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Forex trading: AUD/USD and AUD/JPY technical analysis (MNI)

Posted by Akhilesh Ganti on Apr 9, 2013 6:41:00 PM

AUSSIE TECHS: Focus Turns To Layers Of Resistance $1.0578-24

RES 4: 1.0624 - High Sept 14 2012
RES 3: 1.0598 - 2013 high Jan 10 & 11
RES 2: 1.0578 - Double Daily Top Jan 16 & 22
RES 1: 1.0511 - 21 day upper Bollinger band

PRICE: 1.0489 @ 2240GMT

SUP 1: 1.0407 - Low Apr 9
SUP 2: 1.0346 - Low Mar 18
SUP 3: 1.0268 - Low Mar 12
SUP 4: 1.0205 - Low Mar 11

COMMENTARY: The AUD/USD managed fresh 2 month highs overnight before pausing at the 21 day upper Bollinger band. Focus has now turned to the layers of resistance in the 1.0578-1.0624 region with a number of double daily tops and the 2013 highs noted. We will now look for a close back below yesterday's low to relieve the immediate bullish focus while a close below the Mar 18 low is needed to see focus return to retests of the 2013 low.

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AUSSIE-YEN TECHS: Pauses Ahead Of 2008 High

RES 4: 107.9 - 2007 high Oct 31
RES 3: 105.0 - Psychological resistance
RES 2: 104.5 - 2008 high Jul 21
RES 1: 104.3 - High Apr 9

PRICE: 104.00 @22:43GMT

SUP 1: 102.0 - Hourly support Apr 8
SUP 2: 99.98 - Low Apr 5
SUP 3: 96.95 - Rising daily trend line
SUP 4: 95.33 - Ichimoku cloud top

COMMENTARY: The AUD/JPY fell just short of the 2008 highs overnight, topping out around the 104.30 level as it continues to make headway towards the 105.00 psychological resistance level. Initial support remains at the 102.00 level but given the previous significance of the 100.00 level as resistance it is now key support with a close below needed to remove the focus from the 105.00 level.

 

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