AUD/USD: Looking A Little Heavy. The pair is looking heavy to start the Asian session today following another failed attempt to challenge the Jan 30 resistance level despite the initial spike higher yesterday. While the Jan 30 high caps immediate focus remains on the $1.0346-62 region and then the key $1.0290-15 support region below. Back above the Jan 30 high is needed to shift focus back to retests of the Jan monthly highs.
RES 4: $1.0598 – Monthly high Jan 10 & 11
RES 3: $1.0578 – High Jan 16 & 22
RES 2: $1.0496 – 21 day moving average
RES 1: $1.0477 – High Jan 30
LATEST PRICE: 1.0390
SUP 1: $1.0362 – Low Feb 1
SUP 2: $1.0346 – Monthly low Dec 26
SUP 3: $1.0312 – 200 day moving average
SUP 4: $1.0290 – Low Nov 16
NZD/USD: Hesitating Topside. The 21-DMA remains initial support for the Kiwi with a close back below needed to relieve the hopes for continued spikes above the upper 21 day Bollinger band on its way to retesting Aug 2011 monthly highs. The lower daily lows and highs following the Feb 1 spike higher are of some concern but below the 21-DMA is needed to confirm a shift in focus back to the Jan 28 low.
RES 4: $0.8840 – 2011 High Aug 1 2011
RES 3: $0.8568 – Monthly high Aug 31 2011
RES 2: $0.8487 – High Feb 1
RES 1: $0.8470 – 21 day upper Bollinger band
LATEST PRICE: 0.8446
SUP 1: $0.8397 – 21 day moving average
SUP 2: $0.8293 – Low Jan 30
SUP 3: $0.8281 – Low Jan 28
SUP 4: $0.8273 – 100 day moving average
AUD/JPY: Aug 2011 Highs Just Above. AUD/JPY continues to make headway within the Jpy95.00-100.00 region with the Feb 5 low now seen as initial support. The Jpy95.08 support remains key with a close below needed to relieve the current topside pressure and end the continued spikes above the sharply rising 21 day upper Bollinger band (Jpy97.10). While these supports remain in place a move that retests the key psychological Jpy100.00 level is favoured.
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: 96.25
SUP 1: Jpy95.98 – Low Feb 5
SUP 2: Jpy95.08 – Previous daily resistance now support
SUP 3: Jpy94.51 – 21 day moving average
SUP 4: Jpy94.13 – Low Jan 28
USD/KRW: Jan 28 Low Key Support. USD/KRW is consolidating below last week’s highs as very overbought daily tech studies begin to correct from very overbought levels. The Jan 28 lows remain key support with a close below needed to see focus return to the 2013 low set in early Jan. While the Jan 28 low supports we will look for further spikes above the sharply rising 21 day upper Bollinger band (Krw1098.7) with the 200-DMA the overall focus.
RES 4: Krw1123.9 – High Sept 20
RES 3: Krw1117.0 – 200 day moving average
RES 2: Krw1109.7 – Previous daily support now resistance
RES 1: Krw1098.6 – High Feb 1
LATEST PRICE: 1085.6
SUP 1: Krw1079.7 – Low Jan 28
SUP 2: Krw1069.8 – Low Jan 25
SUP 3: Krw1061.3 – Low Jan 22
SUP 4: Krw1054.5 – 2013 low Jan 11
USD/SGD: 200-DMA Key Topside. USD/SGD needs to close above the 200-DMA to confirm the continuation higher or else there is an increased risk of a dip back to retests the key Sgd1.2310-35 support region. Daily tech studies are currently correcting from modestly overbought levels and may be weighing on the pair at present. Back below the Sgd1.2310-35 region would see the 2012 lows come back into the picture.
RES 4: Sgd1.2644 – High July 25
RES 3: Sgd1.2556 – Monthly high Aug 28
RES 2: Sgd1.2487 – 100 week moving average
RES 1: Sgd1.2420 – 200 day moving average
LATEST PRICE: 1.2367
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