Wednesday’s move to fresh 2014 and 8 month lows was aggressively reversed Thursday with the bullish close seeing immediate focus return to the key Sgd1.2432-46 region. The close above the previous Sgd1.2391 2014 low has eased bearish pressure a little but bulls still need to see a close above Sgd1.2446 to confirm a break of the trend line and 21-DMA with immediate focus then shifting to the Sgd1.2485-97 region.
RES 4: Sgd1.2497 – High July 3
RES 3: Sgd1.2485 – 55-WMA
RES 2: Sgd1.2446 – High July 16, Falling daily trend line
RES 1: Sgd1.2432- 21-DMA
LPRICE: Sgd1.2410
SUP 1: Sgd1.2391 – Alternating daily support/resistance
SUP 2: Sgd1.2365 – 2014 low July 23
SUP 3: Sgd1.2342 – Monthly low Oct 2013
SUP 4: Sgd1.2268 – Monthly low May 8 2013
The 55-DMA confirmed significance Thursday with USD/KRW having bounce from ahead of this level. Immediate focus has now shifted to layers of resistance in the Krw1032.0-1036.9 region which includes the falling daily trend line, 100-DMA and 38.2% Fibo. A close above this region sees focus shift to the Krw1042.0-1050.6 region with the 200-DMA at Krw1050.3. Daily studies remain O/B but bears need a close below the 55-DMA to ease bullish pressure.
RES 4: Krw1042.0 – High Apr 22
RES 3: Krw1036.9 – 38.2% Fibonacci 1083.1-1008.4, 100-DMA
RES 2: Krw1034.9 – 21-WMA
RES 1: Krw1032.0 – Falling daily trend line Mar/July highs
LPRICE: Krw1028.5
SUP 1: Krw1020.5 – 55-DMA
SUP 2: Krw1018.4 – 21-DMA
SUP 3: Krw1015.1 – Low July 11
SUP 4: Krw1008.4 – 2014 Low July 4
USD/MYR managed fresh 2014 and 8 month lows on Thursday, marginally dipping below the 100-WMA before bouncing for a relatively bullish close. Initial resistance remains at Myr3.1820 with a close above needed to ease bearish pressure whereas a close above Myr3.2100 is needed to confirm a break of the 55-DMA and falling daily trend line, ending bearish hopes and shifting focus to the Myr3.2347-3.2419 region where 100 & 200-DMAs are located.
RES 4: Myr3.2100 – High July 3
RES 3: Myr3.2020 – High July 17
RES 2: Myr3.1893 – 21-DMA
RES 1: Myr3.1820 – High July 16
LPRICE: Myr3.1750
SUP 1: Myr3.1645 – 2014 Low July 24
SUP 2: Myr3.1562 – Bollinger band base
SUP 3: Myr3.1295 – Monthly low Oct 28 2013
SUP 4: Myr3.1229 – 200-WMA
Recent consolidation below 21 & 100-DMAs resulted in fresh 3 month lows Thursday with immediate focus having shifted to the Cnh6.1850 Apr monthly low. The Bollinger band base comes in at Myr6.1892 today and with closes below a rarity it may slow the move a little. Initial resistance is now noted in the Cnh6.1930-95 region with bulls needing a close above to ease the bearish pressure that sees overall focus on the Cnh6.1690-6.1705 region.
RES 4: Cnh6.2213 – Low June 24 now resistance
RES 3: Cnh6.2172 – High July 16
RES 2: Cnh6.1995 – Low June 17 now resistance
RES 1: Cnh6.1930 – Low July 10 now resistance
LPRICE: Cnh6.1904
SUP 1: Cnh6.1892 – Bollinger band base
SUP 2: Cnh6.1850 – Monthly Low Apr 9
SUP 3: Cnh6.1705 – Low Mar 25
SUP 4: Cnh6.1690 – 100-WMA
The failed attempt to take out the 21-DMA last week has resulted in a move lower that saw the USD/PHP trade at fresh 2014 & 8 month lows Thursday. Immediate focus remains on the Php42.965-43.180 region with bulls now needing a close above Php43.470 to confirm an easing of bearish pressure. Overall a close above Php43.730 remains needed to end bearish hopes and shift focus back to the Php43.129-138 region where the 100 & 200-DMAs are located.
RES 4: Php43.730 – Low June 20 now resistance
RES 3: Php43.568 – Falling daily trend line
RES 2: Php43.529 – 21-DMA
RES 1: Php43.470 – High July 21
LPRICE: Php43.301
SUP 1: Php43.210 – 2014 Low July 23
SUP 2: Php43.180 – Low Nov 8 2013
SUP 3: Php43.000 – Monthly Low Oct 25 2013
SUP 4: Php42.965 – 200-WMA
Following Tuesday’s sharp fall to fresh 2014 & 8 month lows USD/THB is drifting back towards initial resistance as very O/S daily studies look to correct higher and limit further downside. Bulls need a close above Thb31.86 to ease bearish pressure and above the 55-WMA to shift focus back to layers of resistance in the Thb32.20-54 region where key moving averages are located. While Thb31.86 caps immediate focus remains on the 100-WMA.
RES 4: Thb32.22 – High July 18
RES 3: Thb32.07 – 55-WMA
RES 2: Thb32.05 – Low Mar 19 now resistance
RES 1: Thb31.86 – Low July 21 now resistance
LPRICE: Thb31.81
SUP 1: Thb31.72 – 2014 Low July 22
SUP 2: Thb31.40 – Low Nov 14 2013
SUP 3: Thb31.16 – Low Nov 11 2013
SUP 4: Thb31.24 – 100-WMA
