AUD/USD: The pair managed its 6th consecutive lower daily low yesterday as it continues to head towards out initial target at the 2013 low. The $0.9918 level confirmed its significance as initial resistance and with stops noted above, the pair now needs to close back above the May 15 high to shift the immediate bearish pressure away from a 7th consecutive lower daily low. Overall back above $1.0096 is needed to hint at a bigger bounce.
R 4: $1.0155 – Previous hourly support
R 3: $1.0096 – High May 10
R 2: $1.0025 – High May 13
R 1: $0.9918 – High May 15
Latest price: 0.9815
S 1: $0.9712 – Low June 5 2012
S 2: $0.9488 – Low Oct 5 2011
S 3: $0.9397 – 2011 Low Oct 4 2011
S 4: $0.9332 – Low Sept 16 2010
NZD/USD: The NZD has achieved our initial target by trading at fresh 2013 lows overnight. We will now look for a continuation lower targeting the $0.7813 low from July 25 2012. A close back above the May 13 highs remains needed to relieve the immediate bearish pressure with the 200-DMA noted just below. Overall, back above the May 10 high is needed to shift focus back to retests of
the 2013 high.
R 4: $0.8418 – High May 10
R 3: $0.8356 – Previous daily support now resistance
R 2: $0.8317 – High May 13
R 1: $0.8287 – 200 day moving average
Latest price: 0.8165
S 1: $0.8114 – Low Nov 21 2012
S 2: $0.8056 – Low Nov 16 2012
S 3: $0.7917 – Low Sept 5 2012
S 4: $0.7813 – Low July 25 2012
AUD/JPY: The cross has closed below the rising daily trend line off the Nov monthly lows and unless it can close back above the May 15 high and signal a false break, the pair looks like testing the Apr 16 Jpy98.94 support with overall focus shifting back to the Jpy92.50 level. AUD/JPY is currently pausing ahead of the Ichimoku cloud top (Jpy100.18) with the pair having not traded within the cloud since mid Oct 2012.
R 4: Jpy103.8 – High Apr 15
R 3: Jpy102.9 – High Apr 22
R 2: Jpy102.3 – High May 3
R 1: Jpy101.6 – High May 15
Latest price: 100.33
S 1: Jpy100.0 – 21 day lower Bollinger band
S 2: Jpy98.94 – Low Apr 16
S 3: Jpy97.59 – 100 day moving average
S 4: Jpy96.95 – Low Apr 2
USD/KRW: The pair is now pausing ahead of the Krw1120 resistance level, but with initial support remaining at Krw1105 and the 21-DMA (Krw1107.7) noted just above we continue to look for a close back below Krw1105 to relieve the immediate bullish focus. Overall we continue to look for a close back below the 200-DMA to see focus shift from the current targeted test of 2013 highs and back to the Krw1077-81 support region from where the current move higher began.
R 4: Krw1134.0 – 200 week moving average
R 3: Krw1129.5 – 21 day upper Bollinger band
R 2: Krw1125.5 – High Apr 18
R 1: Krw1119.9 – High May 15
Latest price: 1115.5
S 1: Krw1105.0 – Previous daily resistance now support
S 2: Krw1099.9 – 200 day moving average
S 3: Krw1081.6 – Low Feb 28
S 4: Krw1077.0 – Low Feb 20
USD/SGD: The cross traded at fresh 2013 highs and the highest level in nearly 9 months, pausing just ahead of the Aug 28 2012 high. Initial support is now seen at yesterday’s lows but we will continue to look for a close back below the May 15 low to relieve the current bullish momentum, with the immediate focus now on a test of the falling weekly channel top. Overall the pair needs to close back below Sgd1.2359 to see focus return to the Sgd1.2269 level.
R 4: Sgd1.2748 – High July 6 2012
R 3: Sgd1.2644 – High July 25 2012
R 2: Sgd1.2633 – Falling weekly channel top
R 1: Sgd1.2556 – High Aug 28 2012
Latest price: 1.2525
S 1: Sgd1.2440 – Low May 16
S 2: Sgd1.2421 – Low May 15
S 3: Sgd1.2359 – Previous daily resistance now support
S 4: Sgd1.2330 – Low May 10