Last week’s move to fresh 2014 and 8 month lows was aggressively reversed with the bullish close Friday seeing immediate focus return to the key Sgd1.2433-47 region where the 21-DMA, falling daily trend line and Sgd1.2447 resistance level are located. The Sgd1.2391 level is seen as somewhat pivotal with bears now needing a close below this level to ease the renewed bullish pressure. Above Sgd1.2447 shifts immediate focus to Sgd1.2485-97.
RES 4: Sgd1.2480 – 55-WMA
RES 3: Sgd1.2447 – High July 16
RES 2: Sgd1.2442 – Falling daily trend line
RES 1: Sgd1.2433- 21-DMA
LPRICE: Sgd1.2420
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 last week with USD/KRW having bounced from ahead of this level. Immediate focus has shifted to layers of resistance in the Krw1031.7-1036.9 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 Krw1050.1. 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: Krw1034.7 – 21-WMA
RES 1: Krw1031.7 – Falling daily trend line Mar/July highs
LPRICE: Krw1025.8
SUP 1: Krw1020.5 – 55-DMA
SUP 2: Krw1018.9 – 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 last week, marginally dipping below the 100-WMA before bouncing Friday to trade marginally above the previous initial resistance. Initial resistance is now seen at Myr3.1827 with a close above needed the 21-DMA now needed. Overall bulls need a close above Myr3.2100 to confirm a break of the 55-DMA and falling daily trend line, ending bearish hopes and shifting focus to the Myr3.2337-3.2419 region.
RES 4: Myr3.2100 – High July 3
RES 3: Myr3.2020 – High July 17
RES 2: Myr3.1868 – 21-DMA
RES 1: Myr3.1827 – High July 25
LPRICE: Myr3.1741
SUP 1: Myr3.1645 – 2014 Low July 24
SUP 2: Myr3.1563 – 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 Friday with immediate focus having shifted to the Cnh6.1850 Apr monthly low. The Bollinger band base comes in at Myr6.1885 today and with closes below a rarity it may slow the move a little. Initial resistance is now noted in the Cnh6.1954-95 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: Cnh6.1954 – High July 25
LPRICE: Cnh6.1874
SUP 1: Cnh6.1850 – Monthly Low Apr 9
SUP 2: Cnh6.1705 – Low Mar 25
SUP 3: Cnh6.1690 – 100-WMA
SUP 4: Cnh6.1403 – 200-DMA
The failed attempt to take out the 21-DMA has resulted in a move lower that saw the USD/PHP trade at fresh 2014 & 8 month lows Thursday. Immediate focus remains on the Php42.966-43.180 region with bulls 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 Php43.124-170 region where the 100 & 200-DMAs are located
RES 4: Php43.730 – Low June 20 now resistance
RES 3: Php43.547 – Falling daily trend line
RES 2: Php43.499 – 21-DMA
RES 1: Php43.470 – High July 21
LPRICE: Php43.281
SUP 1: Php43.190 – 2014 Low July 24
SUP 2: Php43.180 – Low Nov 8 2013
SUP 3: Php43.000 – Monthly Low Oct 25 2013
SUP 4: Php42.966 – 200-WMA
Following the move to fresh 2014 & 8 month lows USD/THB now sees initial resistance at Friday’s Thb31.89 highs as very O/S daily studies look to correct higher and may limit further downside. Bulls need a close above Thb31.89 to ease bearish pressure and above the 55-WMA to shift focus back to layers of resistance in the Thb32.22-54 region where key moving averages are located. While Thb31.89 caps immediate focus remains on the 100-WMA
RES 4: Thb32.22 – High July 18
RES 3: Thb32.08 – 55-WMA
RES 2: Thb32.05 – Low Mar 19 now resistance
RES 1: Thb31.89 – High July 25
LPRICE: Thb31.77
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: Thb31.25 – 100-WMA
