Initial support is noted at Tuesday’s $0.8568 low with bears needing a close below to ease the bullish pressure and hint at a deeper correction that initially targets the rising daily channel base, with a close below the 21-DMA confirming. 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 $0.8764 level today.
Monday’s close above the 21-DMA has now been followed up with a close above the 55-DMA. Bears now look for a close below the 21-DMA 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 with multiple lows around this level providing the base for the current move higher.
The sequence of higher highs/lows resulted in a fresh 2014 and 5 month high on Wednesday but the move higher has so far lacked follow through which is of some concern to the bulls. Bears now need a close below Wednesday’s low to ease the bullish pressure and hint at a deeper correction back towards layers of support in the Y91.69-92.46 region. While Y93.65 supports focus now shifts to the Y95.67 Oct 2013 monthly high.
The close below the 100-DMA Tuesday was followed up with a continuation lower that saw fresh 2014 and 3 month lows on Wednesday. Bulls need a close above Tuesday’s A$1.5092 high to ease the bearish pressure and a close above the A$1.5247 Mar 21 high to end bearish aspirations and see overall focus shift back to the A$1.5537 Mar monthly high so far. Immediate focus now shifts to the A$1.4787-1.4799 region.
USD/KRW managed a dip to fresh lows for the week on Tuesday before bouncing a little with bulls needing to see a close above the Krw1080.6 Mar 24 high needed to ease the current bearish pressure and a close above the 200-DMA needed to shift overall focus higher. While Krw1080.6 caps immediate focus remains on a correction lower that initially targets the layers of support in the Krw1070.0-1071.8 region.
The sharp pullback from ahead of last Thursday’s fresh 2 month high continues with the bearish focus remaining on retests of the Sgd1.2625-50 region where key moving averages rising daily trend line are noted. A close below the 200-DMA further confirms bearish focus and sees the 2014 low targeted. Initial resistance remains at Sgd1.2695, with this level having capped attempts higher on Tuesday/Wednesday and a close above needed to ease the bearish pressure.