Bears continue to dominate with fresh 2014 lows retaining immediate focus on Sgd1.2342 Oct 2013 monthly low. A concern for bears are the O/S daily studies and the closes well below the lower Bollinger band which generally are unsustainable. In saying that, bulls now need a close above Sgd1.2445 to ease the bearish pressure a little whereas a close above Sgd1.2517 is needed to confirm a break of the 55-DMA and shift overall focus to the Sgd1.2595 level.
RES 4: Sgd1.2545 – High June 18
RES 3: Sgd1.2510 – 55-DMA
RES 2: Sgd1.2497 – High July 3
RES 1: Sgd1.2445 – Previous 2014 low now resistance
LPRICE: Sgd1.2412
SUP 1: Sgd1.2407 – 2014 low July 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
USD/KRW continues to recover a little from recent 2014 and multi-year lows as daily studies correct from O/S levels. Bulls look for a close above Krw1015.5 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. While the Krw1015.5 caps immediate bearish focus remains on sub Krw1000.0 levels.
RES 4: Krw1025.9 – High June 3
RES 3: Krw1022.8 – 55-DMA
RES 2: Krw1021.4 – High June 25
RES 1: Krw1015.5 – Previous daily support now resistance, 21-DMA
LPRICE: Krw1012.0
SUP 1: Krw1008.4 – 2014 Low July 4
SUP 2: Krw1000.0 – Psychological support
SUP 3: Krw995.6 – Monthly low July 10 2008
SUP 4: Krw971.3 – Monthly Low Apr 7 2008
The move lower continued Wednesday with fresh 2014 lows and a relatively bearish close seeing the sights firmly fixed on the 100-WMA which lies marginally below Wednesday’s low. The key concerns for bears are very O/S studies and the close well below the 21 day lower Bollinger band. Such closes are normally unsustainable and result in consolidation at some. Bulls need a close above Myr3.1820 to ease bearish pressure
RES 4: Myr3.2205 – High June 26
RES 3: Myr3.2100 – High July 3
RES 2: Myr3.2010 – Previous daily support now resistance
RES 1: Myr3.1820 – Previous 2014 low now resistance
LPRICE: Myr3.1710
SUP 1: Myr3.1660 – 2014 Low July 9
SUP 2: Myr3.1643 – 100-WMA
SUP 3: Myr3.1295 – Monthly low Oct 28 2013
SUP 4: Myr3.1220 – 200-WMA
After closing below the 100-DMA on Monday USD/CNH has struggled to recover, trading at fresh 3 month lows on Wednesday. The Bollinger band base is noted at Cnh6.1915 today and with closes below a rarity follow through below this level is expected to be limited. In saying that, bulls need a close above the 21-DMA to ease bearish pressure and a close above Cnh3.2361 to confirm a break of the 55-DMA and an overall shift higher in focus back to the 2014 highs.
RES 4: Cnh6.2361 – High June 25
RES 3: Cnh6.2213 – Low June 24 now resistance
RES 2: Cnh6.2146 – 21-DMA
RES 1: Cnh6.2063 – 100-DMA
LPRICE: Cnh6.1955
SUP 1: Cnh6.1915 – Bollinger band base
SUP 2: Cnh6.1850 – Low Apr 9
SUP 3: Cnh6.1705 – Low Mar 25
SUP 4: Cnh6.1347 – 200-DMA
Fresh 2014 lows continue with immediate focus seeing bears initially targeting the Php43.180 support and then key weekly moving averages. Daily tech studies are approaching O/S but the Php43.730 resistance remains key with bulls needing a close above to confirm a break of the 21-DMA and hint at a bigger bounce that then targets key daily moving averages. Initial resistance is noted at Php43.510 with a close above needed to ease bearish pressure a little.
RES 4: Php43.960 – Low June 18 now resistance
RES 3: Php43.893 – 55-DMA
RES 2: Php43.730 – Low June 20 now resistance, 21-DMA
RES 1: Php43.510 – Previous 2014 low now resistance
LPRICE: Php43.313
SUP 1: Php43.180 – Low Nov 8 2013
SUP 2: Php43.000 – Monthly Low Oct 25 2013
SUP 3: Php42.972 – 200-WMA
SUP 4: Php42.785 – 100-WMA
Bearish pressure has resulted in a break lower overnight that saw USD/THB trade at fresh 3 month lows and close below the 200-DMA. This is the first close below the 200-DMA since late May 2013 and adds weight to the bearish case that is now focused on the Thb32.04-05 region where the 55-WMA and 2014 low are located. Bulls now look for a close above Thb32.29 to ease the bearish pressure.
RES 4: Thb32.50 – High June 27
RES 3: Thb32.46 – High July 2
RES 2: Thb32.29 – Low May 5 now resistance
RES 1: Thb32.27 – 200-DMA
LPRICE: Thb32.14
SUP 1: Thb32.12 – Weekly Bollinger band base
SUP 2: Thb32.10 – Monthly Low Apr 10
SUP 3: Thb32.05 – 2014 Low Mar 19
SUP 4: Thb32.04 – 55-WMA
