The spike higher last week lacked follow through above the 21-DMA (Sgd1.2492). Current focus remains on the 2014 lows with bears favouring a break lower while the 55-DMA caps with immediate focus then shifting to Oct 2013 monthly lows. Bulls need a close above the 55-DMA to confirm an easing of bearish pressure. Overall a close above the 200-DMA (Sgd1.2568) is needed to end bearish hopes and shift immediate focus to the Sgd1.2650 level
RES 4: Sgd1.2545 – High June 18
RES 3: Sgd1.2516 – 55-DMA
RES 2: Sgd1.2599 – Falling daily trend line
RES 1: Sgd1.2497 – High July 3
LPRICE: Sgd1.2455
SUP 1: Sgd1.2450 – 2014 low Apr 9
SUP 2: Sgd1.2342 – Monthly low Oct 2013
SUP 3: Sgd1.2268 – Monthly low May 8 2013
SUP 4: Sgd1.2195 – 2013 low Jan 2 2013
Fresh 2014 and multi-year lows combined with continued bearish closes bode well for bears targeting sub Krw1000.0 levels. Bulls look for a close above the Krw1012.5 level to confirm an easing of bearish focus whereas a close above Krw1025.9 is needed to end bearish hopes and hint at a move back to the Krw1042.0-1050.6 region. The only concern for bears are O/S daily studies but bearish pressure cant be ignored.
RES 4: Krw1025.9 – High June 3
RES 3: Krw1021.4 – High June 25
RES 2: Krw1015.5 – Previous daily support now resistance
RES 1: Krw1012.5 – High July 1
LPRICE: Krw1008.8
SUP 1: Krw1000.0 – Psychological support
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 move lower continued Friday with the result being a bearish close and fresh 2014 lows. Overall focus now shifts to the Myr3.1295 Oct 2013 monthly low with immediate focus on the 100-WMA. A close below the 100-WMA was last seen in late May 2013 with a close below seen as a significant bearish event. Bulls now need a close above Thursday’s Myr3.2100 high to ease bearish pressure and above the 55-DMA to hint at a bigger bounce.
RES 4: Myr3.2280 – 55-DMA
RES 3: Myr3.2205 – High June 26
RES 2: Myr3.2100 – High July 3
RES 1: Myr3.2010 – Previous daily support now resistance
LPRICE: Myr3.1864
SUP 1: Myr3.1820 – 2014 Low July 4
SUP 2: Myr3.1715 – Low Nov 11 2013
SUP 3: Myr3.1638 – 100-WMA
SUP 4: Myr3.1295 – Monthly low Oct 28 2013
The bounce from Tuesday’s fresh 3 month lows, 100-DMA and Bollinger band base remained capped ahead of the 21-DMA and Cnh6.2213 resistance level with bulls needing a close above this region to confirm an easing of bearish pressure. Overall a close above Cnh6.2361 is needed to end bearish hopes and target 2014 highs. Bears continue look for close below the 100-DMA but downside follow through may be limited given the proximity of the Bolli band base.
RES 4: Cnh6.2632 – High June 5
RES 3: Cnh6.2361 – High June 25
RES 2: Cnh6.2213 – Low June 24 now resistance
RES 1: Cnh6.2180 – 21-DMA
LPRICE: Cnh6.2044
SUP 1: Cnh6.2037 – 21-WMA
SUP 2: Cnh6.2020 – 100-DMA
SUP 3: Cnh6.1850 – Low Apr 9
SUP 4: Cnh6.1705 – Low Mar 25
Fresh 2014 lows Friday have seen focus shift to layers of support in the Php42.770-43.180 region which include the 200-WMA (Php42.976). Bulls need to see a close above Php43.730 to ease the bearish pressure a little but layers of resistance remain in the Php43.950-44.134 region with a close above needed to see focus shift to the Php44.790 Apr 25 high.
RES 4: Php44.134 – 200-DMA
RES 3: Php43.960 – Low June 18 now resistance
RES 2: Php43.950 – 55-DMA
RES 1: Php43.730 – Low June 20 now resistance
LPRICE: Php43.464
SUP 1: Php43.470 – Low Nov 14 2013
SUP 2: Php43.180 – Low Nov 8 2013
SUP 3: Php42.976 – 200-WMA
SUP 4: Php42.770 – 100-WMA
After having spent the better part of the last three weeks chopping around the 55 & 100-DMA’s and capped by the 21-DMA bearish pressure is starting to take its toll. The break below the previous Thb32.35 support sees immediate focus shift to the Thb32.18-29 region. Bulls now need a close above Wednesday’s high to ease bearish pressure while a close back above Thb32.54 is needed to shift overall focus back to the Thb32.73-90 region.
RES 4: Thb32.73 – Previous daily support now resistance
RES 3: Thb32.54 – High June 18
RES 2: Thb32.50 – High June 27
RES 1: Thb32.46 – High July 2
LPRICE: Thb32.34
SUP 1: Thb32.29 – Low May 5
SUP 2: Thb32.25 – 200-DMA
SUP 3: Thb32.18 – Low Apr 28
SUP 4: Thb32.10 – Monthly Low Apr 10
