AUD/USD: Above $1.0400 Needed To Shift Focus HIgher. The pair traded above the 21-DMA by a couple of pips overnight before closing just below. Layers of resistance remain ahead of the $1.0400 level including the 100-DMA ($1.0397), 200-DMA and previous daily highs. We will continue to look for a close above the $1.0400 level to end hopes of a retest of the Apr 23 low and potentially 2013 low, and see focus turn to 2013 highs. Initial support is now noted at yesterday’s low.
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: $1.0376 – 21 day moving average
Latest price: 1.0371
SUP 1: $1.0332 – Low Apr 30
SUP 2: $1.0264 – Low Apr 29
SUP 3: $1.0222 – Low Apr 23
SUP 4: $1.0205 – Low Mar 11
USD/NZD: Focus Remains Higher While $0.8470 Supports. The cross edged a little close to the 2013 high overnight before closing off the day’s highs. With the 21-DMA coming in just above the Apr 25 low we will look for a close below the Apr 25 low to confirm a break of the 21-DMA and see immediate focus turn to retests of the 100-DMA and Apr 23 low. While the Apr 25 low supports we continue to look for a continuation higher that sees the 2013 highs retested.
RES 4: $0.8840 – 2011 High Aug 1
RES 3: $0.8676 – 2013 High Apr 11
RES 2: $0.8643 – High Apr 12
RES 1: $0.8614 – 21 day upper Bollinger band
Latest price: 0.8560
SUP 1: $0.8470 – Low Apr 25
SUP 2: $0.8372 – 100 day moving average
SUP 3: $0.8337 – Low Mar 25
SUP 4: $0.8292 – Previous daily resistance now support
AUD/JPY: 21-DMA Continues To Cap. The rising daily trend line is fast approaching from below as the AUD/JPY continues remain capped by the 21-DMA. Focus will remain on retests of the Jpy100.00 region while the 21-DMA caps and then the key support at the rising daily trend line. A close below the rising daily trend line that has been in place since early Nov is needed to see overall focus return to the Jpy92.50 level. Back above the 21-DMA targets Apr 22 retests.
RES 4: Jpy105.4 – 2013 high Apr 11
RES 3: Jpy103.8 – High Apr 15
RES 2: Jpy102.9 – High Apr 22
RES 1: Jpy101.7 – 21 day moving average
Latest price: 101.07
SUP 1: Jpy99.95 – Low Apr 18
SUP 2: Jpy99.24 – Rising daily trend line
SUP 3: Jpy96.95 – Low Apr 2
SUP 4: Jpy95.77 – 100 day moving average
USD/KRW: Closes Below Previous Key Support. The pair closed below the previous key support in NY and now looks headed for a test of layers of support noted in the Krw1087.4-1094.1 region with a tests of the 1077-1082 region favoured overall. Topside we will continue to look for a close back above the Apr 29 high to relieve the immediate bearish focus while above the Krw1125.5 level is needed to see focus return to 2013 highs.
RES 4: Krw1135.6 – 200 week moving average
RES 3: Krw1133.6 – High Apr 12
RES 2: Krw1125.5 – High Apr 18
RES 1: Krw1110.1 – High Apr 29
Latest price: 1100.6
SUP 1: Krw1094.1 – Low Mar 12
SUP 2: Krw1091.8 – 100 day moving average
SUP 3: Krw1089.9 – 61.8% retracement of 1054.5-1147.2 move
SUP 4: Krw1087.4 – Ichimoku cloud base
USD/SGD: Sgd1.2309 Likely To Break Today. The cross is expected to take out the Sgd1.2309 support level and trigger stops below today as the pair remains heavy at the NY close. We will now look for a close back above the 100-DMA to relieve the immediate bearish pressure with a test of the Sgd1.2224 level now the overall target. Daily tech studies had worked their way out of oversold territory and now have room to move on an extension lower.
RES 4: Sgd1.2461 – Previous daily support now resistance
RES 3: Sgd1.2436 – High Apr 24
RES 2: Sgd1.2391 – High Apr 26
RES 1: Sgd1.2352 – 100 day moving average
Latest price: 1.2315
SUP 1: Sgd1.2309 – Previous daily resistance now support
SUP 2: Sgd1.2224 – Low Jan 10
SUP 3: Sgd1.2198 – 2013 low Jan 2
SUP 4: Sgd1.2169 – Low Dec 18 2012
EasyForexNews Research Team