AUD/USD: An Inside Day. An inside day for the AUD/USD yesterday with the pair little changed from yesterday’s NY close. The increased risk of a dip back towards the 21-DMA and then the Dec monthly lows will remain while daily tech studies are overbought and looking to correct, and last week’s high remains unbroken. Stops are expected below the Jan 14 low.
RES 4: $1.0817 – High Mar 2
RES 3: $1.0690 – High Mar 6
RES 2: $1.0624 – Monthly high Sept 14
RES 1: $1.0615 – 21 day upper Bollinger band
LATEST PRICE: 1.0562
SUP 1: $1.0523 – Low Jan 14
SUP 2: $1.0488 – Low Jan 9
SUP 3: $1.0466 – 21 day moving average
SUP 4: $1.0400 – 100 day moving average
NZD/USD: Double Daily Bottom Initial Support. The pair continues to look like a correction is due as bullish momentum begins to wane and overbought daily Slow Stochastic, RSI and Momentum indicators look to correct. Topside the pair needs to take out the 2012 high to kick start bullish momentum and refocus targets higher. The double daily bottom from Jan 11 and 14 remains initial support.
RES 4: $0.8568 – High Aug 31
RES 3: $0.8479 – 21 day upper Bollinger band
RES 2: $0.8474 – 2012 High Dec 14
RES 1: $0.8459 – High Jan 11
LATEST PRICE: 0.8398
SUP 1: $0.8363 – Low Jan 11
SUP 2: $0.8318 – 21 day moving average
SUP 3: $0.8248 – Previous Resistance Now Support
SUP 4: $0.8230 – 100 day moving average
AUD/JPY: Double Daily Top And Overbought Tech Studies. With a double daily top in place from Jan 14 & 15 in the 94.60-65 region, a sharp correction towards the key Jpy92.80-85 support region and extremely overbought daily tech studies that are extremely overbought there is an increased risk of a correction. Below the Jpy92.80-85 region is needed to relieve bullish pressure while below the 21-DMA is 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: Jpy95.18- 21 day upper Bollinger band
RES 1: Jpy94.64 – High Jan 14 & 15
LATEST PRICE: 93.80
SUP 1: Jpy93.12 – Low Jan 15
SUP 2: Jpy92.83 – Previous daily resistance now support
SUP 3: Jpy91.13 – Low Jan 4
SUP 4: Jpy90.70 – 21 day moving average
USD/KRW: Narrow Ranges Continue. Narrow ranges continue for USD/KRW as the pair consolidates 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: Krw1079.2 – 21 day upper Bollinger band
RES 1: Krw1066.3 – 21 day moving average
LATEST PRICE: 1057.6
SUP 1: Krw1054.5 – 2013 low Jan 11
SUP 2: Krw1053.4 – 21 day lower Bollinger band
SUP 3: Krw1048.3 – 2011 low Aug 1 2011
SUP 4: Krw1036.4 – Falling daily channel base
USD/SGD: 21-DMA Supporting. The pair continues to find support ahead of the 21-DMA and we will now look for a move below the 21-DMA to maintain focus on the 2012 lows. While the 21-DMA supports there is now an increased risk of a bounce back to the Jan 7 highs with daily tech studies having corrected back to more neutral levels and being well placed for another test higher.
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: Sgd1.2232 – 21 day moving average
SUP 2: Sgd1.2198 – Low Jan 2
SUP 3: Sgd1.2169 – Low Dec 18
SUP 4: Sgd1.2165 – 21 day lower Bollinger band
EasyForexNews Research Team