AUD/USD: Choppy Sideways Trading. The pair continues to trade sideways in a choppy fashion but needs to close back above the double daily top at the $1.0598 level to kick start bullish topside momentum. While the double daily top caps and daily tech studies slowly roll over from overbought levels there is an increased risk of a correction back to the 21-DMA and then the Dec monthly lows beneath.
RES 4: $1.0817 – High Mar 2
RES 3: $1.0690 – High Mar 6
RES 2: $1.0624 – Monthly high Sept 14
RES 1: $1.0598 – High Jan 10 & 11
LATEST PRICE: 1.0573
SUP 1: $1.0523 – Low Jan 14
SUP 2: $1.0488 – Low Jan 9
SUP 3: $1.0468 – 21 day moving average
SUP 4: $1.0402 – 100 day moving average
NZD//USD: Lower Daily Highs Continue. Lower daily highs, failure to take out the 2012 high and correcting overbought daily tech studies are weighing on Kiwi sentiment and increase the risk of a dip back to the 21-DMA and then the Dec monthly low beneath. Layers of resistance remain in the $0.8459-79 region including the relatively flat 21 day upper Bollinger band at $0.8479. Above the 2012 high is needed to kick start bullish momentum.
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: 0.8410
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: $0.8234 – 100 day moving average
AUD/JPY: Immediate Topside Pressure Relieved. Yesterday’s dip back below the Jpy92.80-85 region helps relieve the topside pressure and increases the risk of a deeper correction that retests the 21-DMA. Topside the pair now needs to close back above the double daily top at Jpy94.64 to kick start bullish momentum. Daily tech studies are currently correcting from very oversold levels and may start to weigh.
RES 4: Jpy100.9 – High Aug 4 2008
RES 3: Jpy96.42 – High Aug 18 2008
RES 2: Jpy95.46- 21 day upper Bollinger band
RES 1: Jpy94.64 – High Jan 14 & 15
LATEST PRICE: 93.47
SUP 1: Jpy92.50 – Low Jan 16
SUP 2: Jpy91.13 – Low Jan 4
SUP 3: Jpy90.93 – 21 day moving average
SUP 4: Jpy89.93 – Low Jan 1
USD/KRW: Finds Support For Now. The USD/KRW appears to have found some support ahead of the 2011 low from Aug 1 2011 with the pair consolidating a little following last week’s fresh lows. The 21-DMA remains the initial resistance with a close above needed to relieve the immediate bearish pressure while a close above the Krw1080.8 resistance level remains needed to end the overall down trend. Daily tech studies are very oversold and looking to correct.
RES 4: Krw1085.2 – Monthly high Dec 4
RES 3: Krw1080.8 – Previous support now resistance
RES 2: Krw1078.8 – 21 day upper Bollinger band
RES 1: Krw1065.6 – 21 day moving average
LATEST PRICE: 1057.4
SUP 1: Krw1054.5 – 2013 low Jan 11
SUP 2: Krw1052.5 – 21 day lower Bollinger band
SUP 3: Krw1048.3 – 2011 low Aug 1 2011
SUP 4: Krw1035.0 – Falling daily channel base
USD/SGD: Continues To Close Above 21-DMA. USD/SGD has again found support at the 21-DMA with another close above following a dip below. The pair is ending the NY session looking heavy but we will continue to look for a close below the 21-DMA to confirm focus on retests of 2012 lows. While the pair continues to close above the 21-DMA the risk of a bounce back towards the Jan 9 highs remains, especially considering daily tech studies are now back at more neutral levels.
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: 1.2240
SUP 1: Sgd1.2236 – 21 day moving average
SUP 2: Sgd1.2198 – Low Jan 2
SUP 3: Sgd1.2175 – 21 day lower Bollinger band
SUP 4: Sgd1.2169 – Low Dec 18
EasyForexNews Research Team