AUD/USD: Holding Above Initial Support. The pair continues to hold above the initial support with the rising daily trend line off Nov monthly lows adding significance to this region again today. Overall while the pair remains above the 21-DMA we will continue to look for spikes above the upper 21 day Bollinger band ($1.0580) while targeting a retest of the Sept monthly highs. A close below the 21-DMA would shift focus back to the Nov monthly low.
RES 4: $1.0856 – 2012 high Feb 29
RES 3: $1.0693 – High Mar 7
RES 2: $1.0624 – Monthly high Sept 14
RES 1: $1.0583 – High Dec 12
LATEST PRICE: 1.0531
SUP 1: $1.0509 – Low Dec 13
SUP 2: $1.0472 – 21 day moving average
SUP 3: $1.0442 – Low Dec 6
SUP 4: $1.0405 – 100 day moving average
NZD/USD: Focus Remains Higher For Now. Immediate focus remains on retests of the Aug 3 2011 highs with a close above the 2012 high needed to confirm and kick start topside momentum. Initial support remains at the Dec 12 lows with stops noted below but the 21-DMA remains key and we will now look for a close below the Dec 6 low as confirmation of a shift lower in focus.
RES 4: $0.8840 – Monthly high Aug 1 2011
RES 3: $0.8677 – High Aug 3 2011
RES 2: $0.8568 – High Aug 31 2011
RES 1: $0.8474 – 2012 high Dec 14
LATEST PRICE: 0.8422
SUP 1: $0.8386 – Low Dec 12
SUP 2: $0.8292 – 21 day moving average
SUP 3: $0.8284 – Low Dec 6
SUP 4: $0.8215 – Low Dec 4
AUD/JPY: An Inside Day Yesterday. The cross is currently pausing ahead of the 2012 high set last week but with the uptrend firmly in play overall focus will remain on retests of the 2011 high around the Jpy90.00 level until the pair can manage a close below the 21-DMA. Stops are noted below the initial support and again below the Dec 12 low. The upper Bollinger band is noted around Jpy88.83 today with spikes above expected to continue.
RES 4: Jpy90.74 – Monthly high Sept 28 2008
RES 3: Jpy90.02 – 2011 high Apr 11 2011
RES 2: Jpy89.63 – High Apr 28 2011
RES 1: Jpy89.04 – 2012 high Dec 14
LATEST PRICE: 88.69
SUP 1: Jpy87.70 – Hourly support Dec 13
SUP 2: Jpy86.90 – Low Dec 12
SUP 3: Jpy86.55 – 21 day moving average
SUP 4: Jpy85.27 – Low Nov 28
USD/KRW: Marginal Fresh 2012 Low. USD/KRW managed marginal fresh 2012 lows overnight trading at the lowest level since Sept 2011. Pressure remains on lower levels with the falling daily channel base currently targeted until the pair can manage a close above the Nov 16 high. The 21-DMA comes in around the previous daily support level (Krw1180.7) that is now seen as resistance, adding significance to this level.
RES 4: Krw1109.9 – Previous daily support now resistance
RES 3: Krw1094.4 – High Nov 16
RES 2: Krw1090.4 – 21 day upper Bollinger band
RES 1: Krw1080.8 – 21 day moving average
LATEST PRICE: 1072.0
SUP 1: Krw1071.2 – 2012 low Dec 18
SUP 2: Krw1060.4 – Monthly low Sept 2
SUP 3: Krw1049.4 – Falling daily channel base
SUP 4: Krw1048.3 – 2011 low Aug 1
USD/SGD: Fresh 9 Week Lows. USD/SGD has finally had some movement, marginally trading at fresh 9 week lows with the 2012 low lurking just below and a retest likely. Initial resistance is noted at the 21-DMA but we will look for a close above the Nov 28 high to shift focus away from fresh 2012 lows. The lower Bollinger band comes in around the Sgd1.2169 level with spikes below once again favoured.
RES 4: Sgd1.2296 – High Nov 16
RES 3: Sgd1.2271 – Double daily top Nov 19 & 21
RES 2: Sgd1.2243 – High Nov 28
RES 1: Sgd1.2211 – 21 day moving average
LATEST PRICE: 1.2171
SUP 1: Sgd1.2169 – 21 day lower Bollinger band
SUP 2: Sgd1.2153 – 2012 low Oct 22 2012
SUP 3: Sgd1.2074 – Low Sept 8 2011
SUP 4: Sgd1.2021 – Low Aug 31 2011
EasyForexNews Research Team