AUD/USD: Little Changed From Yesterday’s NY Close. After trading at fresh two month highs by a couple of pips overnight the pair is little changed from yesterday’s NY close. We will continue to look for a close below the Apr 10 low to relieve the immediate topside pressure and increase the risk of a retest of the key Mar 18 low. Back below the Mar 18 low is then needed to see focus return to the 2013 low. The upper Bollinger band ($1.0532) continues to head higher with further spikes above expected.
RES 4: $1.0690 – High Mar 6 2012
RES 3: $1.0624 – High Sept 14 2012
RES 2: $1.0598 – 2013 high Jan 10 & 11
RES 1: $1.0582 – High Apr 11
Latest price: 1.0544
SUP 1: $1.0478 – Low Apr 10
SUP 2: $1.0407 – Low Apr 9
SUP 3: $1.0346 – Low Mar 18
SUP 4: $1.0268 – Low Mar 12
NZD/USD: Pauses At Aug 3 2011 High. The pair took out the rising weekly channel top before pausing at the Aug 3 2011 high. The pai continues to target the 2011 highs from Aug 1 with initial support remaining at the Apr 10 low. Back below the $0.8365 Apr 4 low is needed to end topside hopes and shift focus back to the 2013 lows. Daily tech studies are in overbought territory but we will ignore these until the pair closes below the Apr 10 low.
RES 4: $0.9000 – Psychological resistance
RES 3: $0.8840 – 2011 High Aug 1
RES 2: $0.8783 – High Aug 2 2011
RES 1: $0.8677 – High Aug 3 2011
Latest price: 0.8633
SUP 1: $0.8517 – Low Apr 10
SUP 2: $0.8460 – Low Apr 9
SUP 3: $0.8407 – Low Apr 8
SUP 4: $0.8365 – Low Apr 4
AUD/JPY: Rate Of Ascent Slows A Little. The rate of ascent for the AUD/JPY slowed a little yesterday but the fresh highs continued. We will continue to look for a close back below the Apr 9 low to relieve the immediate bullish pressure. Overall a close back below the Jpy100.00 region is needed to hint at a deeper correction back to the rising daily trend line. The upper Bollinger band (Jpy104.73) continues to head sharply higher with spikes above expected to continue
RES 4: Jpy115.0 – Psychological resistance
RES 3: Jpy110.0 – Psychological resistance
RES 2: Jpy107.9 – 2007 high Oct 31
RES 1: Jpy105.4 – High Apr 11
Latest price: 105.15
SUP 1: Jpy102.9 – Low Apr 9
SUP 2: Jpy102.0 – Hourly support Apr 8
SUP 3: Jpy99.98 – Low Apr 5
SUP 4: Jpy97.49 – Rising daily trend line
USD/KRW: Apr 5 Lows Remain Initial Support. The cross has bounced from the initial support level to close marginally higher than the Apr 10 NY close. The rising daily channel base and 21-DMA come in just below the Apr 5 lows and we look for a close below to see immediate focus turn to retests of the 200-DMA. The 21 day upper Bollinger band (Krw1139.4) continues to head higher with spikes above expected to continue while the Apr 5 low supports.
RES 4: Krw1165.1 – High June 25 2012
RES 3: Krw1158.1 – Monthly high July 12 2012
RES 2: Krw1153.5 – High July 25 2012
RES 1: Krw1147.2 – High Apr 8
Latest price: 1130.5
SUP 1: Krw1124.7 – Low Apr 5
SUP 2: Krw1119.9 – 21 day moving average
SUP 3: Krw1110.9 – Low Apr 2
SUP 4: Krw1103.6 – 200 day moving average
USD/SGD: Tests The 200-DMA Again. The USD has dipped to test the initial support at the 200-DMA after repeated failures ahead of the Sgd1.2430 level with the pair starting to look comfortable trading in the Ichimoku cloud and heading towards the cloud base (Sgd1.2342). The Sgd1.2309-35 region remains key support for the pair with the 100-DMA (Sgd1.2333) also noted in this region and a close below needed to target the 2012 low. Above the 21-DMA is needed to shift focus to 2013 highs.
RES 4: Sgd1.2556 – High Aug 28
RES 3: Sgd1.2529 – 2013 High Mar 20
RES 2: Sgd1.2433 – 21 day moving average
RES 1: Sgd1.2427 – High Apr 4
Latest price: 1.2375
SUP 1: Sgd1.2353 – 200 day moving average
SUP 2: Sgd1.2334 – Low Jan 30
SUP 3: Sgd1.2309 – Previous daily resistance now support
SUP 4: Sgd1.2223 – Low Jan 11
EasyForexNews Research Team