AUD/USD: Focus Remains On 2013 Lows. The pair ended the NY session on a bearish note just above the Mar 12 support after having dipped below the 61.8% Fibonacci retracement of the $1.0117-1.0582 move. Overall focus remains on the 2013 low with a close back above the 200-DMA needed to see focus return to the Apr 11 high. The 21 day lower Bollinger band comes in around $1.0312 today with spikes below expected to continue.
RES 4: $1.0582 – High Apr 11
RES 3: $1.0478 – Previous daily support now resistance
RES 2: $1.0445 – Hourly resistance Apr 15
RES 1: $1.0398 – 200 day moving average
Latest price: 1.0294
SUP 1: $1.0268 – Low Mar 12
SUP 2: $1.0247 – Ichimoku cloud base
SUP 3: $1.0205 – Low Mar 11
SUP 4: $1.0117 – 2013 Low Mar 4
NZD/USD: Fails At Initial Resistance Again. The cross failed again yesterday at the initial resistance level before putting in a relatively bearish close. While the $0.8520 level continues to cap immediate focus remains on retests of the $0.8337-65 support region with a close below then seeing focus turn to retests of the 2013 low. The 100-DMA ($0.8355) and 61.8% Fibo of the $0.8164-0.8676 move ($0.8360) help to increase the significance of the $0.8337-65 support region
RES 4: $0.8840 – 2011 High Aug 1
RES 3: $0.8676 – 2013 High Apr 11
RES 2: $0.8611 – 21 day upper Bollinger band
RES 1: $0.8520 – Hourly resistance Aug 15
Latest price: 0.8439
SUP 1: $0.8365 – Low Apr 4
SUP 2: $0.8337 – Low Mar 25
SUP 3: $0.8292 – Previous daily resistance now support
SUP 4: $0.8247 – 200 day moving average
AUD/JPY: Rising Daily Trend Line Fast Approaching. The AUD continues to chop around above initial support with the rising daily trend line fast approaching. While the rising daily trend line supports we will hold onto hope for further tests of the 2013 highs set earlier in the month and spikes above the 21 day upper Bollinger band (Jpy105.28) with a close above the initial resistance needed to boost these hopes. A close below the rising daily trend line targets Jpy92.50.
RES 4: Jpy105.4 – 2013 high Apr 11
RES 3: Jpy103.8 – High Apr 15
RES 2: Jpy102.6 – Hourly resistance Apr 15
RES 1: Jpy102.1 – High Apr 17
Latest price: 100.9
SUP 1: Jpy98.94 – Low Apr 16
SUP 2: Jpy97.97 – Rising daily trend line
SUP 3: Jpy96.95 – Low Apr 2
SUP 4: Jpy94.67 – 100 day moving average
USD/KRW: An Inside Day. USD/KRW bounced from ahead of the initial support before running out of steam just short of the Krw1124.8 resistance level. A close back above this level is needed to see focus return to the 2013 highs and away from the key Krw1101.7-1103.2 support region. A close below this region then sees the pair targeting a deeper correction back to the Krw1077-1082 region.
RES 4: Krw1153.5 – High July 25 2012
RES 3: Krw1147.2 – High Apr 8
RES 2: Krw1133.6 – High Apr 12
RES 1: Krw1124.8 – Previous daily support now resistance
Latest price: 1121.9
SUP 1: Krw1110.9 – Low Apr 2
SUP 2: Krw1103.2 – 200 day moving average
SUP 3: Krw1101.7 – Low Mar 14
SUP 4: Krw1088.9 – 100 day moving average
USD/SGD: Relatively Bullish NY Close. USD dipped below the 200-DMA, 100-DMA and Sgd1.2335 support level overnight before bouncing to the day’s highs and closing the NY session just below. The relatively bullish close increases the risk of another retest of the key Apr 4 resistance level with the 21-DMA coming just ahead at Sgd1.2409. A close above the Apr 4 high remains needed to shift focus away from further spikes below the lower Bollinger band and back to the 2013 high.
RES 4: Sgd1.2556 – High Aug 28
RES 3: Sgd1.2529 – 2013 High Mar 20
RES 2: Sgd1.2461 – Previous daily support now resistance
RES 1: Sgd1.2427 – High Apr 4
Latest price: 1.2363
SUP 1: Sgd1.2327 – 21 day lower Bollinger band
SUP 2: Sgd1.2309 – Previous daily resistance now support
SUP 3: Sgd1.2223 – Low Jan 11
SUP 4: Sgd1.2198 – 2013 Low Jan 2
EasyForexNews Research Team