AUD/USD: Initial Support Now Around $1.0400. Initial support has developed just below $1.0400 but we will continue to look for a close back above the Mar 28 high to see focus return to the March monthly highs. For now focus remains on the Mar 18 low with the 21-DMA ($1.0349) and the 38.2% Fibonacci retracement of the $1.0117-1.0497 move ($1.0352) noted just above and adding significance to this region. Daily Slow Stochastic and RSI studies continue to slowly correct from overbought levels.
RES 4: $1.0578 – Double Daily Top Jan 16 & 22
RES 3: $1.0532 – 21 day upper Bollinger band
RES 2: $1.0497 – Monthly high Mar 26
RES 1: $1.0455 – High Mar 28
Latest price: 1.0418
SUP 1: $1.0398 – Low Mar 28
SUP 2: $1.0346 – Low Mar 18
SUP 3: $1.0268 – Low Mar 12
SUP 4: $1.0205 – Low Mar 11
NZD/USD: Inside Day To End The Week. Initial support noted at $0.8337 remains key for the Kiwi as it continues to hold above with an inside day noted Friday. After so far failing to retest the Feb 25 highs a close back below the $0.8337 level hints at a deeper correction with back below the $0.8292 level needed to confirm a move back to Dec 2012 monthly lows is underway. In saying that, focus will remain higher overall until we see a close below the initial support.
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: 0.8370
SUP 1: $0.8337 – Low Mar 25
SUP 2: $0.8292 – Previous daily resistance now support
SUP 3: $0.8157 – Monthly low Dec 26
SUP 4: $0.8127 – 100 week moving average
AUD/JPY: Hovering Above Initial Support. With the 21-DMA (Jpy98.18) continuing to rise AUD/JPY has begun to dip below but we will continue to look for a close below the Jpy97.60 support level to shift immediate focus back to the Mar 1 low and then the key Jpy92.50 support from Jan 16. The 21 day upper Bollinger band is now heading lower which remains a concern for those looking for a break higher although daily tech studies are now at neutral levels and no longer an issue.
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: 98.16
SUP 1: Jpy97.60 – Low Mar 18
SUP 2: Jpy95.53 – Ichimoku cloud top
SUP 3: Jpy94.45 – Low Mar 1
SUP 4: Jpy92.50 – Low Jan 16
USD/KRW: Continues To Make Headway Above 200-DMA For Now. The 200-DMA remains key support for USD/KRW and we continue to look for a close below the Mar 14 low to confirm a break back below. While it supports there is still a chance of retests of the layers of resistance in the Krw1120.6-1124.8 region and the rising daily channel top above. Back below the Mar 14 support sees immediate focus turn to retests of rising daily channel base and then the Krw1077-82 support region below.
RES 4: Krw1136.2 – 61.8% retracement of 1186.7-1054.5 move
RES 3: Krw1131.1 – 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: 1113.6
SUP 1: Krw1104.7 – 200 day moving average
SUP 2: Krw1101.7 – Low Mar 14
SUP 3: Krw1096.6 – Rising daily channel base
SUP 4: Krw1081.6 – Low Feb 28
USD/SGD: 21-DMA Remains Key Resistance. The pair closed just above weekly lows set Friday as it dipped below the lower 21 day Bollinger band and continues to look heavy. The 21-DMA remains the resistance level to watch this week with a close back above needed to shift focus higher once more and back to the 2013 highs set during March. Immediate focus remains on the Sgd1.2309-34 support region with a close below then targeting the 2012 lows.
RES 4: Sgd1.2644 – High July 12
RES 3: Sgd1.2556 – High Aug 28
RES 2: Sgd1.2529 – 2013 High Mar 20
RES 1: Sgd1.2464 – 21 day moving average
Latest price: 1.2403
SUP 1: Sgd1.2396 – 21 day lower Bollinger band
SUP 2: Sgd1.2367 – 200 day moving average
SUP 3: Sgd1.2334 – Low Jan 30
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team