AUD/USD: Bounces Off 21-DMA On First Test. The pair has managed to take out the rising daily trend line off Nov monthly lows and the initial support but has bounced off the 21-DMA on the first attempt. We will continue to look for a close below the 21-DMA to shift focus lower to retests of the Nov monthly lows. Topside the pair needs to close above yesterday’s high to reignite topside momentum and relieve the immediate pressure on the 21-DMA.
RES 4: $1.0693 – High Mar 7
RES 3: $1.0624 – Monthly high Sept 14
RES 2: $1.0583 – High Dec 12
RES 1: $1.0535 – High Dec 19
LATEST PRICE: 1.0491
SUP 1: $1.0477 – 21 day moving average
SUP 2: $1.0442 – Low Dec 6
SUP 3: $1.0406 – 100 day moving average
SUP 4: $1.0375 – 21 day lower Bollinger band
NZD/USD: 21-DMA Remains Pivotal Support. The close below previous initial support has relieved the immediate topside pressure with a close above yesterday’s high now needed to kick start topside momentum. The 21-DMA remains key support and a close below is needed to shift focus lower and back to retests of Nov monthly lows ($0.8056) with the 200-DMA ($0.8075) noted just above.
RES 4: $0.8677 – High Aug 3 2011
RES 3: $0.8568 – High Aug 31 2011
RES 2: $0.8474 – 2012 high Dec 14
RES 1: $0.8420 – High Dec 19
LATEST PRICE: 0.8367
SUP 1: $0.8301 – 21 day moving average
SUP 2: $0.8284 – Low Dec 6
SUP 3: $0.8215 – Low Dec 4
SUP 4: $0.8193 – Low Dec 4
AUD/JPY: Bullish Consolidation Continues. The cross continues to consolidate at the upper end of recent weekly ranges with spikes above the 21 day upper Bollinger band expected to continue until a close below initial support is seen. Higher consecutive daily lows now number 7 and support the current focus on retests of the 2011 high around the Jpy90.00 level. Overall a close below the 21-DMA remains needed to shift focus lower.
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: 88.59
SUP 1: Jpy87.70 – Hourly support Dec 13
SUP 2: Jpy86.90 – Low Dec 12
SUP 3: Jpy86.73 – 21 day moving average
SUP 4: Jpy85.27 – Low Nov 28
USD/KRW: Consolidating Above Recent 2012 Low. USD/KRW continues to trade in narrow ranges while remaining heavy and consolidating above recent fresh 2012 lows. The falling 21 day lower Bollinger band comes in around Krw1070.2 today with spikes below expected to continue until a close above the 21-DMA relieves immediate bearish pressure. Overall we will continue to look for a close above the Nov 16 high to end the current down trend.
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: Krw1080.3 – 21 day moving average
LATEST PRICE: 1073.3
SUP 1: Krw1071.2 – 2012 low Dec 18
SUP 2: Krw1060.4 – Monthly low Sept 2
SUP 3: Krw1048.7 – Falling daily channel base
SUP 4: Krw1048.3 – 2011 low Aug 1
USD/SGD: Bounces Off Lower Bollinger Band. USD/SGD bounced a little off the falling 21 day lower Bollinger band but focus remains on fresh 2012 lows before year end until a close above the Nov 28 highs is seen. The 21-DMA remains initial resistance but we will look for a close above the Nov 28 lows as confirmation of a break of the 21-DMA and a shift in focus back to the Sgd1.2295-05 region with the 100-DMA noted at Sgd1.2302.
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: Sgd1.2208 – 21 day moving average
LATEST PRICE: 1.2171
SUP 1: Sgd1.2167 – 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