AUD/USD: Layers Of Resistance Noted $1.0396-04. The pair continues to languish above fresh 6 week lows with a close back above the Apr 19 high to relieve the immediate bearish focus, but we will look for a close above the $1.0404 level to shift focus back to 2013 highs. The 200-DMA ($1.0398), 100-DMA ($1.0404), 21-DMA ($1.0396) and daily highs are noted in the $1.0396-04 region providing significance. While this region caps hopes remain for a retest of the 2013 lows.
RES 4: $1.0478 – Previous daily support now resistance
RES 3: $1.0445 – Hourly resistance Apr 15
RES 2: $1.0398 – 200 day moving average
RES 1: $1.0358 – High Apr 19
Latest price: 1.0288
SUP 1: $1.0222 – Low Mar 23
SUP 2: $1.0205 – Low Mar 11
SUP 3: $1.0117 – 2013 Low Mar 4
SUP 4: $1.0101 – Low July 12 2012
NZD/USD: $0.8520 Level Remains Key Resistance. The cross has distanced itself further from the 100-DMA after testing it on Apr 23 but still needs to close above the $0.8520 level to see focus return to retests of the 2013 highs. Daily tech studies are starting to look like correcting from oversold levels and this may provide support to the pair on dips with an $0.8365-0.8520 range favoured for the remainder of the week.
RES 4: $0.8840 – 2011 High Aug 1
RES 3: $0.8676 – 2013 High Apr 11
RES 2: $0.8594 – 21 day upper Bollinger band
RES 1: $0.8520 – Hourly resistance Aug 15
Latest price: 0.8480
SUP 1: $0.8365 – 100 day moving average
SUP 2: $0.8337 – Low Mar 25
SUP 3: $0.8292 – Previous daily resistance now support
SUP 4: $0.8259 – 200 day moving average
AUD/JPY: Bounces Towards Initial Resistance. Following the bounce from the 21-DMA on Tuesday AUD/JPY continues to drift towards the initial resistance level. The daily trend line continues to head higher and supports around Jpy98.65 today. A close back below this level remains needed to see the pair shift initial attention to Jpy96.95 and then back to the key Jpy92.50 level. While the daily trend line remains retests of the 2013 highs remains the overall focus.
RES 4: Jpy105.7 – 21 day upper Bollinger band
RES 3: Jpy105.4 – 2013 high Apr 11
RES 2: Jpy103.8 – High Apr 15
RES 1: Jpy102.9 – High Apr 22
Latest price: 102.4
SUP 1: Jpy101.0 – 21 day moving average
SUP 2: Jpy99.95 – Low Apr 18
SUP 3: Jpy98.94 – Low Apr 16
SUP 4: Jpy98.65 – Rising daily trend line
USD/KRW: Krw1125.5 Level Remains Initial Resistance. The cross continues to trade below initial resistance noted at the Krw1125.5 weekly high from last week. A close above this level remains needed to see focus return to a close above the 200-WMA and the 2013 highs. While the Apr 18 high caps we continue to look for retests of the Apr 2 support and then the key Krw1101.7-1102.5 support region below. Oversold daily tech studies are looking to correct and may begin to provide support on dips.
RES 4: Krw1147.2 – High Apr 8
RES 3: Krw1136.4 – 200 week moving average
RES 2: Krw1133.6 – High Apr 12
RES 1: Krw1125.5 – High Apr 18
Latest price: 1117.2
SUP 1: Krw1110.9 – Low Apr 2
SUP 2: Krw1102.5 – 200 day moving average
SUP 3: Krw1101.7 – Low Mar 14
SUP 4: Krw1090.8 – 100 day moving average
USD/SGD: Trades At Fresh 4 Week Highs. USD finally popped above the Sgd1.2427 resistance level, triggering stops above before pausing at the now rising 21 day upper Bollinger band. Immediate focus turns to the Sgd1.2461 resistance level with a close back below the 21-DMA now needed to signal a false break higher. While the 21-DMA supports we will look for an overall retest of the 2013 highs at Sgd1.2529 level. Daily tech studies continue to correct from oversold levels.
RES 4: Sgd1.2556 – High Aug 28 2012
RES 3: Sgd1.2529 – 2013 High Mar 20
RES 2: Sgd1.2461 – Previous daily support now resistance
RES 1: Sgd1.2435 – 21 day upper Bollinger band
Latest price: 1.2423
SUP 1: Sgd1.2392 – 21 day moving average
SUP 2: Sgd1.2369 – Low Apr 22
SUP 3: Sgd1.2349 – 21 day lower Bollinger band
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team