NZD/USD traded at fresh 2014 and fresh 11 month highs overnight with overall focus now shifting higher and targeting retests of the 2013 high. Initial support is noted at the previous 2014 high with a close below needed to ease the bullish pressure. Bears continue to look for a close below the $0.8407 level to hint at a deeper correction and see overbought daily studies begin to weigh.
Daily tech studies remain oversold and are the only negative for a sustained move lower with the move higher reversing from NZ$1.0619 on Tuesday and bears continuing to target 2014 lows. A close above the NZ$1.0642 high from last Wednesday remains needed to ease bearish pressure while a close above the 21-DMA and 55-DMA remain needed to end bearish aspirations and see focus shift to layers of resistance NZ$1.0858-1.0945.
The sharp bounce to start the new week saw the AUD/JPY break back above key moving averages with Tuesday seeing a close above the 100-DMA (Y92.49). Tuesday’s low is now noted as initial support with a close below needed to ease renewed bullish pressure that is targeting a retest of the Y93.43-59 region and a close above needed to shift focus to retests of the key Y94.59 level. Daily studies have room to move before becoming O/B.
The confirmed the break of the rising daily channel base, 21 and 55-DMA’s on Tuesday with the pair closing below all three. Bears are now initially targeting the Mar 6 low and then the 100-DMA beneath. Bulls now look for a close above Tuesday’s high to signal a false break lower and ease the renewed bearish pressure while a close above the Mar 12 high (last week’s high) is needed to shift overall focus back to retests of the 2014 high
USD/KRW managed to consolidate above the 100-DMA (Krw1065.2) for most of last week, trading at fresh highs for the week on Friday. The Krw1075.8 resistance is key to further topside with bulls looking for a close above to confirm the bullish focus. Bears look for a close below the Krw1063.6 Mar 10 low to confirm a break of the 100-DMA, seeing bears then initially targeting the Feb monthly low and then 2014 lows.
Recent repeated failures at the Sgd1.2675 level have seen the USD/SGD break and close below the wedge that had formed on the daily time frame. Immediate focus shifts to the 100 and 200-DMA’s (Sgd1.2618-20) with a close below needed to see immediate focus shift to the 2014 low from Feb 17. A close at fresh 2014 lows would then see bears targeting Sgd1.2472. Bulls need a close above Sgd1.2675 to ease current bearish pressure