AUD/USD: Bounces From 200-DMA. The pair dipped to test the 200-DMA yesterday before bouncing to close towards the session highs, but we will continue to look for a close back above the Mar 28 resistance level to see focus return to the Mar monthly highs. Correcting overbought daily slow Stochastic and RSI studies remain a concern and may weigh on rallies. While the Mar 28 resistance level caps we will look for an immediate test of $1.0346 with the 21-DMA just above.
RES 4: $1.0578 – Double Daily Top Jan 16 & 22
RES 3: $1.0533 – 21 day upper Bollinger band
RES 2: $1.0497 – Monthly high Mar 26
RES 1: $1.0455 – High Mar 28
Latest price: 1.0435
SUP 1: $1.0384 – 200 day moving average
SUP 2: $1.0346 – Low Mar 18
SUP 3: $1.0268 – Low Mar 12
SUP 4: $1.0205 – Low Mar 11
NZD/USD: Focus Remains Higher. The cross dipped back towards initial support noted at $0.8337 before bouncing, with a test of the Feb 25 highs favoured and potential for spikes above the rising 21 day upper Bollinger band while initial support remains. A close below initial support hints at a deeper correction back to the Dec monthly lows with a close below the $0.8292 level needed to confirm. Above $0.8416 sees focus ratchet higher to 2013 highs.
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: 0.8380
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: $0.8132 – 100 week moving average
AUD/JPY: Breaks Below Initial Support. AUD/JPY has finally broken below the initial support at Jpy97.60 with the rising daily trend line from Nov monthly lows now the immediate focus. A close below this level would then see focus ratchet lower to the key Jpy92.50 support with the 100-DMA noted just above at Jpy92.66. A close back above the 21-DMA is now needed to signal a false break lower and see focus return to the 2013 high and Jpy100.00 level just above.
RES 4: Jpy104.5 – 2008 high Jul 21
RES 3: Jpy100.7 – High Aug 5 2008
RES 2: Jpy99.96 – 2013 high Mar 14
RES 1: Jpy98.27 – 21 day moving average
Latest price: 97.35
SUP 1: Jpy96.27 – Rising daily trend line
SUP 2: Jpy95.53 – Ichimoku cloud top
SUP 3: Jpy94.45 – Low Mar 1
SUP 4: Jpy92.50 – Low Jan 16
USD/KRW: Krw1102-04 Region Remains Key Support. 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 the Krw1102-04 region 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: Krw1131.9 – 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: Krw1114.3
SUP 1: Krw1104.2 – 200 day moving average
SUP 2: Krw1101.7 – Low Mar 14
SUP 3: Krw1097.4 – Rising daily channel base
SUP 4: Krw1081.6 – Low Feb 28
USD/SGD: Focus Remains On Sgd1.2309-34 Region. The pair bounced a little to start the week before ending the session just above initial support and the now falling 21 day lower Bollinger band. While the 21-DMA continues to cap focus will remain lower with a test of the key Sgd1.2309-34 support region favoured. A close below then sees focus shift to the 2012 lows. The 100-DMA is noted at Sgd1.2319 adding significance to the Sgd1.2309-34 support region.
RES 4: Sgd1.2644 – High July 12
RES 3: Sgd1.2556 – High Aug 28
RES 2: Sgd1.2529 – 2013 High Mar 20
RES 1: Sgd1.2463 – 21 day moving average
Latest price: 1.2403
SUP 1: Sgd1.2391 – 21 day lower Bollinger band
SUP 2: Sgd1.2365 – 200 day moving average
SUP 3: Sgd1.2334 – Low Jan 30
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team