The move higher for the AUD/USD paused ahead of the $0.9232 Aug 19 high with a close above remaining needed to confirm the current bullish focus targeting a test of the key $0.9315-43 resistance region. We will continue to look for a close back below the 21-DMA to signal a false break higher last week and shift focus back to the $0.8850-95 support region. Daily tech studies have corrected from oversold levels and are now looking more neutral.
R 4: $0.9391 – Ichimoku cloud top
R 3: $0.9343 – High Jun 26
R 2: $0.9315 – High July 24
R 1: $0.9232 – High Aug 19
Latest price: $0.9209
S 1: $0.9152 – Hourly support Sept 6
S 2: $0.9116 – Low Sept 6
S 3: $0.9074 – Breakout level Sept 4
S 4: $0.9068 – 21 day moving average
NZD/USD has continued its move back towards the layers of resistance in the $0.8160-0.8211 region with the 200-DMA noted at $0.8190. Initial support is noted on the hourly time frame at the $0.7979 level but we will look for a close back below the $0.7925-30 break out region from Friday to relieve the immediate bullish focus, while a close back below the $0.7840 level is needed to shift focus lower once more.
R 4: $0.8160 – Monthly high Aug 19
R 3: $0.8064 – 38.2% Retracement of $0.8676-0.7685 move
R 2: $0.8056 – Daily support/resistance
R 1: $0.8022 – High Sept 6
Latest price: $0.8003
S 1: $0.7979 – Hourly support Sept 6
S 2: $0.7926 – Breakout level Sept 6
S 3: $0.7840 – Breakout level Sept 4
S 4: $0.7775 – Low Sept 3
AUD/NZD continued its retreat from within the Ichimoku cloud on Friday with the pair having paused ahead of the 21-DMA so far. The failure to hold above the NZ$1.1640 level that previously acted as resistance is of some concern for the pair as daily tech studies begin to correct from overbought levels. While the 21-DMA supports some hope remains for bounces back towards last week’s high but below the 21-DMA shifts focus back to the 2013 low.
R 4: NZ$1.1658 – High Sept 4
R 3: NZ$1.1633 – Hourly resistance Sept 4
R 2: NZ$1.1576 – High Sept 6
R 1: NZ$1.1543 – Hourly resistance Sept 6
Latest price: NZ$1.1494
S 1: NZ$1.1463 – 21 day moving average
S 2: NZ$1.1442 – Low Sep Aug 28 & 29
S 3: NZ$1.1361 – Low Aug 21
S 4: NZ$1.1265 – Low Aug 19
AUD/JPY has traded at the highest level since late July in early trading to start the new week as the pair continues to work its way higher towards the layers of resistance in the Y92.70-94.66 region and is currently making headway within the Ichimoku cloud. At present a close back below the Sept 4 low is needed to end bullish aspirations and see the overall focus shift back to tests of the 2013 low
R 4: Y93.79 – High June 10
R 3: Y93.43 – 100 day moving average
R 2: Y93.02 – High July 9
R 1: Y92.70 – High July 24
Latest price: Y91.66
S 1: Y90.64 – Low Sept 6
S 2: Y89.98 – Low Sept 4
S 3: Y89.00 – Hourly support Sept 2
S 4: Y88.00 – Hourly breakout level Sept 2
USD/KRW resumed the move lower on Friday with the pair trading at the lowest level since May 9. Initial resistance remains at the 200-DMA and we continue to look for a close back above the Krw1108.4 resistance level to confirm a break of the 200-DMA and relieve the immediate bearish focus. The immediate focus for the pair remains the Krw1077-81 support region with a break lower then targeting the 2013 lows.
R 4: Krw1127.8 – High Aug 2
R 3: Krw1120.8 – 100 day moving average
R 2: Krw1108.4 – Daily support now resistance
R 1: Krw1105.1 – 200 day moving average
Latest price: Krw1091.5
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: The sharp reversal and bearish NY close to end last week does not bode well for the targeted continuation higher but we continue to look for a close below the Sgd1.2717 Aug 3 low before abandoning bullish aspirations altogether. A close below this support is needed to see focus shift back to the Sgd1.2564 Aug monthly low with a break below then targeting the 200-DMA.
R 4: Sgd1.2875 – 21 day upper Bollinger band
R 3: Sgd1.2863 – 200 week moving average
R 2: Sgd1.2860 – 2013 high Aug 22
R 1: Sgd1.2812 – High Sept 6
Latest price: Sgd1.2733
S 1: Sgd1.2717 – Low Aug 3
S 2: Sgd1.2694 – Low Aug 19
S 3: Sgd1.2613 – 100 day moving average
S 4: Sgd1.2564 – Monthly low Aug 12