Lower high and low for the NZD/USD again Friday as the pair closed well below the 21-DMA ($0.8355). The close below has confirmed the current focus targeting a test of the layers of support in the $0.8158-0.8233 region with the 200-DMA noted at $0.8184. A close above the $0.8445 level remains needed to relieve the bearish pressure and see the pair targeting the $0.8555-82 region once more.
A bullish close for the AUD/NZD in NY Friday with the pair closing at the day’s high and just short of the NZ$1.1579 resistance. The close above the 100-DMA (NZ$1.1526) was the first since mid-March and adds support to the bullish case that has been favoured since the break above the NZ$1.1477 resistance last week. A test of the NZ$1.1748 July 11 high is favoured with a close below NZ$1.1431 needed to shift focus lower once more.
Lower lows and highs for AUD/JPY again on Friday as the pair marginally dipped below the rising daily channel base before bouncing a little from just short of the 21-DMA. Immediate focus remains on tests of the 21-DMA and rising daily trend line with a close below the Y92.39 support needed to confirm a break of the 21-DMA and see the immediate focus shift to layers of support in the YY90.67-91.40 region
EUR/AUD: After breaking and closing above the 21-DMA last Thursday it found support ahead of this level to end the week as it closed above the 100-DMA (A$1.4386). Initial resistance remains in the A$1.4453-65 region but the current focus remains on a test of the key A$1.4558 level. A close below the 21-DMA is needed to relieve the immediate bullish pressure while back below the Oct 24 low is needed to shift overall focus lower
USD/KRW: The previous bearish pressure was relieved a little following the bounce from ahead of the 2013 low, correcting oversold daily tech studies and the close above the Krw1060.0 level. A close above the 21-DMA remains needed to see focus shift higher to layers of resistance in the Krw1081.1-1091.1 region including the falling daily channel top and 55-DMA. A close below the 2013 low is needed to reconfirm bearish focus.
Following the heavy NY close Thursday USD/SGD headed back towards recent lows on Friday with immediate focus on a test of the May 10 low. A close back above the Sgd1.2434 level remains needed to relieve the bearish focus that is currently targeting an overall test of the May monthly low. Overall a close above the Sgd1.2541 level remains needed to confirm a break of the 200-DMA and shift overall focus back to the Sgd1.2649 resistance.