AUD/USD: Continues To Hesitate Topside. The AUD/USD continues to trade sideways ahead of the Jan 2 highs. The continued hesitation in this region increases the risk of a decent test of the 21-DMA. Topside a close above the Jan 2 high sees spikes above the upper 21 day Bollinger band targeted. While the pair remains capped the overall risk remains on a move back to the $1.0290-00 region. For now expect further sideways trading.
RES 4: $1.0624 – Monthly high Sept 14
RES 3: $1.0600 – 21 day upper Bollinger band
RES 2: $1.0583 – Monthly High Dec 12
RES 1: $1.0527 – High Jan 2
LATEST PRICE: 1.0494
SUP 1: $1.0462 – 21 day moving average
SUP 2: $1.0392 – 100 day moving average
SUP 3: $1.0339 – Low Nov 21
SUP 4: $1.0324 – 21 day lower Bollinger band
NZD/USD: Topside Momentum Starting To Fail. The pair needs to close above Jan 2 highs to remove the current focus from a move back to the $0.8150-10 region. A close below the 21-DMA is needed to remove hope of tests of the 2012 highs and confirm the current lower focus. Overall flat Bollinger bans are suggesting the pair continue to trade in a broad $1.0150-0.8500 range.
RES 4: $0.8568 – High Aug 31
RES 3: $0.8494 – 21 day upper Bollinger band
RES 2: $0.8474 – 2012 High Dec 14
RES 1: $0.8392 – High Jan 2
LATEST PRICE: 0.8352
SUP 1: $0.8322 – 21 day moving average
SUP 2: $0.8248 – Previous Resistance Now Support
SUP 3: $0.8209 – 100 day moving average
SUP 4: $0.8149 – 21 day lower Bollinger
AUD/JPY: Daily Tech Studies Overbought. The AUD/JPY has taken a break from setting fresh 4 year highs and has dipped back to the initial support. We will continue to look for a close below the Jan 4 support to relieve topside pressure while a close below the 21-DMA remains needed to end the trend. Daily tech studies remain very overbought and ready to correct and may start to weigh on further attempts at gains.
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: Jpy92.83 – High Jan 7
LATEST PRICE: 91.53
SUP 1: Jpy91.13 – Low Jan 4
SUP 2: Jpy89.92 – Low Jan 2
SUP 3: Jpy89.34 – 21 day moving average
SUP 4: Jpy88.90 – Low Dec 28
USD/KRW: Oversold Daily Tech Studies. USD/KRW continues to trade sideways in a narrow range just above the double daily bottom at Krw1161.5. Daily RSI, Slow Stochastic and Momentum indicators are looking to correct from oversold levels which I increases the risk of a bounce back to the 21-DMA. For now the focus remains lower with tests of the falling daily channel base the target.
RES 4: Krw1085.2 – Monthly high Dec 4
RES 3: Krw1080.8 – Previous support now resistance
RES 2: Krw1080.0 – 21 day upper Bollinger band
RES 1: Krw1070.1 – 21 day moving average
LATEST PRICE: 1062.9
SUP 1: Krw1061.5 – 2013 low Jan 3 & Jan 7
SUP 2: Krw1060.4 – Monthly low Sept 2 2011
SUP 3: Krw1048.3 – 2011 low Aug 1 2011
SUP 4: Krw1039.2 – Falling daily channel base
USD/SGD: Consolidating For Now. USD/SGD remains little changed from yesterday’s NY closing level after having found support ahead of the Jan 4 lows at the 100-DMA (Sgd1.2269). We will continue to look for a close below the Jan 4 low which would see the initial focus return to retests of the Jan 2 lows and then the 2012 lows beneath. Overbought tech studies could start to weigh on further attempts to move above Jan 7 highs.
RES 4: Sgd1.2441 – 200 day moving average
RES 3: Sgd1.2399 – Previous daily support now resistance
RES 2: Sgd1.2339 – High Sept 26
RES 1: Sgd1.2330 – High Jan 7
LATEST PRICE: 1.2296
SUP 1: Sgd1.2259 – Low Jan 4
SUP 2: Sgd1.2198 – Low Jan 2
SUP 3: Sgd1.2169 – Low Dec 18
SUP 4: Sgd1.2162 – 21 day lower Bollinger band
EasyForexNews Research Team