AUD/USD: Shift Higher In Focus. The sharp move higher yesterday for the AUD/USD sees daily tech studies work their way out of oversold territory, a close above the 21-DMA and a shift in immediate focus to retests of the Dec monthly highs and then Sept monthly highs above. Following the break above the 21-DMA support was seen at this level on the hourly time frame and we will look for a close back below the 21-DMA to shift focus lower once more.
RES 4: $1.0624 – Monthly high Sept 14
RES 3: $1.0597 – 21 day upper Bollinger band
RES 2: $1.0583 – Monthly High Dec 12
RES 1: $1.0523 – High Jan 2
LATEST PRICE: 1.0499
SUP 1: $1.0482 – Hourly support Jan 2
SUP 2: $1.0461 – 21 day moving average
SUP 3: $1.0416 – Previous resistance now support
SUP 4: $1.0339 – Low Nov 21
NZD/USD: Focus Turns Bullish On Close Above 21-DMA. The sharp move higher yesterday for the Kiwi has seen the pair close above the 21-DMA which sees immediate focus shift to retests of the 2012 highs set on Dec 14. Daily tech studies have move back to move neutral levels as a result of the bounce and are no longer an issue. The 21-DMA now becomes initial support with a close back below needed to end the fresh bullish hopes.
RES 4: $0.8490 – 21 day upper Bollinger band
RES 3: $0.8474 – 2012 High Dec 14
RES 2: $0.8392 – High Jan 2
RES 1: $0.8360 – Hourly resistance
LATEST PRICE: 0.8335
SUP 1: $0.8320 – 21 day moving average
SUP 2: $0.8248 – Previous Resistance Now Support
SUP 3: $0.8157 – Monthly Low Dec 26
SUP 4: $0.8142 – 21 day lower Bollinger band
AUD/JPY: Fresh 4 Year Highs Continue. The pair continues to trade at fresh highs not seen since Aug 2008 with the pair closing well above the 21 day upper Bollinger band (Jpy91.03). The Jpy95.00 psychological level now remains our initial target with a close above then seeing the Jpy100.00 level come back into the picture. Initial support is now seen at the Jan 2 lows but the 21-DMA remains key.
RES 4: Jpy100.9 – High Aug 4 2008
RES 3: Jpy96.42 – High Aug 18 2008
RES 2: Jpy93.24 – Low Aug 14 2008
RES 1: Jpy91.75 – High Jan 2
LATEST PRICE: 91.65
SUP 1: Jpy89.92 – Low Jan 2
SUP 2: Jpy88.90 – Low Dec 28
SUP 3: Jpy88.29 – 21 day moving average
SUP 4: Jpy87.52 – Low Dec 25
USD/KRW: Lowest Level In Almost 18 months. USD/KRW continues to work its way towards the falling daily channel base as the pair traded at fresh 2013 lows and the lowest level since Sept 2011 overnight. The 21-DMA remains they key resistance with a close above not seen since early Sept. We will look to the Krw1080 resistance level as confirmation of a break of the 21-DMA and a subsequent shift higher in focus back towards the 200-DMA (Krw1125.0).
RES 4: Krw1085.2 – Monthly high Dec 4
RES 3: Krw1084.1 – 21 day upper Bollinger band
RES 2: Krw1080.8 – Previous support now resistance
RES 1: Krw1073.5 – 21 day moving average
LATEST PRICE: 1062.9
SUP 1: Krw1061.9 – 2013 low Jan 2
SUP 2: Krw1060.4 – Monthly low Sept 2 2011
SUP 3: Krw1048.3 – 2011 low Aug 1 2011
SUP 4: Krw1042.0 – Falling daily channel base
USD/SGD: Closes Below 21-DMA. The cross managed to close marginally below the 21-DMA yesterday which sees focus return to retests of the 2012 lows. Narrow 21 day Bollinger bands are suggesting further sideways trading in a Sgd1.2175-1.2240 range and this is likely to hold true for the time being. Daily Slow Stochastic and RSI indicators are gently correcting from overbought levels and are likely to weigh a little.
RES 4: Sgd1.2281 – 100 day moving average
RES 3: Sgd1.2271 – Double daily top Nov 19 & 21
RES 2: Sgd1.2247 – High Dec 26
RES 1: Sgd1.2207- 21 day moving average
LATEST PRICE: 1.2205
SUP 1: Sgd1.2175 – 21 day lower Bollinger band
SUP 2: Sgd1.2169 – Low Dec 18
SUP 3: Sgd1.2153 – 2012 low Oct 22 2012
SUP 4: Sgd1.2074 – Low Sept 8 2011
EasyForexNews Research Team