AUD/USD: Jan 9 Lows Key Support For Now. The pullback from ahead of the 21 day upper Bollinger band on Friday has seen a double daily top develop and helped to relieve the topside pressure a little, but we will continue to look for a move back below the Jan 9 low to shift focus lower once more. Given daily tech studies are approaching overbought levels continued topside failures ahead of last week’s highs ($1.0599) would hint at a deeper correction.
RES 4: $1.0817 – High Mar 2
RES 3: $1.0690 – High Mar 6
RES 2: $1.0624 – Monthly high Sept 14
RES 1: $1.0609 – 21 day upper Bollinger band
LATEST PRICE: 1.0540
SUP 1: $1.0488 – Low Jan 9
SUP 2: $1.0464 – 21 day moving average
SUP 3: $1.0396 – 100 day moving average
SUP 4: $1.0339 – Low Nov 21
NZD/USD: Sharp Correction A Concern. The pair managed a bearish key reversal on Friday with the 21-DMA seen as initial support. Back below the 21-DMA confirms a shift lower in focus back to the Dec monthly lows. Topside the 2012 highs remain key with a close above now needed to kick start topside momentum and see the Sept 2011 highs around the $0.8600 level come back into the picture. For now sideways trading in a $0.8320-0.8460 range is likely this week.
RES 4: $0.8568 – High Aug 31
RES 3: $0.8498 – 21 day upper Bollinger band
RES 2: $0.8474 – 2012 High Dec 14
RES 1: $0.8459 – High Jan 11
LATEST PRICE: 0.8361
SUP 1: $0.8323 – 21 day moving average
SUP 2: $0.8248 – Previous Resistance Now Support
SUP 3: $0.8220 – 100 day moving average
SUP 4: $0.8157 – Monthly low Dec 26
AUD/JPY: Fresh Highs Continue Daily. Fresh highs not seen since Aug 2008 continue on an almost daily basis for AUD/USD as it continues to oscillate around the sharply rising 21 day upper Bollinger band with the pair having pulled up just short of the psychological Jpy95.00 level. Above this level sees the pair focus on retests of the Aug 4 2008 highs. For now, back below the Jpy92.83 level is needed to relieve immediate topside pressure.
RES 4: Jpy104.5 – 2008 High Jul 21 2008
RES 3: Jpy100.9 – High Aug 4 2008
RES 2: Jpy96.42 – High Aug 18 2008
RES 1: Jpy94.47 – High Jan 11
LATEST PRICE: 93.96
SUP 1: Jpy92.83 – Previous daily resistance now support
SUP 2: Jpy91.13 – Low Jan 4
SUP 3: Jpy90.17 – 21 day moving average
SUP 4: Jpy89.92 – Low Jan 2
USD/KRW: 2011 Lows Lurking Just Below. USD/KRW managed a spike below the 21 day lower Bollinger band to end last week with continued spikes below expected until a close above the 21-DMA is seen. A close above the 21-DMA is needed to relieve the immediate downside pressure that sees the pair continue to trade at the lowest levels in over 12 months. USD/KRW may find some support ahead of the 2011 lows from Aug 1 2011 but an eventual break lower is favoured.
RES 4: Krw1085.2 – Monthly high Dec 4
RES 3: Krw1080.8 – Previous support now resistance
RES 2: Krw1079.9 – 21 day upper Bollinger band
RES 1: Krw1067.9 – 21 day moving average
LATEST PRICE: 1056.7
SUP 1: Krw1055.9 – 21 day lower Bollinger band
SUP 2: Krw1054.5 – 2013 low Jan 11
SUP 3: Krw1048.3 – 2011 low Aug 1 2011
SUP 4: Krw1037.1 – Falling daily channel base
USD/SGD: Bounces Off 21-DMA, Focus Remains Lower. The pair found support at the 21-DMA to end the week but still needs to close above the double daily top at Sgd1.2292 to refocus higher once more as daily tech studies correct from overbought levels. Pressure is expected to remain on the 21-DMA this week with an overall retest of the 2012 lows remaining favoured until USD/SGD can manage a close back above the Jan 9 & 10 highs.
RES 4: Sgd1.2399 – Previous daily support now resistance
RES 3: Sgd1.2339 – High Sept 26
RES 2: Sgd1.2330 – High Jan 7
RES 1: Sgd1.2292 – High Jan 10
LATEST PRICE: 1.2254
SUP 1: Sgd1.2227 – 21 day moving average
SUP 2: Sgd1.2198 – Low Jan 2
SUP 3: Sgd1.2169 – Low Dec 18
SUP 4: Sgd1.2159 – 21 day lower Bollinger band
EasyForexNews Research Team