AUD/USD: Dip Back To 21-DMA Now Looking More Likely. With daily Slow Stochastic, RSI and Momentum indicators in overbought territory, the pair failing ahead of the Sept 14 monthly highs and a lower daily high and low in place to start the week, there is now an increased risk of a pullback to the 21-DMA and then Dec monthly lows beneath. A close below yesterday’s low is now needed as confirmation of a correction being underway while above last weeks high is needed to negate this view.
RES 4: $1.0817 – High Mar 2
RES 3: $1.0690 – High Mar 6
RES 2: $1.0624 – Monthly high Sept 14
RES 1: $1.0613 – 21 day upper Bollinger band
LATEST PRICE: 1.0564
SUP 1: $1.0523 – Low Jan 14
SUP 2: $1.0488 – Low Jan 9
SUP 3: $1.0464 – 21 day moving average
SUP 4: $1.0396 – 100 day moving average
NZD/USD: Topside Failures A Concern. The pair consolidated at the lower end of Friday’s range with a double daily bottom and support having formed at the $0.8363 level. Hesitation ahead of the 2012 high combined with a now falling 21 day upper Bollinger and O/B daily tech studies increases the risk of a correction back towards the Dec monthly lows and then the key $0.8060-80 support region below. Below yesterday’s low is needed to confirm.
RES 4: $0.8568 – High Aug 31
RES 3: $0.8486 – 21 day upper Bollinger band
RES 2: $0.8474 – 2012 High Dec 14
RES 1: $0.8459 – High Jan 11
LATEST PRICE: 0.8422
SUP 1: $0.8363 – Low Jan 11
SUP 2: $0.8320 – 21 day moving average
SUP 3: $0.8248 – Previous Resistance Now Support
SUP 4: $0.8226 – 100 day moving average
AUD/JPY: Edging Closer To The Jpy95.00-100.00 Region. Another fresh high not seen since Aug 2008 to start the week for AUD/JPY with back below the Jpy92.80-85 region needed to relieve the current bullish momentum that continues to see pair heading towards the Jpy95.00-100.00 region. Overall back below the 21-DMA remains needed to call an end to the uptrend that is now into its 4th month.
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: Jpy94.79 – 21 day upper Bollinger band
LATEST PRICE: 94.51
SUP 1: Jpy93.80 – Low Jan 11
SUP 2: Jpy92.83 – Previous daily resistance now support
SUP 3: Jpy91.13 – Low Jan 4
SUP 4: Jpy90.45 – 21 day moving average
USD/KRW: Consolidates To Start The Week. Another narrow range for USD/KRW to start the week as the pair consolidated above the lowest levels in over 12 months and the 2011 lows lurking just beneath the market. Bearish pressure is expected to remain with a close above the 21-DMA needed to relieve the pressure that has been in place for over 6 months, while a close above the Krw1080.8 level is needed to end the down trend.
RES 4: Krw1085.2 – Monthly high Dec 4
RES 3: Krw1080.8 – Previous support now resistance
RES 2: Krw1079.5 – 21 day upper Bollinger band
RES 1: Krw1067.0 – 21 day moving average
LATEST PRICE: 1056.5
SUP 1: Krw1054.6 – 21 day lower Bollinger band
SUP 2: Krw1054.5 – 2013 low Jan 11
SUP 3: Krw1048.3 – 2011 low Aug 1 2011
SUP 4: Krw1036.4 – Falling daily channel base
USD/SGD: Little Changed From Friday’s Close. Despite the spike higher yesterday USD/SGD is little changed from Friday’s NY close. Correcting overbought daily tech studies continue to favour further tests of the 21-DMA with a break lower targeted until the pair can manage a close above the double daily top in the Sgd1.2292-94 region. The higher close would then see pressure return to the Jan highs and then the Sgd1.2399-32 region above with the 200-DMA at Sgd1.2432.
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 9
LATEST PRICE: 1.2259
SUP 1: Sgd1.2230 – 21 day moving average
SUP 2: Sgd1.2198 – Low Jan 2
SUP 3: Sgd1.2169 – Low Dec 18
SUP 4: Sgd1.2161 – 21 day lower Bollinger band
EasyForexNews Research Team