AUD/USD: the correction lower following the failures in the $0.9315-43 resistance region has paused just ahead of the 21 day lower Bollinger band and the July 15 low. Correcting overbought daily tech studies have plenty of room to move and are expected to weigh on the pair as the 2013 low remains the immediate focus. A close above yesterday’s high is needed to relieve the bearish focus with a break lower that tests the Aug 2010 monthly lows favoured.
R 4: $0.9343 – High June 26
R 3: $0.9315 – High July 24
R 2: $0.9210 – High July 30
R 1: $0.9100 – Hourly resistance July 30
Latest price: 0.9070
S 1: $0.9032 – 21 day lower Bollinger band
S 2: $0.9008 – 2013 Low July 12
S 3: $0.8771 – Monthly low Aug 25 2010
S 4: $0.8634 – Low July 19 2010
NZD/USD: the correction from the $0.8105 highs that capped on July 25 & 26 has paused ahead of the $0.7954 support. Correcting overbought daily tech studies appear to be weighing on the pair and we will continue to look for a close below the July 22 support to see overall focus return to retests of the 2013 low. The 21 DMA comes in just below the July 22 support and adds significance to this support.
R 4: $0.8157 – 100 day moving average
R 3: $0.8154 – High May 29
R 2: $0.8105 – High July 25 & 26
R 1: $0.8039 – High July 30
Latest price: 0.7990
S 1: $0.7954 – Low July 25
S 2: $0.7905 – Low July 22
S 3: $0.7892 – 21 day moving average
S 4: $0.7844 – Low July 17
NZD/USD traded at the lowest level since Nov 2008 before finding minor support at the NZ$1.1330 level. Initial resistance is noted in the NZ$1.1375-94 region but we will look for a close back above the NZ$1.1493 resistance level to relieve the immediate bearish focus while a close back above the NZ$1.1640 level is now needed to shift overall focus higher once more. While this region caps potential exists for a test of the 2008 lows.
R 4: NZ$1.1555 – Hourly resistance July 25
R 3: NZ$1.1493 – High July 26
R 2: NZ$1.1394 – Previous daily support now resistance
R 1: NZ$1.1375 – Hourly resistance July 30
Latest price: 1.1344
S 1: NZ$1.1330 – Hourly support July 31
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: the move lower is gathering momentum with the sharp fall yesterday setting fresh 2013 lows before pausing just ahead of the Dec 27 2013 support. A close back above yesterday’s high is needed to relieve the immediate bearish focus that is initially targeting a test of the Jpy87.55 support. Overall we are targeting a sustained move lower that tests the falling daily channel base coming in around Jpy83.88 today.
R 4: Jpy91.96 – High July 25
R 3: Jpy91.37 – Previous daily sup now res
R 2: Jpy91.07 – High July 29
R 1: Jpy90.29 – High July 30
Latest price: 88.94
S 1: Jpy88.68 – Low Dec 27 2012
S 2: Jpy87.55 – Low Dec 21 2012
S 3: Jpy85.27 – Low Nov 28 2012
S 4: Jpy83.88 – Falling daily channel base
USD/KRW: layers of resistance remain in the Krw1121.3-1130.1 region including previous daily highs and the 21, 55 and 100-DMA’s and as a result we continue to look for a close above the Krw1130.1 level to shift focus higher. A close back above the 100-DMA remains needed to relieve the immediate bearish focus that currently targets a test of the 200-DMA. Correcting oversold daily tech studies are a concern and could slow the move lower for now.
R 4: Krw1153.2 – High July 5
R 3: Krw1143.3 – High July 10
R 2: Krw1130.1 – Previous daily sup now res
R 1: Krw1122.5 – 100 day moving average
Latest price: 1117.1
S 1: Krw1108.4 – Low June 7
S 2: Krw1101.9 – 200 day moving average
S 3: Krw1097.1 – 61.8% Fibonacci retracement 1054.5-1166.0
S 4: Krw1081.6 – Low Feb 28
USD/SGD has again confirmed the significance of the Sgd1.2721 level with the pair having paused ahead of this level overnight. While Sgd1.2721 caps a break of the rising daily trend line and then the key support at Sgd1.2550 remains favoured. Daily tech studies are working off their oversold condition and a break out is looking more and more likely before the end of the week. A close above Sgd1.2721 would see focus return to retests of the 2013 high.
R 4: Sgd1.2970 – Monthly high June 1 2012
R 3: Sgd1.2894 – 200 week moving average
R 2: Sgd1.2858 – 2013 high July 8
R 1: Sgd1.2721 – High July 11
Latest price: 1.2706
S 1: Sgd1.2619 – 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: Sgd1.2527 – 100 day moving average