AUD/USD: The pair took out the $0.9695 level overnight with this level now noted as initial support and a close back below needed to see focus return to the 2013 low. Immediate focus is now on a test of the $0.9838 level with the 21-DMA also noted here as daily tech studies continue to correct from very oversold levels. Overall the possibility of a bigger bounce back towards the $1.0096 level exists while $0.9695 supports.
R 4: $0.9918 – High May 15
R 3: $0.9855 – 38.2% retracement of 1.0382-0.9530 move
R 2: $0.9838 – High May 21
R 1: $0.9791 – High June 3
Latest price: 0.9760
S 1: $0.9695 – Previous daily resistance now support
S 2: $0.9530 – 2013 low May 29
S 3: $0.9488 – Low Oct 5 2011
S 4: $0.9437 – 21 day lower Bollinger band
NZD/USD: The $0.8154-0.8211 resistance region remains key for the NZD with the 21-DMA noted at $0.8189. We will look for a close above the $0.8211 level to confirm a bounce is underway although layers of resistance will need to be dealt with in the $0.8287-0.8356 region including the 100 and 200-DMA’s and 50% and 61.8% Fibonacci retracement levels. Daily tech studies are correcting from oversold and are supportive of a bounce.
R 4: $0.8287 – 200 day moving average
R 3: $0.8211 – High May 21
R 2: $0.8189 – 21 day moving average
R 1: $0.8154 – High May 29
Latest price: 0.8099
S 1: $0.7942 – Monthly low May 31
S 2: $0.7917 – Low Sept 5 2012
S 3: $0.7813 – Low July 25 2012
S 4: $0.7761 – 200 week moving average
AUD/JPY: The pair traded at fresh 3 month lows by a few pips yesterday before bouncing a little with the Jpy97.93 level remaining as initial resistance. A close above this level is needed to relieve the immediate bearish pressure that is targeting a test of the falling daily channel base around the Jpy93.69 level. Overall the pair needs to close above the 21-DMA, which comes in around the falling channel top, to shift focus higher.
R 4: Jpy101.6 – High May 15
R 3: Jpy99.68 – 21 day moving average
R 2: Jpy99.48 – High May 24
R 1: Jpy97.93 – High May 30
Latest price: 97.05
S 1: Jpy96.02 – Low June 3
S 2: Jpy93.69 – Falling daily channel base
S 3: Jpy92.50 – Low Jan 16
S 4: Jpy91.34 – 200 day moving average
USD/KRW: Daily slow stochastic, RSI and momentum studies slowly correct from overbought levels and are hinting at a correction back towards the 200-DMA. A close below the 200-DMA is needed to shift focus back to the Krw1077-81 region. Yesterday’s move to fresh two week lows hints at a correction being underway and we will look for a close below the May 21 support to confirm this being the case.
R 4: Krw1153.5 – High July 25 2012
R 3: Krw1147.2 – 2013 high Apr 8
R 2: Krw1142.8 – 21 day upper Bollinger band
R 1: Krw1137.1 – High May 29
Latest price: 1119.5
S 1: Krw1115.7 – 21 day moving average
S 2: Krw1110.5 – Low May 21
S 3: Krw1105.0 – Previous daily resistance now support
S 4: Krw1099.4 – 200 day moving average
USD/SGD: The cross is on track to test the 61.8% Fibonacci retracement level of the Sgd1.2268-1.2724 move with a close back above yesterday’s high now needed to signal a false break lower and see focus return to the 2013 high. Layers of support remain in the Sgd1.2416-42 region including a previous daily low and the Ichimoku cloud top. Daily tech studies continue to correct from very oversold levels and are indicating a continuation lower for now.
R 4: Sgd1.2748 – High July 6 2012
R 3: Sgd1.2728 – High July 12-13 2012
R 2: Sgd1.2637 – High June 3
R 1: Sgd1.2570 – Previous daily support now resistance
Latest price: 1.2521
S 1: Sgd1.2442 – 61.8% retracement of 1.2268-1.2699 move
S 2: Sgd1.2416 – 100 day moving average
S 3: Sgd1.2359 – Previous daily resistance now support
S 4: Sgd1.2338 – 200 day moving average