Alternating daily support/resistance
LPRICE: A$1.4440
SUP 1: A$1.4356 – 100-DMA
SUP 2: A$1.4208 – Low Oct 31
SUP 3: A$1.4196 – Bollinger band base
SUP 4: A$1.4184 – Low Sept 12