The rising daily channel base supported on the first attempt. Layers of resistance remain in the $0.8550-0.8640 region and with O/B daily studies correcting lower, topside follow through is likely to be limited. Bears look for a close below the rising daily channel base to see immediate focus shift to the 21-DMA and then the $0.8244-0.8345 region below. Bulls need a close at fresh 2014 highs to see the rising daily channel top ($0.8724) targeted
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 (NZ$1.0678) and 55-DMA (NZ$1.0722) remain needed to end bearish aspirations and see focus shift to layers of resistance NZ$1.0858-1.0945
The bounce from the Y91.18 lows on Monday has stalled at the Y92.82 level with bulls needing a close above to see the aussie-yen initially target the Y93.43-93.59 region and then the key Y94.46-59 region where 2014 highs are noted. While Y92.82 caps bearish focus threatens to re-emerge with a break below the 21-DMA hinting at a retest of the Mar 17 low and a close below the 200-DMA needed to confirm.
Bears continue to target the A$1.5148 Mar 6 low and then the 100-DMA beneath while the A$1.5368 Mar 18 high caps. Bulls need a close above A$1.5368 to ease the renewed bearish pressure, while a close above the A$1.5537 Mar 12 high (last week’s high) is needed to shift overall focus back to retests of the 2014 high. The 21 day lower Bollinger band comes in around A$1.5167 today and given closes below are a rarity, any dips below may lack follow through.
The move higher continued Thursday with dollar-won remaining capped at the 200-DMA. While the 200-DMA caps, potential exists for a correction lower with bears needing a close back below the Krw1078.5 Feb 25 high which is now seen as initial support, to see focus shift to retests of the Krw1063.6-1066.5 support region. Bulls needing a close above the 200-DMA to target the 2014 high and then the Krw1108.4 low from early Aug 2013.
Fresh 2 month highs again on Thursday see bullish pressure firmly in place with immediate focus remaining on a retest of the 2014 high at Sgd1.2830 while the Sgd1.2728 level supports. A close below Sgd1.2728 is now needed to ease the bullish pressure with bears looking for a close back below Sgd1.2675 to see focus shift lower to retests of the 200-DMA