AUD/USD: Daily tech studies overbought. The AUD/USD continues to set fresh 4 month highs on a daily basis as it tests the rising daily channel top and rising 21 day upper Bollinger band ($1.0634). Daily tech studies are in overbought territory which is worth noting but overall the pair needs to close below the Aug 2 lows at $1.0436 to shift focus back towards retests of July monthly lows.
RES 4: $1.0856 – 2012 high Feb 29
RES 3: $1.0690 – High March 6
RES 2: $1.0635 – High March 19
RES 1: $1.0602 – High Aug 7
LATEST PRICE: 1.0557
SUP 1: $1.0536 – Hourly support Aug 6
SUP 2: $1.0498 – Hourly support Aug 3
SUP 3: $1.0436 – Low Aug 2
SUP 4: $1.0382 – Hourly support July 26
NZD/USD: Failing ahead of key resistance for now. Overbought daily tech studies could become an issue for the Kiwi as it pauses ahead of the initial topside target at $0.8235. $0.8069 Aug 1 lows are the level to watch downside with a close below needed to shift focus back to retests of the July monthly lows. Further failures at the $0.8235 hurdle will add weight to the case for a correction.
RES 4: $0.8469 – 2012 high Feb 29
RES 3: $0.8405 – High Mar 1
RES 2: $0.8317 – High April 13
RES 1: $0.8235 – High April 30
LATEST PRICE: 0.8154
SUP 1: $0.8128 – Hourly support Aug 3
SUP 2: $0.8069 – Low Aug 1
SUP 3: $0.8018 – 21 day moving average
SUP 4: $0.7992 – Low July 27
AUD/JPY: Key moving averages clustered support. The 21, 100 and 200 day moving averages all come in around the Jpy81.40-50 region making this region somewhat pivotal for the AUD/JPY. While above Jpy81.40-50 focus initially remains on tests of the Jpy84.53-81 region, whereas a close below sees focus shift back to retests of July monthly lows.
RES 4: Jpy86.81 – High April 2
RES 3: Jpy84.81 – High April 23
RES 2: Jpy84.53 – High April 27
RES 1: Jpy83.22 – 21 day upper Bollinger band
LATEST PRICE: 83.00
SUP 1: Jpy82.52 – Low Aug 7
SUP 2: Jpy81.57 – Low Aug 1
SUP 3: Jpy81.43 – 200 day moving average
SUP 4: Jpy81.25 – Hourly support July 27
USD/KRW: Key support continues to hold for now. Continued hesitation ahead of support at Krw1125.1 confirms its significance as support and with stops below a break lower sees the pair well on its way towards a retest of the 2012 lows. Topside a close back above the 200 day MA is needed to remove the downside pressure and shift focus back to retests of layers of resistance Krw1155.9-1165.2.
RES 4: Krw1165.2 – High June 18
RES 3: Krw1158.1 – High July 12
RES 2: Krw1155.9 – Ichimoku cloud base
RES 1: Krw1141.6 – 200 day moving average
LATEST PRICE: 1129.2
SUP 1: Krw1125.1 – Low May 2
SUP 2: Krw1122.3 – 100 week moving average
SUP 3: Krw1112.8 – 2012 Low Mar 2
SUP 4: Krw1092.5 – Low Sept 14
USD/SGD: Pausing ahead of 2012 lows. USD/SGD has paused on its way towards the initial target at Sgd1.2349 with oversold daily tech studies now a potential issue for the continuation lower. Topside we will look to the Aug 2 highs as a pivot point with a close above needed to shift focus back towards July 25 highs initially and then the monthly highs above that.
RES 4: Sgd1.2547 – 21 day moving average
RES 3: Sgd1.2538 – Hourly resistance July 27
RES 2: Sgd1.2514 – High Aug 2
RES 1: Sgd1.2429 – High Aug 6
LATEST PRICE: 1.2421
SUP 1: Sgd1.2400 – Low Aug 6
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