AUD/USD: Daily tech studies correcting lower. With the pair pausing ahead of initial support, the $0.9996 level will be key to start the week with focus now on tests of the 21 day moving average. The pullback from the key $1.0226 resistance level has seen daily tech studies turn down from very overbought levels with back above $1.0226 needed to refocus topside.
RES 4: $1.0309 – 100 day moving average
RES 3: $1.0249 – 200 day moving average
RES 2: $1.0226 – Previous daily support now resistance
RES 1: $1.0140 – Spike low June 20 now resistance
LATEST PRICE: 1.0065
SUP 1: $0.9996 – Low June 15
SUP 2: $0.9922 – Low June 14
SUP 3: $0.9918 – 21 day moving average
SUP 4: $0.9823 – Low June 8
AUD/JPY: 50% Fibonacci level remains key topside. The pair continues to pause ahead of 50% Fibo retracement at Jpy81.57 with a close above this level needed to prevent focus from shifting back to tests of the Jpy78.00-60 region. The 21 day upper Bollinger continues to rise but a close below the June 20 lows should see this change and add weight to the call for lower levels.
RES 4: Jpy83.29 – 61.8% retracement of Jpy88.64-74.51 move
RES 3: Jpy82.95 – 100 day moving average
RES 2: Jpy82.51 – Previous daily support now resistance
RES 1: Jpy81.57 – 50.0% retracement of Jpy88.64-74.51 move
LATEST PRICE: 80.95
SUP 1: Jpy80.20 – Low 20 June
SUP 2: Jpy79.79 – Low 19 June
SUP 3: Jpy78.73 – Low 14 June
SUP 4: Jpy78.60 – 21 day moving average
NZD/USD: Focus on 21 day moving average. The Kiwi recovered a little lost ground on Friday but failed to retake the initial resistance level noted at $0.7921. Focus is now on tests of the 21 day moving average as daily tech studies continue to unwind from previous O/B levels. Overall the Kiwi needs to break above the key $8060-80 region to kick start topside momentum.
RES 4: $0.8083 – 61.8% retracement of $0.8461-0.7461 move
RES 3: $0.8061 – Previous daily support now resistance
RES 2: $0.8016 – High June 21
RES 1: $0.7921 – Spike low June 20 now resistance
LATEST PRICE: 0.7905
SUP 1: $0.7791 – Hourly support June 14
SUP 2: $0.7751 – Low June 13
SUP 3: $0.7721 – 21 day moving average
SUP 4: $0.7621 – Low June 8
USD/SGD: Watching the 21 day ma today. USD/SGD consolidated below the 21 day MA on Friday with a move above targeting the June monthly highs. While the 21 day MA caps there is a risk of further sideways trading within last weeks range but a break higher is favoured overall this week with stops above Sgd1.2800. The flat 21 day lower Bollinger is noted around Sgd1.2658 to start the week.
RES 4: Sgd1.3004 – 2012 high Jan 9
RES 3: Sgd1.2970 – Monthly high June 1
RES 2: Sgd1.2888 – High June 8
RES 1: Sgd1.2798 – 21 day moving average
LATEST PRICE: 1.2769
SUP 1: Sgd1.2734 – High June 18 now support
SUP 2: Sgd1.2649 – Low June 19
SUP 3: Sgd1.2607 – 100 day moving average
SUP 4: Sgd1.2587 – 61.8% retracement of Sgd1.2349-1.2970 move
USD/KRW: Daily tech studies correcting from oversold. USD/KRW is pausing ahead of the initial resistance noted in the Krw1160-65 region with a move higher to test the 21 day MA favoured this week. Daily tech studies are correcting from very oversold levels and have plenty of room to move topside, supporting an overall continuation of the correction off of the key support noted around Krw1148.
RES 4: Krw1194.9 – High Oct 5 2011
RES 3: Krw1186.7 – 2012 High June 4
RES 2: Krw1170.0 – 21 day moving average
RES 1: Krw1165.2 – High June 18
LATEST PRICE: 1158.0
SUP 1: Krw1147.8 – Previous daily resistance now support
SUP 2: Krw1143.7 – 200 day moving average
SUP 3: Krw1125.1 – Low May 2
SUP 4: Krw1120.0 – Low Mar 19
EasyForexNews Research Team