The rally towards the key $0.9315-43 resistance region continues with the AUD/USD pausing ahead of the Ichimoku cloud base yesterday and Aug 19 high. Initial support is now noted on the hourly time frame at $0.9150 with a close back below the 21-DMA needed to signal a false break higher and see focus shift back to the $0.8850-95 support region. Daily slow stochastic tech studies are slowly correcting from oversold levels and add support to the bullish case.
R 4: $0.9243 – High June 26
R 3: $0.9315 – High July 24
R 2: $0.9232 – High Aug 19
R 1: $0.9200 – Ichimoku cloud base
Latest price: $0.9166
S 1: $0.9150 – Hourly support Sept 4
S 2: $0.9074 – Breakout level Sept 4
S 3: $0.9057 – 21 day moving average
S 4: $0.8975 – Low Sept 3
The move higher in the NZD/USD paused ahead of the Ichimoku cloud base ($0.7935) and the somewhat pivotal $0.7937 resistance level. A close above $0.7937 is needed to see focus ratchet higher to the layers of resistance in the $0.8160-0.8211 region with the 200-DMA noted at $0.8192 and the kiwi last trading above the 200-DMA in early May. Back below the $0.7840 breakout level is needed to relieve the immediate bullish pressure.
R 4: $0.8056 – Daily support/resistance
R 3: $0.8029 – 100 day moving average
R 2: $0.8000 – Daily support/resistance
R 1: $0.7937 – Daily support/resistance
Latest price: 0.7901
S 1: $0.7840 – Breakout level Sept 4
S 2: $0.7775 – Low Sept 3
S 3: $0.7730 – Low Aug 30
S 4: $0.7685 – 2013 Low June 24
AUD/NZD continued its rally following the break of the falling daily trend line on Tuesday with the pair having traded above the Ichimoku cloud base (NZ$1.1629) for the first time since early April. Initial support is noted at yesterday’s lows but we will continued to look for a close back below the Sept 2 low to see focus shift lower once more. For now we continue to target a test of the NZ$1.1748 July 11 high
R 4: NZ$1.1835 – High July 1
R 3: NZ$1.1771 – 100 day moving average
R 2: NZ$1.1748 – High July 11
R 1: NZ$1.1658 – High Sept 4
Latest price: NZ$1.1593
S 1: NZ$1.1585 – Low Sept 4
S 2: NZ$1.1482 – Low Sept 2
S 3: NZ$1.1445 – 21 day moving average
S 4: NZ$1.1361 – Low Aug 21
AUD/JPY has continued the rally following Tuesday’s break above the falling daily channel top with the pair having closed above the Ichimoku cloud base for the first time since closing below in mid to late May. The pair is currently targeting a test of layers of resistance in the Y92.70-94.10 region with weekly and monthly highs and the 100 and 200-DMA’s noted in this region. A close below yesterday’s low is now needed to shift focus lower.
R 4: Y93.79 – High June 10
R 3: Y93.64 – 100 day moving average
R 2: Y93.02 – High July 9
R 1: Y92.70 – High July 24
Latest price: Y91.44
S 1: Y90.96 – Hourly support Sept 4
S 2: Y89.98 – Low Sept 4
S 3: Y89.00 – Hourly support Sept 2
S 4: Y88.00 – Hourly breakout level Sept 2
The bounce in USD/KRW remained capped ahead of the 200-DMA with a close above the Krw1108.4 support needed to confirm a break back above the 200-DMA and relieve the immediate bearish focus. The pair looks on track to test the Krw1081.6 Feb 28 low with potential for a continuation lower that sees the 2013 low tested. Daily tech studies are at oversold levels which could slow the move lower at some stage.
R 4: Krw1127.8 – High Aug 2
R 3: Krw1121.1 – 100 day moving average
R 2: Krw1108.4 – Daily support/resistance
R 1: Krw1105.0 – 200 day moving average
Latest price: Krw1091.8
S 1: Krw1081.6 – Low Feb 28
S 2: Krw1077.0 – Low Feb 20
S 3: Krw1071.2 – Daily support/resistance
S 4: Krw1054.5 – 2013 low Jan 11
USD/SGD briefly dip below the 21-DMA with a close below Tuesday’s low now needed to confirm a shift lower in focus that targets the layers of support in the Sgd1.2550-94 support region. The Aug 29 high continues to cap with a close above this level now needed to reconfirm the bullish focus that targets a retest of the 2013 highs set on Aug 22. Daily tech studies are now at more neutral levels and no longer seen as an issue.
R 4: Sgd1.2874 – 21 day upper Bollinger band
R 3: Sgd1.2863 – 200 week moving average
R 2: Sgd1.2860 – 2013 high Aug 22
R 1: Sgd1.2791 – High Aug 29
Latest price: Sgd1.2743
S 1: Sgd1.2717 – Low Aug 3
S 2: Sgd1.2694 – Low Aug 19
S 3: Sgd1.2605 – 100 day moving average
S 4: Sgd1.2564 – Low Aug 12