After making fresh 2014 highs last week the NZD/USD has corrected lower dipping below the 21-DMA. The move lower has eased the bullish pressure with bears looking for a close below $0.8591 to confirm a break of the 21-DMA and see focus shift lower to the $0.8501-68 region where the 55-DMA is located. It should be noted a close below the 55-DMA has not been seen since the pair closed above back in early Feb.
Since breaking back above the 21-DMA last week the AUD/NZD has now found support at this level with bulls focused on a break higher that targets the NZ$1.0908-47 region. Bears now look for a close below the 21-DMA to ease the current bullish pressure whereas a close below the 100-DMA is needed to end bullish hopes and see focus shift lower to retests of the key NZ$1.0606-40 support region. Daily studies are moving higher and support further topside.
AUD/JPY has managed to close above the 21-DMA after having bounced from the rising daily channel base last week. The pair is looking bid as it makes headway above the 21-DMA with bulls now targeting a retest of the Y96.24-49 region where the 2014 high is noted. Daily tech studies continue to correct higher and are supportive of the bullish case. Bears need a close below the 21-DMA to ease the current bullish pressure
After having broken and close below both the 21 & 200-DMA’s last week the EUR/AUD has continued to work its way lower towards the 2014 low. Bears favour fresh 2014 lows and a shift lower in focus to the Nov 13 2013 high which is now noted as support. Bulls need to see a close above the 21-DMA to ease the current bearish pressure while a close above the 200-DMa is needed to shift focus higher once more.
USD/KRW continued to make fresh 2014 lows to end last week and has again struggled Monday. Bulls continue to look for a close above the previous 2014 low at Krw1030.1 to confirm an easing of bearish pressure with a close above Krw1042.0 confirming a break of the 21-DMA and shifting immediate focus to the Krw1050.6 level. Daily studies are approaching O/S levels which may begin to limit downside follow through.
Sideways trading within a broad Sgd1.2450-1.2520 range continues for the USD/SGD with bears favouring a retest of the 2014 lows while the Sgd1.2520-27 region caps. Bulls need a close above the 21-DMA to hint at a bigger bounce back towards the layers of resistance in the Sgd1.2595-1.2602 region where the 55 & 200-DMA’s are located. Daily studies are hinting at a correction from O/S levels which may limit downside follow through.