Friday’s bullish close resulted in further gains to start the new week before pulling back from above the Bollinger band top to find support just below the 21-DMA. Bears now need a close below Monday’s $0.8130 low to reconfirm the bearish bias and shift immediate focus to the 2015 low and overall focus to the falling daily channel base ($0.7793). While the $0.8130 level supports bulls will now look for further bounces
targeting the channel top.
RES 4: $0.8323 – Falling daily channel top
RES 3: $0.8301 – High Dec 12
RES 2: $0.8255 – 2015 High Jan 12
RES 1: $0.8229 – Bollinger band top
LPRICE: $0.8176
SUP 1: $0.8130 – Low Jan 15
SUP 2: $0.8082 – High Jan 7 now support
SUP 3: $0.8032 – 2015 Low Jan 7
SUP 4: $0.7962 – Low July 16 2009
The $0.7873 resistance level confirmed its significance to start the new week with it capping the attempt to make headway above the falling daily channel and Bollinger band tops. The sell-off resulted in a dip below the 21-DMA with bears now needing a close below $0.7713 to confirm a break of the 21-DMA and reconfirm bearish focus on the $0.7561-0.7608 region where 2014 lows and the daily trend line extension
are located.
RES 4: $0.7929 – High Nov 27
RES 3: $0.7910 – 100-DMA
RES 2: $0.7873 – High Dec 11
RES 1: $0.7851 – Bollinger band top
LPRICE: $0.7780
SUP 1: $0.7735 – Low Jan 12
SUP 2: $0.7713 – Low Jan 7
SUP 3: $0.7679 – Low Jan 6
SUP 4: $0.7673 – Bollinger band base
After having tested the 21-DMA Friday further gains to start the new week have seen the pair spike above both the 21-DMA and the falling daily trend line of Oct highs. The NZ$1.0435 support now becomes key with bears needing a close below to regain the upper hand, shifting immediate focus back to 2015 lows and overall focus to the falling daily trend line extension. The key concern for bears on a break lower comes from the Bollinger band base
RES 4: NZ$1.0651 – High Dec 15
RES 3: NZ$1.0609 – High Dec 17
RES 2: NZ$1.0590 – Bollinger band top
RES 1: NZ$1.0573 – High Jan 5
LPRICE: NZ$1.0487
SUP 1: NZ$1.0435 – High Jan 7 now support
SUP 2: NZ$1.0353 – 2015 & Record Low Jan 7
SUP 3: NZ$1.0328 – Falling daily trend line extension
SUP 4: NZ$1.0251 – 1.382 Fibonacci projection 1.0870-1.0422
Friday’s rejection from around the 100-DMA (¥97.55) and falling daily channel top resulted in further losses to start the new week with pressure having returned to the ¥96.27 support. Bears continue to look for a close below ¥96.27 to reconfirm bearish focus on the Dec monthly low and overall focus on the falling daily channel base. Bulls now need a close above ¥97.66 to ease bearish pressure and shift immediate focus to the ¥98.35-82 region where the 55-DMA is located.
RES 4: ¥98.80 – High Dec 11
RES 3: ¥98.55 – Bollinger band top
RES 2: ¥98.35 – High Dec 29
RES 1: ¥97.66 – High Jan 12
LPRICE: ¥96.60
SUP 1: ¥96.27 – Low Jan 8
SUP 2: ¥95.77 – Bollinger band base
SUP 3: ¥95.48 – 55-WMA
SUP 4: ¥95.23 – Monthly Low Dec 16
The break below the rising daily channel base Friday saw EUR/AUD head lower to start the new week before finding support around the 100-WMA and bouncing back towards initial resistance. Bulls need a close above A$1.4559 to confirm breaks back above 100 & 200-DMAs and an easing of bearish pressure. A close above A$1.4767 is then needed to hint at a bigger bounce and to shift focus back to the 21-DMA
(A$1.4883)
RES 4: A$1.4875 – High Dec 31
RES 3: A$1.4767 – High Jan 6
RES 2: A$1.4673 – 55-DMA
RES 1: A$1.4559 – High Jan 9
LPRICE: A$1.4510
SUP 1: A$1.4370 – 100-WMA
SUP 2: A$1.4217 – Monthly Low Oct 31
SUP 3: A$1.4184 – Low Sept 12
SUP 4: A$1.4012 – Low Sept 11