AUD/USD briefly popped above the 21-DMA ($0.9119) and the $0.9131 level that previously supported on July 25. Oversold daily slow stochastic, RSI and momentum indicators continue to correct and are supportive of a continuation higher. Initial support is noted on the hourly time frame at $0.9043 with a close below needed to relieve the immediate bullish pressure while a close below yesterday’s low is needed to shift focus lower once more
R 4: $0.9315 – High July 24
R 3: $0.9291 – 55 day moving average
R 2: $0.9210 – High July 30
R 1: $0.9134 – High Aug 8
Latest price: 0.9095
S 1: $0.9043 – Hourly support Aug 8
S 2: $0.8970 – Low Aug 8
S 3: $0.8918 – Low Aug 7
S 4: $0.8848 – 2013 Low Aug 2
NZD/USD dipped back towards the 21-DMA yesterday before rallying to just short of the 38.2% Fibonacci retracement of the $0.8676-0.7685 move. Initial support is noted at the 21-DMA but we will continue to look for a close below the $0.7887 support to see focus shift lower once more. At present the pair looks set to retest the $0.8105 July monthly highs with layers of resistance noted in the $0.8105-0.8219 region.
R 4: $0.8131 – 100 day moving average
R 3: $0.8105 – Monthly high July 25
R 2: $0.8064 – 38.2% Fibonacci retracement $0.8676-0.7685
R 1: $0.8045 – High Aug 8
Latest price: 0.7997
S 1: $0.7932 – 21 day moving average
S 2: $0.7918 – Previous hourly res now sup
S 3: $0.7887 – Low Aug 7
S 4: $0.7822 – Low Aug 6
AUD/NZD recovered some lost ground as focus shifts back to retests of the NZ$1.1490 resistance level with the 21-DMA noted just above. A close above this region is needed to end bearish aspirations and see the immediate focus shift back to the NZ$1.1640 resistance. Layers of resistance remain in the NZ$1.1694-1.1777 region including a falling daily trend line, 55-DMA, previous daily highs and 38.2% Fibonacci retracement
R 4: NZ$1.1640 – High July 22
R 3: NZ$1.1499 – 21 day moving average
R 2: NZ$1.1490 – Hourly resistance Aug 5
R 1: NZ$1.1407 – High Aug 8
Latest price: 1.1370
S 1: NZ$1.1330 – Hourly support Aug 8
S 2: NZ$1.1265 – Low Aug 7
S 3: NZ$1.1193 – 2013 low Aug 1
S 4: NZ$1.1135 – Low Oct 29 2008
AUD/JPY: correcting oversold daily tech studies could be slowing the move lower for the pair with the pair having bounced from ahead of the 100-WMA. A close back above the Y89.04 July 31 high is needed to relieve the bearish pressure and see layers of resistance in the Y90.15-93.79 region come back into focus. While Y89.04 continues to cap the immediate focus remains on a move lower that targets the falling daily channel base (Y82.80).
R 4: Y90.29 – High July 30
R 3: Y90.15 – 21 day moving average
R 2: Y89.04 – High July 31
R 1: Y88.56 – High Aug 6
Latest price: 87.88
S 1: Y86.43 – Low Aug 7
S 2: Y86.22 – 100 week moving average
S 3: Y85.27 – Low Nov 28 2012
S 4: Y84.14 – 200 week moving average
USD/KRW: Wednesday’s bounce failed at the 21-DMA and layers of resistance remain in the Krw1117.8-1130.1 region. The correction lower from this region has seen the pair close marginally below the Krw1108.4 June 7 low as we approach layers of support including the 200-DMA. A close above the 21-DMA is needed to relieve the current bearish pressure while back above Krw1130.1 is needed to shift overall focus higher
R 4: Krw1130.1 – Previous daily sup now res
R 3: Krw1128.0 – High July 18
R 2: Krw1123.1 – Falling daily channel top
R 1: Krw1117.8 – 21 day moving average
Latest price: 1108.5
S 1: Krw1105.0 – Alternating daily resistance/support
S 2: Krw1102.6 – 200 day moving average
S 3: Krw1097.1 – 61.8% Fibonacci retracement 1054.5-1166.0
S 4: Krw1093.1 – Falling daily channel base
USD/SGD: The rising daily trend line from the May monthly lows has been taken out as rate heads towards layers of support in the Sgd1.2540-63 region and modestly overbought daily tech studies correct lower. A close below the 100-DMA would confirm a deeper correction is underway targeting tests of the Sgd1.2407-23 region with the 200-DMA noted at Sgd1.2423. A close above the Sgd1.2699 level is needed to shift focus higher once more.
R 4: Sgd1.2768 – High Aug 1
R 3: Sgd1.2737 – High Aug 5
R 2: Sgd1.2699 – Previous daily sup now res
R 1: Sgd1.2656 – 21 day moving average
Latest price: 1.2599
S 1: Sgd1.2563 – 50% retracement of 1.2268-1.2858 move
S 2: Sgd1.2550 – Low June 19
S 3: Sgd1.2540 – 100 day moving average
S 4: Sgd1.2482 – Low June 13