AUD/USD plunged to fresh nearly 3 year lows and remains on track for our current target at $0.8771. The pair struggled to recover lost ground after breaking below the $0.9090 support and we look for this level to offer initial resistance to start the new week. Overall a close back above the June 28 high is needed to relieve the immediate bearish focus.
R 4: $0.9609 – 38.2% Retracement of 1.0582-0.9008 move
R 3: $0.9343 – High June 26
R 2: $0.9234 – 21 day moving average
R 1: $0.9090 – Previous support now resistance
Latest price: 0.9077
S 1: $0.9008 – 2013 low July 12
S 2: $0.8954 – 21 day lower Bollinger band
S 3: $0.8771 – Low Aug 25 2010
S 4: $0.8404 – Low July 2 2010
NZD/USD is poised for a test of the $0.7685 2013 lows this week after heading sharply lower on Friday, this is further reinforced by the failed spike higher on Thursday. A close back above the $0.7967 level is needed to see focus shift back to tests of the key $0.8154 level and layers of resistance above. Overall a continuation lower remains favoured that targets the $0.7373-0.7461 support region and weekly lows.
R 4: $0.8154 – High May 29
R 3: $0.8052 – High June 19
R 2: $0.7967 – High July 11
R 1: $0.7878 – High July 12
Latest price: 0.7798
S 1: $0.7758 – Low July 12
S 2: $0.7685 – 2013 low June 21
S 3: $0.7621 – Low June 8 2012
S 4: $0.7461 – 2012 low May 23
AUD/JPY has corrected sharply lower and back towards the Jpy88.82 support level. While the Jpy93.02 resistance remains in play we will look for a test and eventual break of the Jpy88.82 support level and a continuation lower that sees the Jpy85.27 support as the overall target. Above Jpy93.02 sees focus turn to the Jpy96.02 level.
R 4: Jpy93.79 – High June 10
R 3: Jpy93.02 – High June 9
R 2: Jpy92.00 – High July 11
R 1: Jpy91.02 – High July 12
Latest price: 90.05
S 1: Jpy89.61 – Low June 25
S 2: Jpy89.11 – 21 day lower Bollinger band
S 3: Jpy88.82 – Low Dec 31 2012
S 4: Jpy87.55 – Low Dec 21 2012
USD/KRW paused above the June 10 support and the 100-DMA on Friday with a break lower favoured while the Krw1130.1 level caps. Below the Krw1119.2 level sees the pair targeting the 200-DMA. Topside a close back above the Krw1130.1 level remains needed to relieve the immediate bearish focus. Overall potential remains for a deeper correction back to the Krw1081.7 May monthly low.
R 4: Krw1163.4 – 21 day upper Bollinger band
R 3: Krw1153.2 – High July 5
R 2: Krw1141.5 – 21 day moving average
R 1: Krw1130.1 – Previous daily support now resistance
Latest price: 1122.1
S 1: Krw1119.2 – Low June 10/100-DMA
S 2: Krw1110.2 – 50% Fibo retracement 1054.5-1166.0 move
S 3: Krw1108.4 – Low June 7
S 4: Krw1101.3 – 200 day moving average
USD/SGD bounced a little from Thursday’s low but remained capped ahead of the 21-DMA. The immediate focus now remains on tests of the 100 and then 200-DMA’s with a close back above the July 11 high needed to negate this view and see fresh 2013 highs a possibility once more. A close below the 200-DMA is needed to confirm a deeper move is underway and we would then look to target the May monthly lows at Sgd1.2269.
R 4: Sgd1.2970 – High 1 June 2012
R 3: Sgd1.2917 – 200 week moving average
R 2: Sgd1.2858 – 2013 high July 8
R 1: Sgd1.2721 – High July 11
Latest price: 1.2620
S 1: Sgd1.2550- Low June 19
S 2: Sgd1.2502 – 100 day moving average
S 3: Sgd1.2407 – Low June 7
S 4: Sgd1.2382 – 200 day moving average