AUD/USD: Friday’s High Key To Start The Week. Friday’s spike to fresh highs for the week lacked follow through and we now look for a close above $1.0518 to start the week as an indication that focus has returned to the $1.0624-90 region. Daily tech studies remain in overbought territory which could continue to weigh. The Sept 20 lows remain key with a close below needed to confirm downside pressure.
RES 4: $1.0690 – High Mar 6
RES 3: $1.0624 – High Sept 18
RES 2: $1.0588 – 21 day upper Bollinger band
RES 1: $1.0518 – High Sept 21
LATEST PRICE: 1.0461
SUP 1: $1.0368 – Low Sept 20
SUP 2: $1.0334 – 200 day moving average
SUP 3: $1.0276 – Low Sept 7
SUP 4: $1.0165 – Low Sept 5
NZD/USD: Unconvincing Spike To End The Week. The spike higher to end the week was less than convincing with the pair closing just above the day’s lows. With tech studies slowly correcting from overbought levels we will continue to look for a close above the $0.8353 to shift focus to retests of the 2012 highs. $0.8170 remains pivotal support with below seeing the 200-DMA tested.
RES 4: $0.8568 – Monthly high Aug 2011
RES 3: $0.8469 – 2012 high Feb 2012
RES 2: $0.8382 – 21 day upper Bollinger band
RES 1: $0.8353 – High Sept 14
LATEST PRICE: 0.8284
SUP 1: $0.8210 – Low Sept 20
SUP 2: $0.8170 – Low Sept 12
SUP 3: $0.8083 – Low Sept 10/11
SUP 4: $0.8035 – 200 day moving average
AUD/JPY: Lower levels remain favoured. Initial focus remains on tests of the 100-DMA and then Sept monthly lows until the pair can manage a close above the Sept 14 highs which would then shift immediate focus to retests of the key Aug monthly highs and then April 13 highs above. This week should see further Jpy80.70-83.10 consolidation with an overall downward bias.
RES 4: Jpy84.81 – High April 13
RES 3: Jpy83.56 – Monthly high Aug 21
RES 2: Jpy83.10 – High Sept 14
RES 1: Jpy82.30 – High Sept 21
LATEST PRICE: 81.73
SUP 1: Jpy80.99 – Low Sept 20
SUP 2: Jpy80.69 – 100 day moving average
SUP 3: Jpy79.94 – 21 day lower Bollinger band
SUP 4: Jpy79.56 – Monthly low July 25
USD/KRW: Range trading likely to continue. USD/KRW looks to have fallen back into its range trading ways as it now trades sideways within a Krw1112.8-1124.8 range. A close above Krw1124.8 sees immediate focus return to retests of the 200-DMA while a break to fresh 2012 lows targets sub Krw1100 levels. Correcting oversold daily tech studies remain a concern. Expect more Krw1112.8-1124.8 this week.
RES 4: Krw1158.1 – High July 12
RES 3: Krw1140.2 – 200 day moving average
RES 2: Krw1136.4 – Ichimoku cloud base
RES 1: Krw1124.8 – Previous key daily support now resistance
LATEST PRICE: 1119.1
SUP 1: Krw1112.8 – 2012 Low Mar 2
SUP 2: Krw1110.4 – Low Nov 4 2011
SUP 3: Krw1100.2 – Low Oct 31 2011
SUP 4: Krw1091.5 – Falling daily channel base
USD/SGD: Sept 10 Highs Remain Key Topside. Oversold daily tech studies continue to correct from oversold levels but the pair is struggling to make headway above the Sgd1.2275 level. The Sept 10 highs remain key topside with a close above needed to see focus shift higher to retests of the falling daily trend line coming in around Sgd1.2450 to start the new week. For now focus remains on Sept lows.
RES 4: Sgd1.2389 – 21 day moving average
RES 3: Sgd1.2371 – High Sept 10
RES 2: Sgd1.2312 – High Sept 13
RES 1: Sgd1.2275 – High Sept 20
LATEST PRICE: 1.2247
SUP 1: Sgd1.2175 – Low Sept 14 2012
SUP 2: Sgd1.2133 – Low Sept 9 2011
SUP 3: Sgd1.2002 – Double daily bottom Aug 16/17 2011
SUP 4: Sgd1.1995 – 2011 Low July 27 2011
EasyForexNews Research Team