AUD/USD: The pair is starting to find support on dips back towards the lowest level traded since June 2012 as traders start to look for a base for a bounce. The pair needs to close back above the May 15 high to confirm that a correction is underway with the focus then shifting to the $1.0096-1.0156 resistance region. Back above $1.0156 would confirm a break of the 61.8% Fibonacci retracement ($1.0126) of the $1.0382-0.9713 move.
R 4: $1.0096 – High May 10
R 3: $1.0025 – High May 13
R 2: $0.9969 – 38.2% retracement of 1.0382-0.9713 move
R 1: $0.9918 – High May 15
Latest price: 0.9814
S 1: $0.9712 – Low June 5 2012
S 2: $0.9584 – 2012 Low June 1
S 3: $0.9488 – Low Oct 5 2011
S 4: $0.9397 – 2011 Low Oct 4 2011
NZD/USD: The cross has managed a bullish cross on the daily RSI and slow stochastic indicators with downside momentum also waning. With the support on yesterday’s dip emerging at the $0.8119 level the immediate focus not shifts to a test of the 200-DMA while the initial support remains unbroken. We will look for a close above $0.8317 as confirmation of a break of the 200-DMA which is needed to hint at a bigger correction.
R 4: $0.8374 – 21 day moving average
R 3: $0.8356 – Previous daily support now resistance
R 2: $0.8317 – High May 13
R 1: $0.8288 – 200 day moving average
Latest price: 0.8174
S 1: $0.8119 – Low May 21
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 rate has found a little support but continues to consolidate below the rising daily trend line that had previously supported. We will continue to look for a close back above the Jpy101.60 level to see focus return to the Jpy102.30-90 region, but while Jpy101.60 caps the immediate focus remains on the Apr 16 low with the overall focus on a potential move back to the
Jpy92.50-00 region.
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: 100.47
S 1: Jpy99.22 – Ichimoku cloud base
S 2: Jpy98.94 – Low Apr 16
S 3: Jpy97.11 – 100 day moving average
S 4: Jpy96.95 – Low Apr 2
USD/KRW: USD is looking a little softer after having pulled back from ahead of Friday’s high and the Apr 18 resistance level on Monday. The dip below the May 15 low has relieved the bullish pressure a little and increased the risk of a correction back to the 200-DMA. Overall while the 200-DMA continues to remain as support, the pair will target a retest of the 2013 high at Krw1147.2
from back in early April.
R 4: Krw1147.2 – 2013 high Apr 8
R 3: Krw1133.3 – 200 week moving average
R 2: Krw1128.0 – 21 day upper Bollinger band
R 1: Krw1125.5 – High Apr 18
Latest price: 1115.0
S 1: Krw1107.2 – 21 day moving average
S 2: Krw1105.0 – Previous daily resistance now support
S 3: Krw1099.7 – 200 day moving average
S 4: Krw1081.6 – Low Feb 28
USD/SGD: USD managed to hold above initial support following the dip to start the week with the resulting bounce again having paused ahead of the falling weekly channel top. We will look for a close above the Sgd1.2644 resistance level from July 25 2012 as confirmation of a break of the channel top with focus then shifting to the Sgd1.2845 level. The Sgd1.2421-40 support region remains key, with the 50% Fibo of the Sgd1.2268-1.2594 move noted at Sgd1.2431.
R 4: Sgd1.2846 – High June 25 2012
R 3: Sgd1.2748 – High July 6 2012
R 2: Sgd1.2644 – High July 25 2012
R 1: Sgd1.2626 – Falling weekly channel top
Latest price: 1.2600
S 1: Sgd1.2507 – Low May 17
S 2: Sgd1.2440 – Low May 16
S 3: Sgd1.2421 – Low May 15
S 4: Sgd1.2359 – Previous daily resistance now support