AUD/USD: Despite a couple of marginal spikes above the 21-DMA the pair failed ahead of the 200-DMA and other layers of resistance ahead of the $1.0400 level with the pair dipping back to the Apr 29 low as a result. While the $1.0400 level continues to cap we will look for an overall move lower that retests the 2013 lows with initial focus remaining on a break of the Apr 29 low and test of the lower 21 day Bollinger band.
R 4: $1.0445 – Hourly resistance Apr 15
R 3: $1.0398 – 200 day moving average
R 2: $1.0368 – 21 day moving average
R 1: $1.0329 – Previous hourly support now resistance
Latest price: 1.0275
S 1: $1.0264 – Low Apr 29
S 2: $1.0222 – Low Apr 23
S 3: $1.0205 – Low Mar 11
S 4: $1.0182 – 21 day lower Bollinger band
NZD/USD: After remaining capped at the Apr 30 highs yesterday the pair dipped sharply to pause just ahead of the Apr 25 support and the 21-DMA ($0.8483). While the Apr 25 support remains in play a slight hope remains for further bounces back towards the Apr 30 high and the 2013 high above. A move back below the Apr 25 support sees immediate focus turn to the $0.8337-73 support region and overall focus back to 2013 lows.
R 4: $0.8676 – 2013 High Apr 11
R 3: $0.8643 – High Apr 12
R 2: $0.8615 – 21 day upper Bollinger band
R 1: $0.8583 – High Apr 30
Latest price: 0.8499
S 1: $0.8470 – Low Apr 25
S 2: $0.8373 – 100 day moving average
S 3: $0.8337 – Low Mar 25
Sp 4: $0.8292 – Previous daily resistance now support
AUD/JPY: After failing to recapture the 21-DMA the cross dipped below the Jpy100.00 level overnight before managing to close just above. The rising daily trend line is fast approaching with a close below needed to see the trend that has been in place since Nov 2012 come to an end. A close below the rising daily trend line sees the overall focus turn to retests of the Jpy92.50 level. Overall a close above Apr 22 highs is needed to target Jpy105.40.
R 4: Jpy105.4 – 2013 high Apr 11
R 3: Jpy103.8 – High Apr 15
R 2: Jpy102.9 – High Apr 22
R 1: Jpy101.7 – 21 day moving average
Latest price: 100.04
S 1: Jpy99.38 – Rising daily trend line
S 2: Jpy96.95 – Low Apr 2
S 3: Jpy96.18 – 100 day moving average
S 4: Jpy94.45 – Low Mar 1
USD/KRW: Continued to grind its way towards layers of support noted in the 1087.4-1094.1 region as it closed back below the Krw1100 level for the first time since Mar 12. We will continue to look for a close back above the Apr 29 high to relieve the immediate bearish focus. Until this occurs we target an overall move back to the 1077-82 support region. Topside back above Apr 18 highs
is needed to return focus to the 2013 high.
R 4: Krw1135.6 – 200 week moving average
R 3: Krw1133.6 – High Apr 12
R 2: Krw1125.5 – High Apr 18
R 1: Krw1110.1 – High Apr 29
Latest price: 1099.4
S 1: Krw1094.1 – Low Mar 12
S 2: Krw1092.1 – 100 day moving average
S 3: Krw1089.9 – 61.8% retracement of 1054.5-1147.2 move
S 4: Krw1087.4 – Ichimoku cloud base
USD/SGD: The cross marginally took out the Sgd1.2309 support before bouncing to close just below the day’s highs. We will continue to look for a close back above the 100-DMA to relieve the immediate bearish pressure with a test of the Sgd1.2224 level remaining the overall target. The 21 day lower Bollinger band is heading lower and comes in around Sgd1.2321 today with spikes below expected to continue but closes below a rarity.
R 4: Sgd1.2461 – Previous daily support now resistance
R 3: Sgd1.2436 – High Apr 24
R 2: Sgd1.2391 – High Apr 26
R 1: Sgd1.2353 – 100 day moving average
Latest price: 1.2330
S 1: Sgd1.2306 – Low May 1
S 2: Sgd1.2224 – Low Jan 10
S 3: Sgd1.2198 – 2013 low Jan 2
S 4: Sgd1.2169 – Low Dec 18 2012
EasyForexNews Research Team