AUD/USD – the $0.9315-43 region remains key resistance again this week with a close above the $0.9343 level needed to shift focus from retests of the 2013 low to the $0.9665 high from June 6.Initial support is noted from Friday on the hourly time frame at $0.9226. The $0.9128 level is noted as key support to start the week with a close below re-confirming the bearish focus.
R 4: $0.9665 – High June 6
R 3: $0.9609 – 38.2% Retracement of 1.0582-0.9008 move
R 2: $0.9343 – High June 26
R 1: $0.9315 – High July 24
Latest price: 0.9259
SUP 1: $0.9225 – Hourly support July 26
SUP 2: $0.9128 – Low July 25
SUP 3: $0.9087 – Low July 16
SUP 4: $0.9047 – Low July 12
NZD/USD paused at the $0.8105 level on Friday and has since found support at the $0.8054 level. We continue to favour further topside for the pair with layers of resistance in the $0.8154-0.8231 region targeted. A combination of key moving averages, previous daily highs, Fibonacci retracement levels and overbought daily tech studies could slow the move higher but a close below the $0.7905 July 22 low is needed to shift focus lower.
R 4: $0.8211 – High May 21
R 3: $0.8180 – 50% Retracement of 0.8676-0.7685 move
R 2: $0.8159 – 100 day moving average
R 1: $0.8154 – High May 29
Latest price: 0.8075
S 1: $0.8054 – Low July 26
S 2: $0.8001 – Hourly support July 25
S 3: $0.7954 – Low July 25
S 4: $0.7905 – Low July 22
AUD/NZD – Initial resistance is now noted at the NZ$1.1493 high from Friday with the bearish pressure expected to see last weeks fresh 4.5 year lows retested. A close above the NZ$1.1493 level is needed to relieve the bearish pressure while a close above the NZ$1.1750 resistance level is needed to shift focus higher and back to the NZ$1.1986- 1.2100 region. While NZ$1.1750 caps overall potential remains for a move lower that tests the 2008 lows.
R 4: NZ$1.1660 – 21 day moving average
R 3: NZ$1.1640 – High July 22
R 2: NZ$1.1555 – Hourly resistance July 25
R 1: NZ$1.1493 – High July 26
Latest price: 1.1460
S 1: NZ$1.1395 – Low July 25
S 2: NZ$1.1272 – Low Nov 4 2008
S 3: NZ$1.0936 – Low Oct 24 2008
S 4: NZ$1.0893 – Low Oct 16 2008
AUD/JPY – After having failed to take out the Jpy93.02 resistance level during the past 2 weeks aussie-yen has further confirmed the overall bearish focus that is initially targeting the Jpy88.80-00 region with a close below bother the 21-DMA and the Jpy91.37 level on Friday. Immediate focus has now shifted to the key Jpy98.80-00 support region with a close below seeing focus ratchet lower to the Jpy85.25 level.
R 4: Jpy93.02 – High July 9
R 3: Jpy92.70 – High July 24
R 2: Jpy91.96 – High July 25
R 1: Jpy91.37 – Previous daily support now resistance
Latest price: 90.84
S 1: Jpy90.66 – Low July 26
S 2: Jpy90.16 – 21 day lower Bollinger band
S 3: Jpy89.61 – Low June 25
S 4: Jpy88.98 – Low June 13
USD/KRW paused just above the 50% Fibonacci retracement level to end the week with the immediate focus remaining on a test of the 200-DMA. The 61.8% Fibonacci retracement level is noted just below the 200-DMA and we will look for a close below this level as confirmation of a break of the 200-DMA with a subsequent shift lower in focus to the Krw1077-1082 support region. A close above the 100-DMA is needed to relieve the immediate bearish pressure.
R 4: Krw1153.2 – High July 5
R 3: Krw1143.3 – High July 10
R 2: Krw1130.1 – Previous daily support now resistance
R 1: Krw1122.0 – 100 day moving average
Latest price: 1112.1
S 1: Krw1110.2 – 50% Fibonacci retracement 1054.5-1166.0
S 2: Krw1108.4 – Low June 7
S 3: Krw1101.7 – 200 day moving average
S 4: Krw1097.1 – 61.8% Fibonacci retracement 1054.5-1166.0
USD/SGD continues to remain supported by a rising daily trend line and capped by sellers ahead of the key Sgd1.2721 resistance level. While Sgd1.2721 caps a break of the rising daily trend line and then the key support at Sgd1.2550 remains favoured. A close above Sgd1.2721 remains needed to see focus shift higher to retests of the 2013 high. Correcting oversold daily tech studies should be noted and may delay the bearish continuation.
R 4: Sgd1.2970 – Monthly high June 1 2012
R 3: Sgd1.2901 – 200 week moving average
R 2: Sgd1.2858 – 2013 high July 8
R 1: Sgd1.2721 – High July 11
Latest price: 1.2621
S 1: Sgd1.2607 – Rising daily trend line
S 2: Sgd1.2563 – 50% retracement of 1.2268-1.2858 move
S 3: Sgd1.2550 – Low June 19
S 4: Sgd1.2522 – 100 day moving average