The break back above previous resistance at $0.8568 confirms the significance of the $0.8499 support with bears needing a close below this level to hint at a deeper correction that initially targets the $0.8441 Mar 12 low and then the $0.8244-0.8345 region below. The bounce from last week’s low sees bulls targeting a retest of the 2014 high and then the rising daily channel top that comes in around the $0.8750 level today
The recovery from the NZ$1.0535 level continued Tuesday with the move higher testing the 55-DMA before dipping a little. Bears look for a close below the NZ$1.0664 level that was previously seen as resistance, to ease the current bullish pressure that is initially targeting the NZ$1.0759 Mar 7 high and then the NZ$1.0890-1.0945 region above. Overall bears need a close below the NZ$1.0623 Mar 24 low to shift focus back to the NZ$1.0535 level
The sequence of higher highs/lows confirms bullish focus that sees bulls targeting a retest of the key Y94.46-59 region. Bears now look for a close below Tuesday’s Y93.25 low to ease the current bullish pressure and hint at a deeper correction that initially targets the key moving averages noted in the Y91.86-92.46 region. Daily studies are supportive of further topside and have room to move before becoming O/B
The move lower continued Tuesday with the EUR/AUD closing below the 100-DMA for the first time since mid-Nov. The close below further confirms bearish focus that is targeting a retest of the 2014 low with a close below then shifting focus to the 200-DMA. Bulls need a close above the 100-DMA to ease the current bearish pressure with a close above the A$1.5254 Mar 21 high needed to hint at a bigger bounce that targets the A$1.5535 Mar high so far.
USD/KRW is starting to look heavy, increasing the risk of a deeper correction following last week’s failure at the 200-DMA. A close below Monday’s low is needed to confirm a break lower and see focus shift back to the 1066.5-1071.7 region. Bulls need a close above the 200-DMA to shift overall focus to retests of the 2014 high. Daily studies are correcting lower from modestly O/B levels and may continue to weigh.
The sharp pullback from ahead of Thursday’s fresh 2 month high continues with the bearish focus now shifting to a retest of the Sgd1.2625-34 region. A close below the 200-DMA further confirms bearish focus and sees the 2014 low targeted. Initial resistance is noted on the hourly timeframe at Sgd1.2695 with this level having capped attempts higher on Tuesday and a close above now needed to ease the bearish pressure.