AUD/USD: Dec Monthly Highs Now Targeted. The AUD/USD managed minor fresh highs for the month/year and now has the Dec 12 monthly highs in its sights with a close back below yesterday’s low ($1.0488) now needed to relieve the topside pressure. Daily tech studies continue to work their way higher and still have room to move before becoming overbought is an issue and begins to weigh.
RES 4: $1.0624 – Monthly high Sept 14
RES 3: $1.0599 – 21 day upper Bollinger band
RES 2: $1.0583 – Monthly High Dec 12
RES 1: $1.0534 – High Jan 9
LATEST PRICE: 1.0517
SUP 1: $1.0488 – Low Jan 9
SUP 2: $1.0462 – 21 day moving average
SUP 3: $1.0393 – 100 day moving average
SUP 4: $1.0339 – Low Nov 21
NZD/USD: Initial Focus On 2012 Highs. The move to fresh 3 week highs for the Kiwi sees initial focus firmly on retests of the 2012 high with a close below the Jan 9 low needed to relieve the immediate topside pressure. Daily Slow Stochastic, RSI and Momentum indicators continue to head higher with a little room to move before becoming overbought is an issue. The flat 21 day upper Bollinger band adds significance to the $0.8474-95 resistance region.
RES 4: $0.8840 – Monthly high Aug 1
RES 3: $0.8568 – High Aug 31
RES 2: $0.8495 – 21 day upper Bollinger band
RES 1: $0.8474 – 2012 High Dec 14
LATEST PRICE: 0.8396
SUP 1: $0.8353 – Low Jan 9
SUP 2: $0.8323 – 21 day moving average
SUP 3: $0.8248 – Previous Resistance Now Support
SUP 4: $0.8209 – 100 day moving average
AUD/JPY: Consolidating As Tech Studies Unwind. The AUD/JPY is once again consolidating at lofty levels as daily tech studies look to correct from overbought levels. Below the Jan 4 low is still needed to relieve the overall topside focus that has the pair heading towards the psychological Jpy95.00 level while a close below the 21-DMA remains needed to end the current up trend.
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: 92.29
SUP 1: Jpy91.13 – Low Jan 4
SUP 2: Jpy89.92 – Low Jan 2
SUP 3: Jpy89.59 – 21 day moving average
SUP 4: Jpy88.90 – Low Dec 28
USD/KRW: Lowest Levels Since Sept 2011. USD/KRW has set fresh lows for the month/year and has traded at the lowest level since early Sept 2011 (Krw1060.4). The focus remains lower for the pair with the falling daily channel base being used as a moving downside target. The 21-DMA remains the resistance level to watch with a close above needed to relieve the persistent downside pressure.
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: 1060.9
SUP 1: Krw1060.6 – 2013 low Jan 10
SUP 2: Krw1060.4 – Monthly low Sept 2 2011
SUP 3: Krw1048.3 – 2011 low Aug 1 2011
SUP 4: Krw1038.5 – Falling daily channel base
USD/SGD: Looking Heavy Today. Correcting overbought daily tech studies appear to be weighing on the pair as USD/SGD hovers just above initial support and looks heavy. Back above the Jan 7 high is needed to kick start topside momentum and target the Sgd1.2400-40 region while back below the Jan 4 support sees overall focus return to retests of the 2012 lows.
RES 4: Sgd1.2438 – 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: 1.2273
SUP 1: Sgd1.2259 – Low Jan 4
SUP 2: Sgd1.2198 – Low Jan 2
SUP 3: Sgd1.2169 – Low Dec 18
SUP 4: Sgd1.2157 – 21 day lower Bollinger band
EasyForexNews Research Team