AUD/USD: Focus Turns Lower Once More. The pair failed to retest the Feb 6 high resistance last week with the sharp correction lower seeing the Oct monthly lows at $1.0150 become the overall focus once more. Topside we will look for a close above the Feb 6 high with the 100-DMA and 21-DMA just above, to relieve the bearish pressure and shift focus back towards the Jan monthly high. Immediate focus remains on a retest of the Feb 12 low and then the key $1.0150 support beneath.
RES 4: $1.0477 – High Jan 30
RES 3: $1.0416 – 21 day moving average
RES 2: $1.0398 – High Feb 6
RES 1: $1.0374 – High Feb 15
Latest price: 1.0293
SUP 1: $1.0232 – 21 day lower Bollinger band
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: Bearish Close To End The Week. The cross corrected sharply from fresh 18 month highs to end the week following another spike above the rising 21 day upper Bollinger band. The close back below Thursday’s low signals a lack of follow through buying with immediate focus now on the $0.8390-95 support region. A close back below here would see the key $0.8280-05 layers of support come back into focus.
RES 4: $0.8783 – 2011 high Aug 1 2011
RES 3: $0.8568 – Monthly high Aug 31 2011
RES 2: $0.8534 – High Feb 15
RES 1: $0.8494 – 21 day upper Bollinger band
Latest price: 0.8450
SUP 1: $0.8394 – 21 day moving average
SUP 2: $0.8305 – 21 day lower Bollinger band
SUP 3: $0.8281 – Weekly low Jan 28
SUP 4: $0.8265 – Ichimoku cloud base
AUD/JPY: Bounces Off 21-DMA Again. The AUD/JPY continues to trade sideways within a broader Jpy95.08-97.40 range with the double daily top Feb 5 & 6 remaining key resistance. A close above this level needed to signal the next leg higher and a continuation towards the psychological Jpy100.00 level. The Jpy95.00-10 region remains key support with a close below expected to hint at a deeper correction.
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: 96.36
SUP 1: Jpy95.57 – 21 day moving average
SUP 2: Jpy95.08 – Previous daily resistance now support
SUP 3: Jpy94.13 – Low Jan 28
SUP 4: Jpy92.50 – Low Jan 16
USD/KRW: Watching Friday’s Low Today. The pair dipped below key support to end the week but managed to close on its highs for the day which signals a lack of follow through. We will now look for a move below Friday’s low to confirm a continuation lower, whereas a hold above this level increases the risk of a bounce back to Feb 13 highs. Daily tech studies have corrected from overbought levels and should no longer be an issue on rallies.
RES 4: Krw1114.8 – 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: 1082.6
SUP 1: Krw1077.2 – Low Feb 15
SUP 2: Krw1069.8 – Low Jan 25
SUP 3: Krw1061.3 – Low Jan 22
SUP 4: Krw1060.7 – 21 day lower Bollinger band
USD/SGD: Holds Above Key Support. The pair has paused ahead of the previously mentioned and somewhat pivotal Jan 30 low support with a close below needed to shift the immediate focus to retests of the Jan monthly low. Daily tech studies have corrected from overbought levels and are now well placed should another leg higher unfold. While Jan 30 lows support potential remains for spikes above the 200-DMA and retests of the Feb high.
RES 4: Sgd1.2483 – 100 week moving average
RES 3: Sgd1.2454 – High Feb 12
RES 2: Sgd1.2416 – 200 day moving average
RES 1: Sgd1.2380 – High Feb 14
Latest price: 1.2371
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