AUD/USD: Oct Monthly Low Remains Overall Focus. A bearish close overnight for the AUD/USD sees the pair hovering just above initial support at $1.0238. Overall focus remains on a move back to the Oct monthly lows with spikes below the lower 21 day Bollinger band ($1.0257) expected to continue until the pair can manage a close back above Feb 8 highs. Back above the Feb 8 high is needed to relieve the current bearish momentum and hint at a bounce back to the Jan 30 high.
RES 4: $1.0477 – High Jan 30
RES 3: $1.0449 – 21 day moving average
RES 2: $1.0398 – High Feb 6
RES 1: $1.0346 – High Feb 8
Latest price: 1.0254
SUP 1: $1.0238 – Low Oct 23
SUP 2: $1.0150 – Monthly low Oct 8
SUP 3: $1.0101 – Monthly low Jul 12
SUP 4: $0.9972 – Low Jun 25
NZD/USD: Layers Of Support Noted. The pair consolidated above the layers of support in the $0.8265-81 region to start the week with a move lower then seeing the 200-DMA ($0.8110) come back into the picture. Topside we continue to look for a close back above the 21-DMA($0.8390) to relieve the current bearish pressure. Daily tech studies remain at largely neutral levels and have room to move before becoming oversold.
RES 4: $0.8568 – Monthly high Aug 31 2011
RES 3: $0.8487 – High Feb 1
RES 2: $0.8465 – 21 day upper Bollinger band
RES 1: $0.8400 – High Feb 7
Latest price: 0.8352
SUP 1: $0.8281 – Weekly low Jan 28
SUP 2: $0.8276 – 100 day moving average
SUP 3: $0.8265 – Ichimoku cloud base
SUP 4: $0.8215 – 2013 low Jan 4
AUD/JPY: Bounces From Initial Support. The Jpy95.08 support level confirmed its significance overnight with the pair bouncing from just ahead of initial support and the 21-DMA (Jpy95.19).
The trend high at Jpy97.40 remains key topside with the pair needing to close above to kick start bullish topside momentum. Back below the Jpy95.08 support would see immediate focus turn to retests of the Jan 16 low.
RES 4: Jpy103.4 – High Jul 28 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: 96.75
SUP 1: Jpy95.08 – Previous daily resistance now support
SUP 2: Jpy94.13 – Low Jan 28
SUP 3: Jpy92.50 – Low Jan 16
SUP 4: Jpy91.13 – Low Jan 3
USD/KRW: Fading Momentum A Concern. USD/KRW continues to retain focus topside despite the overbought daily tech studies of which fading momentum is of the most concern. While the Jan 28 low remains in play a continuation higher that sees the 200-DMA the overall focus remains favoured with spikes above the upper Bollinger band (Krw1107.0) expected to recommence. Back below Jan 28 lows shifts focus back to 2012 lows.
RES 4: Krw1123.9 – High Sept 20
RES 3: Krw1116.2 – 200 day moving average
RES 2: Krw1109.7 – Previous daily support now resistance
RES 1: Krw1098.6 – High Feb 1
Latest price: 1095.4
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: Pressure Remains Topside. USD/SGD ended the session in NY a pip below the 200-DMA resistance level as pressure remains topside with an eventual move above the 200-DMA remaining favoured. Daily tech studies are in overbought territory and threatening to correct and we will closely watch for any signs of divergence. The upper 21 day Bollinger band (Sgd1.2450) continues to head sharply high with spikes above favoured while Jan 30 lows support.
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: Sgd1.2419 – 200 day moving average
Latest price: 1.2418
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