AUD/USD briefly traded at fresh 3 month highs before heading lower relieving the bullish focus. The pair has paused ahead of the Sept 10 low on its pullback with a close below this level needed to see the immediate focus shift back to the 21-DMA with potential for a deeper correction that targets the $0.8850-95 support region. A close above yesterday’s high is now needed to re-confirm the bullish focus. Overbought daily tech studies are a concern.
R 4: $0.9415 – 100 day moving average
R 3: $0.9391 – 21 week moving average
R 2: $0.9350 – High Sept 12
R 1: $0.9280 – Hourly resistance Sept 12
Latest price: $0.9260
S 1: $0.9221 – Low Sept 10
S 2: $0.9166 – Low Sept 9
S 3: $0.9116 – Low Sept 6
S 4: $0.9094 – 21 day moving average
NZD/USD continues to remain bid as the pair heads towards layers of resistance in the $0.8160-0.8211 region with the pair having paused ahead of $0.8160 yesterday. Of some concern are the overbought daily tech studies and especially the overextended momentum indicator which could see any major attempts higher lack follow through. The $0.8160-0.8211 region remains key resistance with the 200-DMA noted at $0.8186.
R 4: $0.8211 – High May 21
R 3: $0.8186 – 200 day moving average
R 2: $0.8180 – 50% Fibonacci retracement $0.8676-0.7685
R 1: $0.8160 – Monthly high Aug 19
Latest price: $0.8133
S 1: $0.8084 – Low Sept 12
S 2: $0.8035 – Low Sept 11
S 3: $0.8000 – Hourly support Sept 10
S 4: $0.7960 – Low Sept 9
AUD/JPY: After having made solid headway within the Ichimoku cloud so far this week the pair paused ahead of the cloud top and is heading back towards the cloud base (Y89.92). The immediate bullish pressure eased following yesterday’s correction and a close below the Y91.56 support would see the immediate focus shift to a test of the Y89.70-00 region with the 21-DMA noted at Y89.73.
R 4: Y94.66 – High June 6
R 3: Y94.34 – 200 day moving average
R 2: Y93.79 – High June 10
R 1: Y93.43 – Ichimoku cloud top
Latest price: Y92.11
S 1: Y91.56 – Previous daily resistance now support
S 2: Y90.64 – Low Sept 6
S 3: Y89.98 – Low Sept 4
S 4: Y89.73 – Low 21 day moving average
The retreat from within the Ichimoku cloud continues for the AUD/NZD with the pair now having closed back below the 21-DMA. The move back below the 21-DMA now sees focus shift lower once more and back to the NZ$1.1185-1.1265 support region with the 2013 low noted at NZ$1.1185. Topside the pair needs to close above the Sept 6 high to relieve the current bearish pressure. Daily tech studies continue to correct from overbought levels.
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$1.1480 – Previous hourly support now resistance
Latest price: NZ$1.1378
S 1: NZ$1.1338 – Low Sept 12
S 2: NZ$1.1300 – 21 day lower Bollinger band
S 3: NZ$1.1265 – Low Aug 19
S 4: NZ$1.1185 – 2013 Low Aug 11
EUR/AUD: The $1.4445 resistance level remains somewhat pivotal with a close above needed to relieve the immediate bearish focus that is targeting a test of the $1.4165 July 17 low. Overall we will look for a close back above the 21 day moving average to shift focus back to the 2013 highs and the double daily top in the $1.5025-30 region. While the 21-DMA caps potential remains for an overall continuation lower that targets the $1.3810 June 14 low.
R 4: A$1.4617 – 21 day moving average
R 3: A$1.4570 – High Sept 4
R 2: A$1.4445 – Alternating daily support/resistance
R 1: A$1.4399 – High Sept 12
Latest price: A$1.4340
S 1: A$1.4239 – Low Sept 10
S 2: A$1.4165 – Low July 17
S 3: A$1.4159 – 21 day lower Bollinger band
S 4: A$1.3810 – Low June 14
USD/SGD continues to pause ahead of the Ichimoku cloud base, 100 day moving average and 38.2% Fibonacci retracement of the Sgd1.2268-1.2860 move (Sgd1.2634). We continue to look for a close above the Sept 10 high to relieve the immediate bearish focus while back above the Sept 9 high is needed to shift overall focus higher once more. Oversold daily tech studies are a concern and may continue to provide support on dips.
R 4: Sgd1.2860 – 2013 high Aug 22
R 3: Sgd1.2812 – High Sept 6
R 2: Sgd1.2758 – High Sept 9
R 1: Sgd1.2709 – High Sept 10
Latest price: Sgd1.2667
S 1: Sgd1.2632 – Ichimoku cloud base
S 2: Sgd1.2624 – 100 day moving average
S 3: Sgd1.2564 – Monthly low Aug 12
S 4: Sgd1.2486 – 200 day moving average