AUD/USD: Dips Below Lower Bollinger Band. The AUD/USD traded at fresh 4 week lows to end last week but the lack of follow through is an issue with the pair again bouncing from a dip below the sharply falling 21 day lower Bollinger band ($1.0383). The Jan 30 high remains somewhat pivotal again this week with overall focus remaining on retests of the $1.0290-15 region while the Jan 30 high caps. A close above the Jan 30 high is needed to shift focus back to the $1.0580-00 region.
RES 4: $1.0598 – High Jan 10 & 11
RES 3: $1.0578 – High Jan 16 & 22
RES 2: $1.0502 – 21 day moving average
RES 1: $1.0477 – High Jan 30
LATEST PRICE: 1.0424
SUP 1: $1.0362 – Low Feb 1
SUP 2: $1.0346 – Monthly low Dec 26
SUP 3: $1.0311 – 200 day moving average
SUP 4: $1.0290 – Low Nov 16
NZD/USD: Threatening Another Leg Higher. The pair fell just short of the 2012 high to end the week and managed a spike above the relatively flat 21 day upper Bollinger band. The $0.8474 level remains key this week with a close above needed to see immediate focus shift to the Aug monthly high and then the 2011 highs beyond. Initial support is now noted at the 21-DMA with a close back below needed to relieve current topside pressure.
RES 4: $0.8840 – 2011 High Aug 1 2011
RES 3: $0.8568 – Monthly high Aug 31 2011
RES 2: $0.8474 – 2012 High Dec 14
RES 1: $0.8457 – 21 day upper Bollinger band
LATEST PRICE: 0.8450
SUP 1: $0.8386 – 21 day moving average
SUP 2: $0.8293 – Low Jan 30
SUP 3: $0.8281 – Low Jan 28
SUP 4: $0.8269 – 100 day moving average
AUD/JPY: Highest Levels Since Aug 2008. AUD/JPY continues to make headway into the Jpy95.00-100.00 region as the next leg higher unfolds following the close above the Jpy95.00 level last week and the highest levels traded since Aug 2008. Further spikes above the sharply rising upper Bollinger are expected to continue with a close back below the Jpy95.08 level needed to relieve the immediate bullish pressure.
RES 4: Jpy104.5 – Monthly high July 2008
RES 3: Jpy100.9 – High Aug 4 2008
RES 2: Jpy99.93 – High Aug 7 2008
RES 1: Jpy98.23 – High Aug 11 2008
LATEST PRICE: 96.58
SUP 1: Jpy95.08 – Previous daily resistance now support
SUP 2: Jpy94.13 – Low Jan 28
SUP 3: Jpy94.06 – 21 day moving average
SUP 4: Jpy92.50 – Low Jan 16
USD/KRW: 200-DMA Remains Overall Focus. USD/KRW closed above the Ichimoku cloud top to end the week with focus firmly remaining on the 200-DMA until a close back below the Jan 28 low is seen. The close above the Ichimoku cloud top is the first since late June 2012 and adds to the current bullish pressure. Daily momentum and slow stochastic studies are in very overbought territory and this may see some consolidation before a continuation higher.
RES 4: Krw1123.9 – High Sept 20
RES 3: Krw1117.2 – 200 day moving average
RES 2: Krw1109.7 – Previous daily support now resistance
RES 1: Krw1098.6 – High Feb 1
LATEST PRICE: 1092.0
SUP 1: Krw1087.2 – Low Feb 1
SUP 2: Krw1079.7 – Low Jan 28
SUP 3: Krw1069.8 – Low Jan 25
SUP 4: Krw1061.3 – Low Jan 22
USD/SGD: Spikes Above 200-DMA. USD/SGD traded at the highest levels since early Sept to end last week and managed a spike above the 200-DMA and upper Bollinger band. A close above the 200-DMA is needed to confirm the current topside focus on retests of the Aug monthly highs with a move back below the Jan 30 low now needed to end bullish hopes and shift focus back to the Sgd1.2198-23 region.
RES 4: Sgd1.2644 – High July 25
RES 3: Sgd1.2556 – Monthly high Aug 28
RES 2: Sgd1.2490 – 100 week moving average
RES 1: Sgd1.2420 – 200 day moving average
LATEST PRICE: 1.2404
SUP 1: Sgd1.2334 – Low Jan 30
SUP 2: Sgd1.2309 – Previous daily resistance now support
SUP 3: Sgd1.2223 – Low Jan 11
SUP 4: Sgd1.2198 – Monthly low Jan 2
EasyForexNews Research Team