AUD/USD managed a bearish close to end last week with the pair currently hovering precariously above the $0.9100 level. The $0.9343 resistance level will remain key this week with a close above needed to relieve the immediate bearish focus that is initially targeting the $0.9056 low from Sept 2 2010. Overall a test of the $0.8771 Aug 25 2010 low remains favoured until the AUD/USD can manage a daily close back above the 21-DMA.
R 4: $0.9548 – High June 19
R 3: $0.9436 – 21 day moving average
R 2: $0.9343 – High June 26
R 1: $0.9179 – Hourly resistance June 28
Latest price: 0.9125
S 1: $0.9109 – 2013 low June 28 2013
S 2: $0.9056 – Low Sept 2 2010
S 3: $0.8771 – Low Aug 25 2010
S 4: $0.8634 – Low July 19 2010
NZD/USD ended last week on a bearish note as the pair managed to close just above the 2013 low. With the 21-DMA coming in just above layers of initial resistance, we will look for a close above the 21-DMA to ease the immediate bearish focus that is targeting fresh 2013 lows and overall has the $0.7373-0.7461 region firmly in its sights. It is worth noting that the NZD close below the 200-WMA ($0.7775) for the second consecutive week.
R 4: $0.8154 – High May 29
R 3: $0.7906 – 21 day moving average
R 2: $0.7897 – High June 20
R 1: $0.7858 – High June 26
Latest price: 0.7735
S 1: $0.7685 – 2013 low June 21
S 2: $0.7621 – Low June 8 2012
S 3: $0.7461 – 2012 low May 23
S 4: $0.7373 – Monthly low Nov 25 2011
After having spent the past few weeks supported ahead of the Dec 31 2012 low the AUD/JPY attempt higher to end last week was thwarted by layers of resistance now noted in the Jpy91.94-92.54 region, including the 21 and 200-DMA’s. While this region caps further tests of the Jpy88.82 support level are expected with a break lower favoured that initially targets the Jpy85.20-30 region.
R 4: Jpy93.79 – High June 10
R 3: Jpy92.54 – High June 14
R 2: Jpy92.37 – 200 day moving average
R 1: Jpy91.94 – 21 day moving average
Latets price: 90.50
S 1: Jpy89.61 – Low June 25
S 2: Jpy88.82 – Low Dec 31 2012
S 3: Jpy87.55 – Low Dec 21 2012
S 4: Jpy87.33 – 21 day lower Bollinger band
USD/KRW continues to look like testing the Krw1138.1 support level to start the new week with lower daily highs and lows noted again on Friday. We will continue to look for a close back above Thursday’s high to signal a false break lower and return focus to the 2013 high. With the 21-DMA noted at Krw1135.8, we will look for a close below to add weight to the bearish case that targets a correction back to the Krw1100-1108 region.
R 4: Krw1186.7 – 2012 high June 4
R 3: Krw1176.2 – High June 8 2012
R 2: Krw1166.0 – 2013 high June 24
R 1: Krw1152.6 – High June 26
Latest price: 1143.1
S 1: Krw1138.1 – Previous daily res now sup
S 2: Krw1135.8 – 21 day moving average
S 3: Krw1125.6 – Low June 14
S 4: Krw1119.2 – Low June 10
USD/SGD briefly dipped below initial support at Sgd1.2622 again on Friday, but the failure to close below still leaves us with a little hope of further bounce back above the 21 day upper Bollinger band. A close below Sgd1.2622 is now needed to see the immediate focus shift lower to retests of the Sgd1.2482 level with the 100-DMA noted just below at Sgd1.2469. For now a glimmer of hope remains for our Sgd1.2970-00 target.
R 4: Sgd1.2847 – High June 25 2012
R 3: Sgd1.2814 – 2013 high June 24
R 2: Sgd1.2798 – 21 day upper Bollinger band
R 1: Sgd1.2704 – Hourly resistance June 27
Latest price: 1.2680
S 1: Sgd1.2622 – Low June 27
S 2: Sgd1.2482 – Low June 13
S 3: Sgd1.2469 – 100 day moving average
S 4: Sgd1.2407 – Low June 7