The lack of follow through after Monday’s fresh 2014 lows has resulted in a bounce that has so far been capped at the Sgd1.2445 level confirming its significance. O/S daily studies remain a concern for bears, but in saying that, bulls need a close above Sgd1.2445 to confirm an easing of bearish pressure. Overall a close above Sgd1.2517 is needed to confirm a break of the 55-DMA and shift immediate focus to the 100 & 200-DMA’s.
RES 4: Sgd1.2545 – High June 18
RES 3: Sgd1.2517 – High June 26
RES 2: Sgd1.2497 – High July 3, 55-DMA
RES 1: Sgd1.2445 – Previous 2014 low now resistance
LPRICE: Sgd1.2435
SUP 1: Sgd1.2391 – 2014 low July 14
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 has managed the first close above the 55-DMA since late March with the move higher ending bearish hopes for now and shifting immediate focus to the Krw1030.0-1033.8 region. Initial support is noted at the Krw1025.9 level but bears need a close back below the 55-DMA to signal a false break and ease bullish pressure. Overall bears now look for a close below Krw1015.1 to confirm a break of the 21-DMA and refocus on 2014 lows.
RES 4: Krw1042.0 – High Apr 22
RES 3: Krw1039.5 – 100-DMA
RES 2: Krw1033.8 – High Apr 30
RES 1: Krw1030.0 – High May 14
LPRICE: Krw1027.2
SUP 1: Krw1025.9 – High June 5 now support
SUP 2: Krw1021.5 – 55-DMA
SUP 3: Krw1015.1 – Low July 11
SUP 4: Krw1008.4 – 2014 Low July 4
The dips to start the new week were short lived with O/S daily studies appearing to be having an impact. Bulls need a close above Myr3.1940 to confirm an easing of bearish pressure whereas a close above Myr3.2205 is needed to confirm breaks of the 21-DMA, falling daily trend line and 55-DMA with immediate focus then shifting to the Myr3.2410-28 region where 100 & 200-DMA’s are located. While Myr3.1940 caps bears target retests of the 100-WMA.
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: Myr3.1940 – Low June 9 now resistance
LPRICE: Myr3.1821
SUP 1: Myr3.1660 – 2014 Low July 9
SUP 2: Myr3.1649 – 100-WMA
SUP 3: Myr3.1295 – Monthly low Oct 28 2013
SUP 4: Myr3.1224 – 200-WMA
The recovery from last week’s low just short of the Bollinger band base continued Tuesday with the pair closing above the 21 & 100-DMA’s. Bulls continue to look for a close above Cnh6.2213 to further confirm an easing of bearish pressure while a close above Cnh6.2361 is needed to confirm a break of the 55-DMA and shift focus back to the Cnh6.2632-6.2714 region. Bears now need a close below Cnh6.2065 to confirm a false break and shift focus lower.
RES 4: Cnh6.2632 – Monthly High June 6
RES 3: Cnh6.2361 – High June 25
RES 2: Cnh6.2275 – 55-DMA, Falling daily channel Top
RES 1: Cnh6.2213 – Low June 24 now resistance
LPRICE: Cnh6.2143
SUP 1: Cnh6.2065 – Low July 15
SUP 2: Cnh6.1930 – Low July 10
SUP 3: Cnh6.1918 – Bollinger band base
SUP 4: Cnh6.1850 – Low Apr
