AUD/USD: The pair traded down to the lowest level since Oct 2011 yesterday, taking out stops below the 2012 low before bouncing. Initial resistance is now noted at the $0.9695 level with a close above needed to hint at a bigger bounce that would initially target the May 21 high. While the $0.9695 level continues to cap potential remains for a continuation lower that now targets the 2011 low, despite the very oversold daily tech studies.
R 4: $0.9918 – High May 15
R 3: $0.9838 – High May 21
R 2: $0.9770 – High May 23
R 1: $0.9695 – High May 28
Latest price: 0.9630
S 1: $0.9530 – Low May 29
S 2: $0.9488 – Low Oct 5 2011
S 3: $0.9458 – 21 day lower Bollinger band
S 4: $0.9397 – 2011 low Oct 4
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 bounce occurs.
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: 0.8100
S 1: $0.8052 – Low May 29
S 2: $0.8010 – 2013 low May 23
S 3: $0.7930 – 21 day lower Bollinger band
S 4: $0.7917 – Low Sept 5 2012
AUD/JPY: The cross paused ahead of the Jpy96.95 support again yesterday with the immediate pressure to remain until the pair can manage a close back above the May 24 high. The falling daily channel base comes in just below the March monthly low today and makes an ideal downside target with a break below then seeing the 200-DMA come into the picture.
R 4: Jpy102.3 – High May 3
R 3: Jpy101.6 – High May 15
R 2: Jpy100.3 – 21 day moving average
R 1: Jpy99.48 – High May 24
Latest price: 97.40
S 1: Jpy96.95 – Low Apr 2
S 2: Jpy94.15 – Falling daily channel base
S 3: Jpy92.50 – Low Jan 16
S 4: Jpy91.19 – 200 day moving average
USD/KRW: The cross rallied to test the sharply rising 21 day upper Bollinger band yesterday before pulling back a little. We will now look for a close back below the Krw1120.4 low from May 28 to relieve the immediate bullish focus that continues to target a retest of the 2013 high. Overall the pair needs to close back below the 200-DMA to see focus shift lower to the Krw1077-82 support region.
R 4: Krw1153.5 – High July 25 2012
R 3: Krw1147.2 – 2013 high Apr 8
R 2: Krw1139.2 – 21 day upper Bollinger band
R 1: Krw1133.6 – High Apr 12
Latest price: 1131.5
S 1: Krw1120.4 – Low May 28
S 2: Krw1110.5 – Low May 21
S 3: Krw1105.0 – Previous daily resistance now support
S 4: Krw1099.5 – 200 day moving average
USD/SGD: The pair rallied to within 4 pips of the Sgd1.2728 resistance level before correcting sharply lower and closing in NY just above the day’s lows. The Sgd1.2579 support level remains key and while this level continues to support, higher levels will remain favoured with the immediate focus on the Sgd1.2728-62 resistance region. A close back below the May 22 support is needed to relieve the immediate bullish focus and see the Sgd1.2421-42 support region targeted.
R 4: Sgd1.2846 – High June 25 2012
R 3: Sgd1.2762 – 21 day upper Bollinger band
R 2: Sgd1.2748 – High July 6 2012
R 1: Sgd1.2728 – High July 12-13 2012
Latest price: 1.2661
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