AUD/USD: Bullish outside day reversal. A bullish outside day reversal for the AUD/USD yesterday sees immediate focus shift to further range trading within a $1.0180-1.0444 range and renewed hopes of a retest of $1.0444 July monthly high. A close below the 100 day MA is now needed to shift focus back to tests of the July 12 lows but for now initial focus remains higher.
RES 4: $1.0556 – High March 27
RES 3: $1.0474 – Monthly high Apr 27
RES 2: $1.0444 – High July 19
RES 1: $1.0425 – 21 day upper Bollinger band
LATEST PRICE: 1.0316
SUP 1: $1.0197 – 100 day moving average
SUP 2: $1.0180 – Low July 16
SUP 3: $1.0101 – Low July 12
SUP 4: $0.9972 – Low June 25
NZD/USD: Sharp reversal from fresh monthly lows. The false break to fresh monthly low at $0.7813 triggering stops below $0.7840 was sharply reversed with initial focus shifting back to retests of the 100 day moving average and then the $0.8072 July monthly high above that. Daily tech studies are at neutral levels and have plenty of room to move.
RES 4: $0.8083 – 61.8% retracement of $0.8461-0.7461 move
RES 3: $0.8072 – Monthly high July 5
RES 2: $0.7963 – 100 day moving average
RES 1: $0.7930 – Hourly resistance July 23
LATEST PRICE: 0.7888
SUP 1: $0.7813 – Monthly Low July 25
SUP 2: $0.7799 – Previous daily resistance now support
SUP 3: $0.7733 – Low June 13
SUP 4: $0.7617 – Low June 8
AUD/JPY: 100 day moving average back in focus. The pair again traded at fresh monthly lows, dipping below the 21 day lower Bollinger band and the Ichimoku cloud top before reversing sharply higher. The reversal sees immediate focus shift to tests of the 100 day moving average with a close above not seen since the break below back in early May.
RES 4: Jpy82.59 – 21 day upper Bollinger band
RES 3: Jpy82.33 – Monthly high July 5
RES 2: Jpy82.00 – 100 day moving average
RES 1: Jpy81.18 – 21 day moving average
LATEST PRICE: 80.64
SUP 1: Jpy79.79 – 21 day lower Bollinger band
SUP 2: Jpy79.33 – Low June 25
SUP 3: Jpy77.97 – Ichimoku cloud base
SUP 4: Jpy77.73 – Low June 8
USD/KRW: Range trading remains in play. USD/KRW continues to remain confined to the Krw1132.9-1165.2 July monthly range as it now looks like heading back towards the base of the recent range but will need break back below the 100 day MA (Krw1146.8) and 21 day MA (Krw1144.6) to confirm this. A break of either side of the recent range is needed to inject fresh life into the pair.
RES 4: Krw1186.7 – 2012 High June 4
RES 3: Krw1165.2 – High June 18
RES 2: Krw1158.1 – High July 12
RES 1: Krw1155.9 – Ichimoku cloud base
LATEST PRICE: 1149.4
SUP 1: Krw1132.9 – Low July 5
SUP 2: Krw1132.0 – 21 day lower Bollinger band
SUP 3: Krw1125.1 – Low May 2
SUP 4: Krw1112.8 – 2012 Low Mar 2
USD/SGD: 21 day moving average caps correction. The recovery from just above July monthly lows failed at the 21 day moving average hurdle with focus now shifting back to retests of the those lows. Topside the pair needs to close back above the 21 day moving average to negate this view and stops are expected to be building below the Sgd1.2511-20 region.
RES 4: Sgd1.2778 – 21 day upper Bollinger band
RES 3: Sgd1.2728 – High July 12 & 13
RES 2: Sgd1.2671 – High July 16
RES 1: Sgd1.2649 – 21 day moving average
LATEST PRICE: 1.2557
SUP 1: Sgd1.2520 – 21 day lower Bollinger band
SUP 2: Sgd1.2511 – Low May 14
SUP 3: Sgd1.2447 – Low May 8
SUP 4: Sgd1.2349 – 2012 Low April 30
EasyForexNews Research Team