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Forex trading: AUD/USD, AUD/JPY, NZD/USD - Technical Analysis (MNI)

Posted by Akhilesh Ganti on Apr 21, 2013 8:00:00 PM

AUSSIE TECHS: While 200-DMA Caps Focus Remains Bearish

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: 1.0272 @ 0000GMT

SUP 1: $1.0268 - Low Mar 12
SUP 2: $1.0242 - Ichimoku cloud base
SUP 3: $1.0205 - Low Mar 11
SUP 4: $1.0117 - 2013 Low Mar 4

COMMENTARY: The AUD/USD begins the new week where it ended on Friday, marginally above the initial support. The pair continued to pause ahead of this level after the sharp move lower and subsequent failures to bounce back above the 200-DMA last week. While the 200-DMA caps focus remains on the 2013 lows with a close above the 200-DMA needed to relieve the bearish focus and see the pair return focus to the layers of resistance in the $1.0580-25 region.

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AUSSIE-YEN TECHS: Rising Daily Trend Line Remains Key

RES 4: Jpy105.6 - 21 day upper Bollinger band
RES 3: Jpy105.4 - 2013 high Apr 11
RES 2: Jpy103.8 - High Apr 15
RES 1: Jpy102.9 - High Apr 19

PRICE: 102.52 @0000GMT

SUP 1: Jpy99.95 - Low Apr 18
SUP 2: Jpy98.94 - Low Apr 16
SUP 3: Jpy98.25 - Rising daily trend line
SUP 4: Jpy96.95 - Low Apr 2

COMMENTARY: The AUD/JPY recovered lost ground to end last week with overall focus remaining on retests of 2013 highs while the rising daily trend line continues to remain in play. A close below this level is needed to see overall focus return to the Jpy92.50 level. Initial support is now noted around the Jpy100.00 level once again with initial resistance now at Friday's high. Overall a broad Jpy100-105 range remains favoured for now.

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KIWI TECHS: $0.8337-65 Support Region Remains Key

RES 4: $0.8840 - 2011 High Aug 1
RES 3: $0.8676 - 2013 High Apr 11
RES 2: $0.8595 - 21 day upper Bollinger band
RES 1: $0.8520 - Hourly resistance Aug 15

PRICE: 0.8398 @0000GMT

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: $0.8252 - 200 day moving average

COMMENTARY: The Kiwi continues to trade sideways within initial support and resistance levels with the $0.8337-65 support region remaining key. While the $0.8520 level caps a break below this region remains favoured with focus then turning to the 200-DMA and 2013 low below that. Topside the pair needs to close above the $0.8520 level to relieve the current bearish pressure and see the focus return to 2013 highs.

 

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