NZD/USD: The move higher Tuesday fell short of the 21-DMA before heading lower and dipping below the 200-DMA. We look for a close below the Nov 22 low to confirm a break of the 100 and 200-DMA’s and reconfirm bearish focus with the 2013 low then becoming the focal point. A close above the $0.8305 level is needed to confirm a break of the 55-DMA and see initial focus return to retests of the $0.8414 level.
Fresh 2013 lows for the AUD/NZD continue with the immediate focus now on the Oct 24 2008 low. The 21 day lower Bollinger band comes in at NZ$1.1122 with oscillation around the lower Bollinger expected to continue until a close above the NZ$1.1211 level is seen. A close above the NZ$1.1211 Nov 25 high is needed to relieve the immediate bearish pressure while a close above the 21-DMA is now needed to see focus return to the NZ$1.1490-1.1585 region.
AUD/JPY dipped to the lowest level for two months before pausing ahead of the 38.2% Fibonacci retracement of the Y86.43-95.67 move. A close above the Nov 21 high remains needed to relieve the bearish focus while above the Y94.59 Nov 20 high is needed to confirm a break of the 200-DMA and see overall focus shift focus higher. While the Y93.73 level caps the immediate focus is on a move lower that targets the Y90.11-67 region
After having found support around the A$1.4320 level last week the EUR/AUD headed sharply higher, trading at the highest level since early Sept. Immediate focus remains on a retest of the 2013 high with a break above seeing levels targeted that have not been seen since mid-2010. A close below Tuesday’s low is now needed to relieve the immediate bullish focus while below A$1.4573 is needed to see focus shift lower once more.
After trading at marginal fresh 2013 lows last week USD/KRW bounced to close above the previous initial resistance noted at Krw1059.3 relieving the previous bearish pressure although the failures at the 21-DMA have seen the focus return to a retest of the recent 2013 low. Overall a close back above the Nov 14 high is needed to confirm a break of the falling daily channel top and 55-DMA and see focus return to the Krw1081.1-1091.1 resistance region.
USD/SGD managed to spike above both the 200-DMA and 38.2% Fibonacci retracement of the Sgd1.2860-1.2342 move Tuesday before retreating back below, and we will continue to look for a close above these levels to reconfirm the immediate bullish focus that is targeting a test of the 100-DMA. A close below the Sgd1.2477 level remains needed to ease the bullish pressure and see the immediate focus return to a test of the Sgd1.2406 Nov 5 low