AUD/USD initial resistance remains at the $0.9250 level, but with the 21-DMA and June 26 resistance level both coming in around the $0.9343 level, we will look for a close above the this level to relieve the immediate bearish pressure and see focus shift to a bigger bounce targeting the $0.9665 resistance level. For now our overall target remains the $0.8771 Aug 25 2010 low.
R 4: $0.9548 – High June 19
R 3: $0.9345 – 21 day moving average
R 2: $0.9343 – High June 26
R 1: $0.9250 – High July 2
Latest price: 0.9140
S 1: $0.9046 – 2013 low July 3
S 2: $0.9010 – 21 day lower Bollinger band
S 3: $0.8771 – Low Aug 25 2010
S 4: $0.8634 – Low July 19 2010
NZD/USD has bounced back towards initial resistance with the 21-DMA noted just above. We will continue to look for a close above the $0.7858-65 region to relieve the immediate bearish focus that is targeting a break of the $0.7685 support. Any decent topside correction is likely to be tough going given layers of resistance in the $0.8154-0.8317 region.
R 4: $0.8154 – High May 2
R 3: $0.7897 – High June 20
R 2: $0.7865 – 21 day moving average
R 1: $0.7858 – High June 26/July 4
Latest price: 0.7825
S 1: $0.7685 – 2013 low June 21
S 2: $0.7641 – 21 day lower Bollinger band
S 3: $0.7621 – Low June 8 2012
S 4: $0.7461 – 2012 low May 23
AUD/JPY managed an inside day yesterday with the Jpy92.52-54 resistance region key to the immediate direction. While this region caps we will look for a retest and a break below the Jpy89.61 support with a continuation lower that targets the Jpy85.27 support from early Dec 2012. A close above the Jpy92.52-54 region would see the immediate focus shift higher to the Jpy96.02 level.
R 4: Jpy96.02 – Previous daily support now resistance
R 3: Jpy94.66 – High June 6
R 2: Jpy93.79 – High June 10
R 1: Jpy92.52 – 200 day moving average
Latest price: 91.55
S 1: Jpy89.61 – Low June 25
S 2: Jpy88.82 – Low Dec 31 2012
S 3: Jpy88.62 – 21 day lower Bollinger band
S 4: Jpy87.55 – Low Dec 21 2012
USD/KRW overall we continue to look for a close back above the Krw1152.6 resistance level to threaten a continuation higher that tests the flat 21 day upper Bollinger band and the 2013 high. but for now we continue to expect to see the pair trade sideways within a Krw1130.1 -1152.6 range into the end of the week. A close below the initial support is needed to shift focus lower and see pair targeting the Krw1108.4 support.
R 4: Krw1176.2 – High June 8 2012
R 3: Krw1166.0 – 2013 high June 24
R 2: Krw1162.9 – 21 day upper Bollinger band
R 1: Krw1152.6 – High June 26
Latest price: 1138.5
S 1: Krw1130.1 – Low July 2
S 2: Krw1125.6 – Low June 14
S 3: Krw1119.2 – Low June 10
S 4: Krw1116.1 – 100 day moving average
USD/SGD remains little changed from yesterday’s NY close as it continues to look like heading higher to retest the 2013 high and then the now rising 21 day upper Bollinger band above. The 21-DMA now comes in above the June 27 support but we will continue to look for a break below the Sgd1.2622 level to shift the focus from our overall target of Sgd1.2970-00. Daily tech studies have corrected their o/b condition and are well placed for another leg higher.
R 4: Sgd1.2924 – 200 week moving average
R 3: Sgd1.2847 – High June 25 2012
R 2: Sgd1.2830 – 21 day upper Bollinger band
R 1: Sgd1.2814 – 2013 high June 24
Latest price: 1.2736
S 1: Sgd1.2695 – Low July 3
S 2: Sgd1.2622 – Low June 27
S 3: Sgd1.2482 – 100 day moving average
S 4: Sgd1.2407 – Low June 7