Fresh 2014 and 2.5 year highs to end the week see bulls targeting the rising daily channel top coming in around $0.8791 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.
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 traded up to fresh 2014 and 5 month highs on Friday to end the week before putting in a relatively bullish close which now sees pressure shift to layers of resistance in the Y95.48-93 region. managed an inside day on Thursday with the rally coming within a pip or two of the 2014 set on Wednesday. Bears need a close below this level to ease the current bullish pressure while a close below Y94.20 to ease the bullish pressure.
The close below the 100-DMA Tuesday was followed up with a move to fresh 2014 and 3 month lows again Thursday and Friday, dipping below the 200-DMA. 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$1.4705-1.4792 region
The move lower continues for USD/KRW after having failed to take out the 200-DMA. 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 USD/SGD testing the 2014 low on Friday before managing a relatively bearish close. Bearish pressure to start the week remains on the Sgd1.2583 level with a break lower seeing overall focus shift to the Sgd1.2472 Dec monthly low. Bulls now need a close above Friday’s high to ease the bearish pressure and signal a false break below the 200-DMA.