AUD/USD: The bounce to start the new week remained capped just short of Friday’s high as very overbought daily tech studies continue to look to correct. A close below the $0.9337 level remains needed to relieve the immediate bullish focus while a close below $0.9221 hints at a deeper correction with focus then shifting lower to the $0.8850-95 region once again. Topside, a close above $0.9527 is needed to kick start bullish momentum and focus.
R 4: $0.9573 – High June 18
R 3: $0.9527 – High Sept 18
R 2: $0.9482 – Hourly breakdown level Sept 19
R 1: $0.9458 – High Sept 20
Latest price: $0.9425
S 1: $0.9337 – Low Sept 18/100 day moving average
S 2: $0.9280 – Alternating support/resistance
S 3: $0.9221 – Low Sept 10
S 4: $0.9166 – Low Sept 9
NZD/USD managed a lower daily low/high to start the new week as the pair traded sideways. Daily tech studies remain very overbought and something of a concern, and could limit any attempts to continue the move higher. Below the Sept 19 low remains needed to relieve the immediate bullish focus that is targeting tests of the $0.8676 2013 high from Apr 11 and see immediate focus shift to tests of the $0.8159-0.8207 region.
R 4: $0.8555 – High May 6
R 3: $0.8477 – High May 9
R 2: $0.8435 – High Sept 19
R 1: $0.8401 – High Sept 20
Latest price: $0.8370
S 1: $0.8327 – Low Sept 19
S 2: $0.8207 – Low Sept 18
S 3: $0.8182 – 200-DMA/50% Fibonacci retracement
S 4: $0.8159 – Previous daily resistance now support
AUD/NZD continues to oscillate around the sharply falling 21 day lower Bollinger band (NZ$1.1236) as the pair bounced from just short of the 2013 low to start the new week. The bounce remained capped by Friday’s high and a close above this level remains needed to relieve the immediate bearish focus while a close above the 21-DMA (NZ$1.1453) is needed to shift focus higher. O/S daily tech studies may continue to limit the downside for now.
R 4: NZ$1.1432 – Ichimoku cloud base
R 3: NZ$1.1401 – High Sept 19
R 2: NZ$1.1338 – Previous daily support now resistance
R 1: NZ$1.1286 – High Sept 20
Latest price: NZ$1.1253
S 1: NZ$1.1185 – 2013 low Aug 1
S 2: NZ$1.0936 – Low Oct 24 2008
S 3: NZ$1.0893 – Low Oct 16 2008
S 4: NZ$1.0654 – 2008 low Oct 10
EUR/AUD: The spike above the A$1.4445 level to start the new week lacked follow through and failed ahead of the 21-DMA. A close above the 21-DMA is now needed to relieve the immediate bearish focus while a close above the Sept 4 high is needed to shift the overall focus higher once more. While the 21-DMA caps immediate focus remains on retests of last week’s low with a break lower favoured that sees focus shift lower to the A$1.3802-74 support region.
R 4: A$1.4757 – Previous daily support now resistance
R 3: A$1.4558 – High Sept 4
R 2: A$1.4481 – 21 day moving average
R 1: A$1.4459 – High Sept 23
Latest price: A$1.4310
S 1: A$1.4197 – Low Sept 18
S 2: A$1.4165 – Low July 17
S 3: A$1.4135 – 100 day moving average
S 4: A$1.4009 – 21 day lower Bollinger band
After pausing at the 200-DMA hurdle on Thursday, AUD/JPY is dipping back towards the 100-DMA and the Sept 18 low (Y92.44) just beneath. Correcting overbought daily tech studies remain a concern and may continue to thwart attempts to head higher this week. The move below Friday’s low to start the week has relieved the immediate bullish focus while a close back below the Y91.56 level remains needed to shift overall focus lower.
R 4: Y95.53 – 21 day upper Bollinger band
R 3: Y94.66 – High June 6
R 2: Y94.53 – 200 day moving average
R 1: Y94.09 – High Sept 20
Latest price: Y93.08
S 1: Y92.47 – 100 day moving average
S 2: Y91.60 – Ichimoku cloud top
S 3: Y91.56 – Previous daily resistance now support
S 4: Y91.12 – 21 day moving average
USD/SGD continues to oscillate around the 200-DMA (Sgd1.2498) as oversold daily tech studies hint at a correction. A close above the Sgd1.2564 level remains needed to shift the immediate focus from tests of the Sgd1.2407 June monthly low, while a close above the Sgd1.2649 level is needed to shift overall focus back to retests of the Sgd1.2812-60 region with the 2013 high noted at Sgd1.2860.
R 4: Sgd1.2649 – Previous daily support now resistance
R 3: Sgd1.2638 – 100 day moving average
R 2: Sgd1.2610 – High Sept 18
R 1: Sgd1.2564 – Previous daily support now resistance
Latest price: Sgd1.2499
S 1: Sgd1.2479 – Low Sept 23
S 2: Sgd1.2407 – Monthly low June 7
S 3: Sgd1.2359 – Previous daily resistance now support
S 4: Sgd1.2330 – Low May 10
Oversold daily tech studies remain a concern for USD/KRW and may limit any follow through on a break lower. In saying that, a close above Krw1081.1 remains needed to relieve the immediate bearish focus while back above the Krw1091.1 level is needed to shift focus back to the Krw1105.1-1108.4 region. The 21 day lower Bollinger band continues to head sharply lower with tests of the band expected while the Krw1081.1 level caps.
R 4: Krw1108.4 – Previous daily support now resistance
R 3: Krw1105.3 – 200 day moving average
R 2: Krw1091.1 – Previous daily support now resistance
R 1: Krw1081.1 – Previous daily support now resistance
Latest price: Krw1073.8
S 1: Krw1070.4 – Low Sept 19
S 2: Krw1064.4 – 21 day lower Bollinger band
S 3: Krw1060.5 – Alternating daily support/resistance
S 4: Krw1054.5 – 2013 low Jan 11