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Forex Trading: NZD/USD & AUD/USD Technical Analysis (MNI)

Posted by Akhilesh Ganti on Apr 18, 2013 9:43:00 PM

KIWI TECHS: Further Downside Favoured

RES 4: 0.8840 - 2011 High Aug 1
RES 3: 0.8676 - 2013 High Apr 11
RES 2: 0.8598 - 21 day upper Bollinger band
RES 1: 0.8520 - Hourly resistance Aug 15

PRICE: 0.8419 @0145GMT

SUP 1: 0.8365 - Low Apr 4
SUP 2: 0.8337 - Low Mar 25
SUP 3: 0.8292 - Previous daily resistance now support
SUP 4: 0.8250 - 200 day moving average

COMMENTARY: The Kiwi dipped below the rising daily trend line from Mar 14 lows overnight as it continues to work its way lower and towards the 0.8337-65 support region. While the 0.8520 level continues to cap retests of the 0.8337-65 support region remain favoured with a close below then seeing focus turn to retests of the 2013 low. A close above the 0.8520 level is needed to see focus return to the 2013 high.

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AUSSIE TECHS: Dips Towards Initial Support

RES 4: 1.0582 - High Apr 11
RES 3: 1.0478 - Previous daily support now resistance
RES 2: 1.0445 - Hourly resistance Apr 15
RES 1: 1.0399 - 200 day moving average

PRICE: 1.0289 @0145GMT

SUP 1: 1.0268 - Low Mar 12
SUP 2: 1.0257 - Ichimoku cloud base
SUP 3: 1.0205 - Low Mar 11
SUP 4: 1.0117 - 2013 Low Mar 4

COMMENTARY: The AUD/USD remains little changed from yesterday's NY close after having dipped a little closer to the initial support during the Asian session yesterday. Overall focus remains on the 2013 low with a close back above the 200-DMA needed to see focus return to the Apr 11 high. The 21 day lower Bollinger band comes in around 1.0298 today with spikes below expected to continue while the 200-DMA caps.

 

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