AUD/USD: Spike lacks follow through. A whippy past 24 hours for the AUD/USD with a spike above the upper 21 day Bollinger band to fresh 4 month highs lacking follow through. The $1.0382 hourly support from July 26 remains somewhat pivotal with a close below seeing initial focus shift to retests of the July monthly lows. Overbought tech studies are now a concern for the pair.
RES 4: $1.0856 – 2012 high Feb 29
RES 3: $1.0690 – High March 6
RES 2: $1.0635 – High March 19
RES 1: $1.0549 – 21 day upper Bollinger band
LATEST PRICE: 1.0461
SUP 1: $1.0382 – Hourly support July 26
SUP 2: $1.0326 – 21 day moving average
SUP 3: $1.0283 – 200 day moving average
SUP 4: $1.0192 – 100 day moving average
NZD/USD: Spikes above upper Bolli lack follow through. Spikes above the rising upper 21 day Bollinger band continue but lack follow through, and combined with modestly overbought daily tech studies could be hinting at an end to the move higher. We look for back below the $0.7992 July 27 lows to confirm this with the 21 day moving average noted around $0.7991 at present.
RES 4: $0.8469 – 2012 high Feb 29
RES 3: $0.8317 – High April 13
RES 2: $0.8235 – High April 30
RES 1: $0.8137 – 21 day upper Bollinger band
LATEST PRICE: 0.8094
SUP 1: $0.8070 – Low Aug 1
SUP 2: $0.7992 – Low July 27
SUP 3: $0.7965 – 200 day moving average
SUP 4: $0.7905 – Hourly support July 26
AUD/JPY: Topside stops taken out then reverses. Stops above the Jpy82.50 level were taken out as the spike higher paused at the 21 day upper Bollinger band before finding support at the 100 day MA (Jpy81.69). Back below the Jpy81.25-40 region is needed to see focus shift back to retests of the July monthly lows and away from the Jpy84.50-80 region.
RES 4: Jpy86.81 – High April 2
RES 3: Jpy84.81 – High April 23
RES 2: Jpy84.53 – High April 27
RES 1: Jpy82.68 – 21 day upper Bollinger band
LATEST PRICE: 81.80
SUP 1: Jpy81.41 – 200 day moving average
SUP 2: Jpy81.25 – Hourly support July 27
SUP 3: Jpy80.30 – Hourly support July 26
SUP 4: Jpy80.07 – 21 day lower Bollinger band
USD/KRW: Support continues to hold. USD/KRW has continued to find support ahead of the May 2 low with back above the Krw1141.3-1141.8 range seen as pivotal topside with 21 and 200 day moving averages lurking here. Back above this region sees focus turn to tests of the Krw1155-1165 region. Spikes below the 21 day lower Bollinger have continued but lack follow through.
RES 4: Krw1165.2 – High June 18
RES 3: Krw1158.1 – High July 12
RES 2: Krw1155.9 – Ichimoku cloud base
RES 1: Krw1141.3 – 200 day moving average
LATEST PRICE: 1132.0
SUP 1: Krw1125.1 – Low May 2
SUP 2: Krw1122.7 – 100 week moving average
SUP 3: Krw1112.8 – 2012 Low Mar 2
SUP 4: Krw1092.5 – Low Sept 14
USD/SGD: Daily charts hinting at a correction. A bullish outside key reversal for the pair technically hints at a change of direction but we continue to look for a close above the July 27 hourly resistance to confirm and shift initial focus back towards Sgd1.2644 July 25 highs. While Sgd1.2538 caps the 2012 lows remain the focal point although correcting oversold daily tech studies are now an issue for the bears.
RES 4: Sgd1.2644 – High July 25
RES 3: Sgd1.2586 – 21 day moving average
RES 2: Sgd1.2538 – Hourly resistance July 27
RES 1: Sgd1.2500 – Alternating hourly resistance/support
LATEST PRICE: 1.2487
SUP 1: Sgd1.2430 – Low July 31
SUP 2: Sgd1.2349 – 2012 Low April 30
SUP 3: Sgd1.2283 – Monthly low Sept 2011
SUP 4: Sgd1.2000 – Key psychological support
EasyForexNews Research Team