The move above the 21 & 55-DMA’s last week stalled at the Sgd1.2545 level before correcting sharply lower. Initial resistance remains at Sgd1.2545 with a close above seeing immediate focus shift to the Sgd1.2572-95 region where key moving averages and Apr 25 high are noted. While Sgd1.2545 caps bears will retain focus on the 2014 lows. The key concern for bears are daily studies correcting from O/S which may limit downside follow through.
RES 4: Sgd1.2595 – High April 25
RES 3: Sgd1.2583 – 100-DMA
RES 2: Sgd1.2570 – 200-DMA
RES 1: Sgd1.2545 – High June 18
LPRICE: Sgd1.2494
SUP 1: Sgd1.2467 – Low June 19
SUP 2: Sgd1.2450 – 2014 low Apr 9
SUP 3: Sgd1.2342 – Monthly low Oct 2013
SUP 4: Sgd1.2268 – Monthly low May 8 2013
Time spent above the 21-DMA was again short for USD/KRW with the pair having failed to test the key Krw1025.9 high from June 3. The sharp move lower Thursday saw immediate focus return to the 2014 lows with bears continuing to target sub Krw1000.0 levels while Krw1025.9 caps. Bulls need a close above this level to confirm an easing of bearish pressure and see focus shift to the Krw1034.4 resistance.
RES 4: Krw1034.4 – Low Apr 17 now resistance
RES 3: Krw1030.1 – Previous 2014 low Apr 30 now resistance
RES 2: Krw1025.9 – High June 3
RES 1: Krw1021.0 – 21-DMA
LPRICE: Krw1020.4
SUP 1: Krw1015.5 – 2014 low June 10
SUP 2: Krw995.6 – Monthly low July 10 2008
SUP 3: Krw971.3 – Monthly Low Apr 7 2008
SUP 4: Krw955.9 – Low Mar 7 2008
The 55-DMA confirmed its significance as initial resistance last week with the rally from 2014 lows coming to an end just short of the 55-DMA. The move lower re-confirmed bearish pressure with bears focused on 2014 lows. Bulls need a close above Myr3.2410 to confirm a break of key resistance and see immediate focus shift to the 200-DMA. Bulls look for a close above the 200-DMA to signal a bigger shift higher in focus that targets the Myr3.2860-80 region.
RES 4: Myr3.2461 – 200-DMA
RES 3: Myr3.2410 – High June 4
RES 2: Myr3.2345 – 55-DMA
RES 1: Myr3.2300 – Alternating daily support/resistance
LPRICE: Myr3.2233
SUP 1: Myr3.2070 – Low June 12
SUP 2: Myr3.2010 – Low June 11
SUP 3: Myr3.1940 – 2014 Low June 9
SUP 4: Myr3.1851 – 21 week lower Bollinger band
Following the bounce from the Cnh6.2035 level USD/CNH has remained capped ahead of the 21-DMA with the 55-DMA also capping the latter half of last week. The 21-DMA remains key resistance with bulls needing a close above to end bearish hopes and see focus shift back to the Cnh6.2632-6.2714 region. Bears now look for a close below Tuesday’s Cnh6.2179 low to reconfirm bearish pressure and shift immediate focus to the 100-DMA.
RES 4: Cnh6.2865 – Low Oct 9 2012 now resistance
RES 3: Cnh6.2714 – 2014 high Apr 30
RES 2: Cnh6.2632 – High June 5
RES 1: Cnh6.2354 – 21-DMA
LPRICE: Cnh6.2271
SUP 1: Cnh6.2179 – Low June 17
SUP 2: Cnh6.2035 – Low June 13
SUP 3: Cnh6.1850 – Low Apr 9
SUP 4: Cnh6.1838 – 100-DMA
The correction lower from ahead of the 55 & 200-DMA’s continued Friday with the close below the 21-DMA (Php43.794) adding weight to the bearish case. Bears now look for a close below Friday’s low to confirm the current focus on 2014 lows with bulls needing a close above Friday’s high to signal a false break below the 21-DMA. Overall bulls need to see a close above the 200-DMA to signal a significant shift higher in focus to the Php44.790 Apr 25 high
RES 4: Php44.320 – High May 7
RES 3: Php44.174 – 200-DMA
RES 2: Php43.960 – Low June 18 now resistance
RES 1: Php43.850 – High June 20
LPRICE: Php43.783
SUP 1: Php43.730 – Low June 20
SUP 2: Php43.561 – 21 day lower Bollinger band
SUP 3: Php43.510 – 2014 Low June 9
SUP 4: Php43.470 – Low Nov 14 2013
Wednesday’s rally stalled at the 21-DMA with the relatively bearish close seeing immediate focus remaining on the Thb32.29 May 5 low. Bears look for a break below to target the 200-DMA. Bulls need to see a close above the 21-DMA to confirm an easing of bearish pressure and see focus shift back to the Thb32.73-90 region. The only concern for bears are the oversold daily tech studies which are correcting higher and may limit downside follow through.
RES 4: Thb32.90 – High June 2
RES 3: Thb32.83 – 21 day upper Bollinger band
RES 2: Thb32.73 – Previous daily support now resistance
RES 1: Thb32.53 – 21-DMA
LPRICE: Thb32.41
SUP 1: Thb32.29 – Low May 5
SUP 2: Thb32.24 – 21 day lower Bollinger band
SUP 3: Thb32.20 – 200-DMA
SUP 4: Thb32.12 – Low Apr 18
