AUD/USD: Oversold Tech Studies Correcting. The AUD/USD is little changed from yesterday’s NY close with a retest of the Jan 30 high favoured while the pair remains above the Feb 13 low. Daily Slow Stochastic, RSI and Momentum indicators continue to slowly correct from oversold levels which may continue to support the AUD/USD for the time being. Back below the Feb 13 low sees focus return to the key $1.0150 support and Oct monthly low.
RES 4: $1.0578 – High Jan 16
RES 3: $1.0477 – High Jan 30
RES 2: $1.0416 – 21 day moving average
RES 1: $1.0398 – High Feb 6
Latest price: 1.0360
SUP 1: $1.0306 – Low Feb 13
SUP 2: $1.0228 – Low Feb 12
SUP 3: $1.0150 – Monthly low Oct 8
SUP 4: $1.0101 – Monthly low Jul 12
NZD/USD: Overnight Spike Lacked Follow Through. The pair managed to spike to the highest levels since late Aug 2011 but the lack of follow through is a little concerning. As a result we will look for a close below yesterday’s low to relieve the current topside pressure and take the focus away from continued spikes above the upper Bollinger band. A close below yesterday’s low would see focus return to the key $0.8265-85 support region with the 100-DMA noted at $0.8282.
RES 4: $0.8783 – 2011 high Aug 1 2011
RES 3: $0.8568 – Monthly high Aug 31 2011
RES 2: $0.8514 – High Feb 14
RES 1: $0.8479 – 21 day upper Bollinger band
Latest price: 0.8466
SUP 1: $0.8450 – Low Feb 14
SUP 2: $0.8394 – 21 day moving average
SUP 3: $0.8281 – Weekly low Jan 28
SUP 4: $0.8265 – Ichimoku cloud base
AUD/JPY: Double Daily Top Remains Key. The cross is pausing a little ahead of the double daily top at Jpy97.40 from Feb 5 & 6 with a close above this level needed to signal the next leg higher and a continuation towards the Jpy100.00 level. The Jpy95.00-10 region remains key support with a close below expected to hint at a deeper correction. Daily tech studies have corrected a little from overbought levels but may continue to weigh for the time being.
RES 4: Jpy99.93 – High Aug 7 2008
RES 3: Jpy98.23 – High Aug 11 2008
RES 2: Jpy97.40 – High Feb 5 & 6
RES 1: Jpy96.96 – High Feb 14
Latest price: 96.14
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: Key Support Just Below. The correction from the double daily top in the Krw1098.6 region continues with the pair having paused ahead of key support at Krw1079.7 from Jan 28. A close below this support sees focus return to 2012 lows. Topside the pair needs to close above the Feb 13 high to relieve the current bearish pressure. Daily tech studies are correcting from overbought levels and are on their way back to more neutral levels.
RES 4: Krw1115.2 – 200 day moving average
RES 3: Krw1109.7 – Previous daily support now resistance
RES 2: Krw1098.6 – High Feb 1
RES 1: Krw1089.3 – High Feb 13
Latest price: 1082.9
SUP 1: Krw1081.5 – Low Feb 4
SUP 2: Krw1079.7 – Low Jan 28
SUP 3: Krw1069.8 – Low Jan 25
SUP 4: Krw1061.3 – Low Jan 22
USD/SGD: Continues To Correct Lower. The pullback from the spike to the highest levels since late Sept continues for USD/SGD as it works its way back towards the initial support at Sgd1.2334. We look for a close below this support level to signal a deeper correction that targets the Jan monthly low and then the 2012 low beneath. For now we will look for a close above yesterday’s high to relieve the immediate pressure on the initial support and hint at sideways trading
RES 4: Sgd1.2556 – Monthly high Aug 28
RES 3: Sgd1.2483 – 100 week moving average
RES 2: Sgd1.2454 – High Feb 12
RES 1: Sgd1.2380 – High Feb 14
Latest price: 1.2348
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