AUD/USD: $1.0414 Support Confirms Significance. Immediate bullish pressure has eased for the AUD/USD with a move back towards the key $1.0414 support overnight. The $1.0414 level has confirmed its significance with the pair having bounced from just ahead. A close below the $1.0414 level remains needed to see immediate focus turn to tests of the $1.0346 Mar 18 low and overall focus back to the 2013 lows. Correcting overbought daily tech studies could remain an issue on rallies for now.
RES 4: $1.0598 – 2013 high Jan 10 & 11
RES 3: $1.0578 – Double Daily Top Jan 16 & 22
RES 2: $1.0522 – 21 day upper Bollinger band
RES 1: $1.0485 – Monthly high Mar 27
Latest price: 1.0440
SUP 1: $1.0414 – Previous daily resistance now support
SUP 2: $1.0346 – Low Mar 18
SUP 3: $1.0268 – Low Mar 12
SUP 4: $1.0205 – Low Mar 11
NZD/USD: Focus On Initial Support Today. The pair pulled back towards initial support after failing to hold above the 61.8% Fibonacci retracement of the Feb-Mar move after having traded above only marginally. We will continue to look for a close below the Mar 25 high to relieve bullish pressure while back below the $0.8292 support is needed to see focus return to 2013 lows. The 21 day upper Bolli continues to head higher and potential for spikes above remains for now.
RES 4: $0.8534 – 2013 high Feb 15
RES 3: $0.8489 – High Feb 19
RES 2: $0.8416 – High Feb 25
RES 1: $0.8396 – High Mar 27
Latest price: 0.8367
SUP 1: $0.8337 – Low Mar 25
SUP 2: $0.8292 – Previous daily resistance now support
SUP 3: $0.8157 – Low Dec 26
SUP 4: $0.8127 – 100 week moving average
AUD/JPY: Upper Bollinger Band Now Flat. More of the same for AUD/JPY with the pair continuing to trade sideways within the Jpy97.60-100.00 region with the 21-DMA still rising and now at Jpy97.84. The Jpy100.00 level remains key resistance with a close above likely to see the pair begin to trade within a Jpy100-105 range. A close below initial support remains needed to relieve the bullish focus and see the pair target the Jan 16 low. The flat upper Bolli is now a concern for bulls.
RES 4: Jpy104.5 – 2008 high Jul 21
RES 3: Jpy100.7 – High Aug 5 2008
RES 2: Jpy100.0 – Psychological Resistance
RES 1: Jpy99.96 – 2013 high Mar 14
Latest price: 98.65
SUP 1: Jpy97.60 – Low Mar 18
SUP 2: Jpy95.62 – Ichimoku cloud top
SUP 3: Jpy94.45 – Low Mar 1
SUP 4: Jpy92.50 – Low Jan 16
USD/KRW: Krw1102-05 Support Region Remains Key. The 200-DMA has confirmed its significance as support with the pair having bounced from Tuesday’s test. Correcting overbought daily tech studies remain a concern but while the Mar 14 support remains in play retests of the 50% Fibonacci retracement level remain targeted with a test of the rising daily channel top targeted. Back below the Mar 14 support sees immediate focus turn to retests of the Krw1077-82 support region.
RES 4: Krw1136.2 – 61.8% retracement of 1186.7-1054.5 move
RES 3: Krw1129.5 – Rising daily channel top
RES 2: Krw1124.8 – Previous daily support now resistance
RES 1: Krw1120.6 – 50% retracement of 1186.7-1054.5 move
Latest price: 1112.0
SUP 1: Krw1104.8 – 200 day moving average
SUP 2: Krw1101.7 – Low Mar 14
SUP 3: Krw1095.0 – Rising daily channel base
SUP 4: Krw1081.6 – Low Feb 28
USD/SGD: 21-DMA Remains Initial Resistance. The cross has found support around the Sgd1.2398 level but needs to close back above the 21-DMA to see focus return to 2013 highs and then the July 12 highs above. Daily tech studies have corrected back to more neutral levels and are no longer an issue on rallies. While the 21-DMA caps potential exists for a deeper correction although layers of support in the Sgd1.2370-80 region could now become an issue.
RES 4: Sgd1.2644 – High July 12
RES 3: Sgd1.2556 – High Aug 28
RES 2: Sgd1.2529 – 2013 High Mar 20
RES 1: Sgd1.2461 – 21 day moving average
Latest price: 1.2425
SUP 1: Sgd1.2398 – Low Mar 26
SUP 2: Sgd1.2382 – 21 day lower Bollinger band
SUP 3: Sgd1.2334 – Low Jan 30
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team