AUD/USD: The pair remains little changed from Friday’s NY closing level, hovering above last week’s low with the 2012 low lurking just below. Daily slow stochastic, momentum and RSI studies are slowly correcting from very oversold levels, and given the significance of the 2012 low the pair could be setting up for a correction back towards the May 21 high. Overall the pair needs to close back above the $1.0096 level to see focus return to the $1.0380-00 region.
R 4: $1.0025 – High May 13
R 3: $0.9918 – High May 15
R 2: $0.9838 – High May 21
R 1: $0.9770 – High May 23
Latest price: 0.9630
S 1: $0.9584 – 2012 Low June 1
S 2: $0.9508 – 21 day lower Bollinger band
S 3: $0.9488 – Low Oct 5 2011
S 4: $0.9397 – 2011 Low Oct 4 2011
NZD/USD: The $0.8010 low from last week remains key for the NZD at present, and with daily technical studies slowly heading higher from very oversold levels, the longer the pair remains above the $0.8010 level the greater the chance of a bounce. The $0.8288-0.8365 region represents layers of resistance for the NZD including 21, 100 and 200-DMA’s as well as daily highs and lows and
should prove tough going if a test is seen.
R 4: $0.8356 – Previous daily support now resistance
R 3: $0.8317 – High May 13
R 2: $0.8288 – 200 day moving average
R 1: $0.8211 – High May 21
Latest price: 0.8088
S 1: $0.8010 – 2013 low May 23
S 2: $0.7952 – 21 day lower Bollinger band
S 3: $0.7917 – Low Sept 5 2012
S 4: $0.7813 – Low July 25 2012
AUD/JPY: After recording its first close below the 100-DMA since Oct 2012 the pair has remained capped ahead of this level to start the week with the pair having paused ahead of the Apr 2 support. The falling daily trend line comes in around the March monthly low today and makes an ideal downside target with a break below then seeing the 200-DMA come into the picture. Layers of resistance are noted in the Jpy99.48-101.57 region.
R 4: Jpy101.6 – High May 15
R 3: Jpy100.6 – 21 day moving average
R 2: Jpy99.48 – High May 24
R 1: Jpy98.18 – 100 day moving average
Latest price: 97.40
S 1: Jpy96.95 – Low Apr 2
S 2: Jpy94.45 – Falling daily channel base
S 3: Jpy92.50 – Low Jan 16
S 4: Jpy91.04 – 200 day moving average
USD/KRW: The failure ahead of the 200-WMA and the Apr 12 high last week, combined with correcting very overbought daily RSI, slow stochastic and momentum studies could be setting the cross up for a correction back to Krw1100 region. It is worth noting that the 100-DMA, 200-DMA and 50% Fibonacci retracement of the Krw1054.5-1147.2 move all come in around the Krw1100 level. A close below would see focus turn to the Krw1077-82 support region.
R 4: Krw1153.5 – High July 25 2012
R 3: Krw1147.2 – 2013 high Apr 8
R 2: Krw1133.6 – High Apr 12
R 1: Krw1132.9 – 200 week moving average
Latest price: 1123.4
S 1: Krw1110.5 – Low May 21
S 2: Krw1109.1 – 21 day moving average
S 3: Krw1105.0 – Previous daily resistance now support
S 4: Krw1099.5 – 200 day moving average
USD/SGD: The cross continued to correct lower from last week’s failure ahead of the Sgd1.2728 resistance level, pausing just above the May 22 support. A break of this support would signal a deeper correction is underway that targets the Sgd1.2441-48 support region with the 21-DMA noted at Sgd1.2448. Daily RSI, slow stochastic and momentum studies are slowly correcting from very overbought levels and could hinder further topside attempts for now.
R 4: Sgd1.2846 – High June 25 2012
R 3: Sgd1.2748 – High July 6 2012
R 2: Sgd1.2728 – High July 12-13 2012
R 1: Sgd1.2708 – 21 day upper Bollinger band
Latest price: 1.2612
S 1: Sgd1.2579 – Low May 22
S 2: Sgd1.2534 – 38.2% retracement of 1.2268-1.2699 move
S 3: Sgd1.2507 – Low May 17
S 4: Sgd1.2440 – Low May 16