AUD/USD has bounced from fresh 2013 lows to start the new week but has so far fallen short of the initial resistance level at $0.9179. We will continue to look for a close above the $0.9343 level to relieve the immediate bearish pressure and hint at a bigger bounce back towards $0.9665. Overall lower levels remain favoured with spikes below the falling lower 21 day Bollinger band expected.
R 4: $0.9343 – High June 26
R 3: $0.9302 – 21 day moving average
R 2: $0.9250 – High July 2
R 1: $0.9179 – High July 4
Latest price: 0.9120
S 1: $0.9043 – 2013 low July 8
S 2: $0.8968 – 21 day lower Bollinger band
S 3: $0.8771 – Low Aug 25 2010
S 4: $0.8634 – Low July 19 2010
An inside day to start the week for the NZD/USD with the pair remaining confined to the $0.7685-0.7858 range that has defined for the past 3 weeks. We look for a close above the $0.7858 level to relieve the immediate bearish focus and hint at a bigger bounce back to the $0.8154 level. While the $0.7858 level caps we favour a break to fresh 2013 lows with spikes below the falling 21 day lower Bollinger band favoured.
R 4: $0.8154 – High May 29
R 3: $0.7897 – High June 20
R 2: $0.7858 – High June 26/July 4
R 1: $0.7846 – 21 day moving average
Latest price: 0.7795
S 1: $0.7685 – 2013 low June 21
S 2: $0.7625 – 21 day lower Bollinger band
S 3: $0.7621 – Low June 8 2012
S 4: $0.7461 – 2012 low May 23
The 200-DMA remains key for the AUD/JPY once again this week with the pair having failed on its attempts to break higher last week. The pair has bounced back towards the 200-DMA to start the new week with stops expected above this level. While the 200-DMA caps test of the Jpy88.80-00 region remain favoured, followed by an eventual break lower that tests the Jpy85.27 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: Jpy92.70 – 200 day moving average
Latest price: 92.08
S 1: Jpy90.18 – Low July 3
S 2: Jpy89.61 – Low June 25
S 3: Jpy89.09 – 21 day lower Bollinger band
S 4: Jpy88.82 – Low Dec 31 2012
USD/KRW taking out the Krw1152.2 resistance level last week the pair is now focused on tests of the 2013 high. While the Krw1130.1 support level remains in play we will target an overall break of the 2013 high and an extension higher that tests the 2012 high. A close back below the Krw1130.1 support is needed to see the immediate focus shift back to tests of the Krw1108.4 support.
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: Krw1162.3 – 21 day upper Bollinger band
Latest price: 1146.2
S 1: Krw1137.6 – Low July 4
S 2: Krw1130.1 – Low July 2
S 3: Krw1125.6 – Low June 14
S 4: Krw1119.2 – Low June 10
USD/SGD spike to fresh 2013 highs and the highest level since mid june 2013 has so far lacked follow through but we will continue to look for a close back below the June 27 low to see focus shift lower. While the $1.2622 level continues to support we continue to target an extension higher that targets the Sgd1.29870-00 region. It is also worth noting the 200-WMA that comes in at Sgd1.2917 with a close above not seen since early 2009.
R 4: Sgd1.2970 – High 1 June 2012
R 3: Sgd1.2917 – 200 week moving average
R 2: Sgd1.2847 – High June 25 2012
R 1: Sgd1.2858 – 2013 high July 8
Latest price: 1.2790
S 1: Sgd1.2695 – Low July 3
S 2: Sgd1.2622 – Low June 27
S 3: Sgd1.2490 – 100 day moving average
S 4: Sgd1.2407 – Low June 7