AUD/USD: Pauses Ahead Of Key Support. The AUD/USD has traded at the lowest level in 12 weeks after spiking below the 200-DMA, pulling up just short of the Nov 16 low and closing below the 21 day lower Bollinger band ($1.0340). The Nov 16 low will be watched closely as oversold daily tech studies could begin to have an impact. Back above yesterday’s high is now needed to relieve the current bearish pressure and a close below the Nov 16 low sees focus shift to the Oct monthly low.
RES 4: $1.0578 – High Jan 16 & 22
RES 3: $1.0487 – 21 day moving average
RES 2: $1.0477 – High Jan 30
RES 1: $1.0398 – High Feb 6
LATEST PRICE: 1.0323
SUP 1: $1.0312 – 200 day moving average
SUP 2: $1.0290 – Low Nov 16
SUP 3: $1.0266 – Low Oct 23
SUP 4: $1.0150 – Monthly low Oct 8
NZD/USD: 21-DMA Supporting For Now. The pair bounced off the 21-DMA overnight but lower daily highs and lows the past 3 days are hinting at a move lower that tests the Jan 28 low. Topside the pair needs to close above the $0.8490 level to shift focus to another leg higher that initially tests the Aug 2011 monthly high. The 100-DMA supports just below the Jan 28 low with a close below needed to shift focus lower to tests of the 200-DMA.
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: $0.8473 – 21 day upper Bollinger band
LATEST PRICE: 0.8429
SUP 1: $0.8401 – 21 day moving average
SUP 2: $0.8293 – Low Jan 30
SUP 3: $0.8281 – Weekly low Jan 28
SUP 4: $0.8274 – 100 day moving average
AUD/JPY: Fresh Double Daily Top. A double daily top at the Jpy97.40 level has developed over the past two days for the AUD/JPY with a close below the Feb 5 low needed to relieve the current bullish pressure that is targeting a move to the Jpy100.00 level. Overall a close below the Jan 28 low remains needed to end the current up trend and signal a deeper correction.
RES 4: Jpy100.9 – High Aug 4 2008
RES 3: Jpy99.93 – High Aug 7 2008
RES 2: Jpy98.23 – High Aug 11 2008
RES 1: Jpy97.40 – High Feb 5 & 6
LATEST PRICE: 96.56
SUP 1: Jpy95.98 – Low Feb 5
SUP 2: Jpy95.08 – Previous daily resistance now support
SUP 3: Jpy94.75 – 21 day moving average
SUP 4: Jpy94.13 – Low Jan 28
USD/KRW: Daily Tech Studies Overbought. USD/KRW continues to trade sideways following the recent spike to fresh highs and needs to close back below the Jan 28 low to relieve the current topside pressure. Very overbought daily tech studies could be an issue and further failures ahead of the Feb 1 high could signal a dip to allow the o/b tech studies to unwind a little. Overall while the Jan 28 low supports further spikes above the upper 21 day Bollinger band (Krw1101.1) remain favoured.
RES 4: Krw1123.9 – High Sept 20
RES 3: Krw1116.6 – 200 day moving average
RES 2: Krw1109.7 – Previous daily support now resistance
RES 1: Krw1098.6 – High Feb 1
LATEST PRICE: 1091.9
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: Sideways Trading For Now. An inside day for USD/SGD yesterday as it continues to comfortably trade sideways within the recently defining Sgd1.2334-1.2432 range. The Sgd1.2310-35 support region remains key with a close below needed to shift focus away from further spikes above the 200-DMA and back to the 2012 lows. While the Sgd1.2310-35 level supports spikes above the still rising 21 day upper Bollinger band (Sgd1.2426) are expected to continue.
RES 4: Sgd1.2556 – Monthly high Aug 28
RES 3: Sgd1.2487 – 100 week moving average
RES 2: Sgd1.2432 – High Feb 1
RES 1: Sgd1.2420 – 200 day moving average
LATEST PRICE: 1.2387
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