NZD/USD is again bouncing from dips below the 200-DMA with the pair having bounced from the 21 day lower Bollinger band on Thursday. Correcting oversold daily slow stochastics are suggesting further tests of the recent highs with a close above $0.8236 now needed to confirm a clean break of the 21-DMA and daily channel top. A close below $0.8113 is needed to reconfirm bearish focus.
AUD/NZD: Lingering bearish pressure saw the pair retest the NZ$1.0800 support level before bouncing to marginally trade above the 21-DMA (NZ$1.0885). Resistance in the NZ$1.0915-50 region remains integral to any further topside with a close above needed to see focus shift higher to retests of the NZ$1.1035-70 region. A close below the NZ$1.0800 region is now needed to reconfirm bearish focus and target 2013 lows
After having taken out the falling daily channel top AUD/JPY is correcting after failing ahead of the Y94.40-59 region. A close above the Y94.59 level is needed to confirm a break of this resistance region while a close back below the Y92.79 support remains needed to re-ignite the previous bearish pressure, confirm a break of the 21-DMA and target Dec monthly lows. Correcting daily tech studies are threatening a bearish cross which will weigh.
EUR/AUD has dipped below the A$1.5286 support before bouncing back above and as a result we favour a deeper correction that initially targets the A$1.5176 Dec 12 low while the A$1.5382 level that previously supported caps. The A$1.5005 support remains key with a close below ending bullish hopes and seeing the pair targeting a return to the A$1.4560 breakout level from late Nov. A close at fresh 2013 highs is now needed to kick start bullish momentum
After having traded at fresh 2013 and multi-year lows on Tuesday USD/KRW bounced back towards the 21-DMA. A close above the 21-DMA is needed to relieve the immediate bearish pressure that is now targeting the Krw973.7 Apr 2008 monthly low. The 21 day lower Bollinger band comes in around Krw1048.3 and with closes below a rarity downside follow through could be limited for now. Overall above Krw1065.7 is needed to shift focus higher
USD/SGD: The sharp bounce has stalled ahead of layers of resistance in the Sgd1.2712-58 region with a move back towards the initial support at Sgd1.2609 remaining favoured. Overbought daily tech studies continue to head lower and are favouring further downside despite the break back above the Sgd1.2649 easing the immediate bearish focus. A close above the Sgd1.2712 level is needed to kick start bullish momentum and see focus return to the 2013 high.