AUD/USD: Continues To Pause Ahead Of $1.0578-24 Region. The pair held above the previous support on yesterday’s dip but continues to fail ahead of the layers of resistance in the $1.0578-24 region. While this resistance region caps potential remains for further dips back towards the 21-DMA. A close below the 21-DMA is needed to see focus turn to retests of the Dec 2012 monthly low.
RES 4: $1.0690 – High Mar 6
RES 3: $1.0624 – Monthly high Sept
RES 2: $1.0598 – High Jan 10 & 11
RES 1: $1.0578 – High Jan 16 & 22
LATEST PRICE: 1.0552
SUP 1: $1.0529 – Low Jan 23
SUP 2: $1.0497 – 21 day moving average
SUP 3: $1.0416 – 100 day moving average
SUP 4: $1.0377 – Low Jan 2
NZD/USD: Topside Momentum Continues To Fade. NZD continues to remain largely sideways within a broad $0.8336-0.8459 range the past couple of weeks as daily tech studies slowly work off their overbought condition. The $0.8459-92 region remains key topside with a close above the 2012 highs needed to kick start topside momentum and see focus shift higher to potential retests of the $0.8830-50 region.
RES 4: $0.8568 – High Aug 31
RES 3: $0.8495 – 21 day upper Bollinger band
RES 2: $0.8474 – 2012 High Dec 14
RES 1: $0.8459 – High Jan 11
LATEST PRICE: 0.8416
SUP 1: $0.8336 – Low Jan 21
SUP 2: $0.8254 – 100 day moving average
SUP 3: $0.8215 – Low Jan 4
SUP 4: $0.8157 – Monthly low Dec 26
AUD/JPY: Jpy92.38-50 Region Now Key. The 21-DMA now comes in marginally below the Jan 16 low so we now look for a close below the 21-DMA to increase the risk of a deeper correction. Daily tech studies continue to look to correct from very overbought levels. It is also worth noting the 21 day upper Bollinger band has turned lower for the first time since Oct 2012.
RES 4: Jpy100.9 – High Aug 4 2008
RES 3: Jpy96.42 – High Aug 18 2008
RES 2: Jpy96.23- 21 day upper Bollinger band
RES 1: Jpy95.02 – High Jan 18
LATEST PRICE: 93.60
SUP 1: Jpy92.50 – Low Jan 16
SUP 2: Jpy92.38 – 21 day moving average
SUP 3: Jpy91.13 – Low Jan 4
SUP 4: Jpy89.92 – Low Jan 2
USD/KRW: Jan 22 Low Now Initial Support. USD/KRW has managed another higher daily high and low as oversold daily tech studies correct sharply higher. We will now look for a close below the Jan 22 low to end hopes of a continued correction that initially targets the somewhat pivotal Krw1080.8 level. A close above the Krw1080.8 level is needed to see focus return to the 200-DMA.
RES 4: Krw1090.8 – 100 day moving average
RES 3: Krw1085.6 – High Nov 29
RES 2: Krw1080.8 – Previous support now resistance
RES 1: Krw1072.3 – 21 day upper Bollinger band
LATEST PRICE: 1067.4
SUP 1: Krw1061.3 – Low Jan 22
SUP 2: Krw1054.5 – 2013 low Jan 11
SUP 3: Krw1052.9 – 21 day lower Bollinger band
SUP 4: Krw1048.3 – 2011 low Aug 1 2011
USD/SGD: An Inside Day. An inside day for USD/SGD yesterday with the pair expected to remain confined to a Sgd1.2223-1.2330 range for the time being. The 21 day upper Bollinger band comes in around Sgd1.2302 today and although closes above are rare, spikes above are expected to continue. A close below the Jan 11 low is needed to see focus return to retests of the 2012 low while topside the pair needs to close above the Jan 7 high.
RES 4: Sgd1.2423 – 200 day moving average
RES 3: Sgd1.2399 – Previous daily support now resistance
RES 2: Sgd1.2330 – High Jan 7
RES 1: Sgd1.2309 – High Jan 22
LATEST PRICE: 1.2266
SUP 1: Sgd1.2223 – Low Jan 11
SUP 2: Sgd1.2201 – 21 day lower Bollinger band
SUP 3: Sgd1.2198 – Low Jan 2
SUP 4: Sgd1.2169 – Low Dec 18
EasyForexNews Research Team