Fresh 2014 and 2.5 year highs overnight see bulls firmly targeting the rising daily channel top coming in around $0.8778 today. Layers of support have developed in the $0.8504-0.8646 region. Bears now look for a close below $0.8620 to ease the immediate bullish pressure while a close below the rising daily channel base ($0.8557) is needed to hint at a deeper correction that initially targets the $0.8504 level where the 21-DMA is noted.
The pullback from ahead of the NZ$1.0759 Mar 7 high gives the bears some comfort although a close below the 21-DMA is needed to hint at a deeper correction. A close below the 21-DMA sees immediate focus shift to the NZ$1.0623 Mar 24 low and then the NZ$1.0535 level with multiple lows around this level providing the base for the recent move higher. While the 21-DMA supports, bulls will look for further tests of the NZ$1.0744-59 region.
AUD/JPY managed an inside day on Thursday with the rally coming within a pip or two of the 2014 set on Wednesday. The relatively bullish close sees pressure on the Y94.71 2014 high with bulls favouring a break above while the Y93.65 low from Mar 26 supports. Bears need a close below this level to ease the current bullish pressure while a close below the Y93.25 Mar 25 low is needed to see focus shift to the Y91.79-92.55 region.
The close below the 100-DMA Tuesday was followed up with a move to fresh 2014 and 3 month lows again Thursday. Bulls need a close above A$1.4959 to ease the bearish pressure and a close above the 100-DMA to end bearish aspirations and see overall focus shift back to the A$1.5537 Mar monthly high so far. Immediate focus remains on the A$1.4705-1.4799 region. Of some concern at the moment are closes well below the Bollinger and O/S studies.
The move lower continues for USD/KRW after having failed to take out the 200-DMA last week. The close below the 21 (Krw1071.8) and 55-DMAs (Krw1071.3) see immediate focus shift to the Krw1066.5 level and the 100-DMA. Bears need a close below to confirm bearish focus and see the Krw1059.1-1060.8 region targeted. Bulls need a close above Krw1074.4 to ease the current bearish pressure and hint at a retest of the Krw1080.6-1084.3 region
The sharp pullback from ahead of last week’s fresh 2 month high continues with the bearish focus now on the Sgd1.2583-1.2625 region and the 50% Fibonacci of the Oct-Jan move noted at Sgd1.2586. Bulls need a close above Sgd1.2695 to confirm a break of the 21 (Sgd1.2683) and 55-DMAs (Sgd1.2693) and ease the current bearish pressure and see immediate focus shift higher to the Sgd1.2750 Mar 24 high