Asian Currencies Technicals

The rally continued for USD/SGD with bulls firmly focused on the Sgd1.2568-95 region. The 200-DMA is noted at Sgd1.2568 with a close above last seen in early March. Bears now need to see a close below the 100-DMA to confirm an easing of bullish pressure whereas a close below Sgd1.2442 is needed to confirm a break of the 21-DMA and shift focus back to 2014 lows. Of some concern to bulls are O/S daily studies and the proximity of the Bolli band top.

RES 4: Sgd1.2587 – Monthly High June 4

RES 3: Sgd1.2579 – 50.0% Fibonacci 1.2794-1.2365

RES 2: Sgd1.2568 – 200-DMA

RES 1: Sgd1.2551 – High Aug 8

LPRICE: Sgd1.2527

SUP 1: Sgd1.2506 – 100-DMA

SUP 2: Sgd1.2477 – 55-DMA

SUP 3: Sgd1.2442 – Low Aug 5

SUP 4: Sgd1.2365 – 2014 low July 23

Following on from Tuesday’s close above the 100-DMA the USD/KRW continued to make gains before stalling ahead of the Apr 22 highs and dipping for a relatively bearish close. In saying that, bears need to see a close below Krw1028.3 to confirm an easing of bearish pressure. Overall bears need to see a close below the 55-DMA to end bullish hopes and shift focus back to 2014 lows. While the 21-DMA supports bulls target the Krw1047.0-1050.6 region.

RES 4: Krw1048.2 – 200-DMA

RES 3: Krw1047.0 – High Apr 9

RES 2: Krw1044.7 – High Apr 16

RES 1: Krw1042.0 – High Apr 22

LPRICE: Krw1036.4

SUP 1: Krw1032.3 – 100-DMA

SUP 2: Krw1028.3 – 21-DMA, Low Aug 5

SUP 3: Krw1021.7 – 55-DMA

SUP 4: Krw1015.1 – Low July 11

The pullback from Friday’s highs combined with the relatively bearish close and daily studies at O/B levels are concerns for bulls that currently target the Myr3.2267-3.2430 region where 100 & 200-DMAs are located. Bears continue to look for a close below Myr3.1995 to confirm a break of the 55-DMA and an easing of bearish pressure whereas a close below the Myr3.1885 level is needed to end bullish hopes and target 2014 lows.

RES 4: Myr3.2350 – Monthly High June 4

RES 3: Myr3.2290 – High June 26

RES 2: Myr3.2267 – 100-DMA

RES 1: Myr3.2195 – High Aug 8

LPRICE: Myr3.2071

SUP 1: Myr3.1995 – Low Aug 7

SUP 2: Myr3.1855 – 21-DMA, Low May 8

SUP 3: Myr3.1757 – Low July 31

SUP 4: Myr3.1645 – 2014 Low July 24

After finding support at the 55-DMA on Wednesday the rally has seen the USD/PHP spike above the 200-DMA with bulls taking comfort in the closes above the 100-DMA, 21-WMA & 55-WMA. Concerns for bulls come from O/B daily studies and close above the Bollinger band top which may limit topside follow through. Bears need to see a close below Php43.810 to confirm an easing of bullish pressure whereas a close below the 55-DMA shifts focus back to the 2014 low.

RES 4: Php45.050 – Monthly high Apr 3 & 4

RES 3: Php44.790 – High Apr 25

RES 2: Php44.610 – High Apr 30

RES 1: Php44.280 – High Aug 8

LPRICE: Php44.131

SUP 1: Php43.810 – Low Aug 7

SUP 2: Php43.668 – 55-DMA

SUP 3: Php43.505 – Low Aug 5

SUP 4: Php43.190 – 2014 Low July 24

USD/THB stalled ahead of layers of resistance in the Thb32.34-36 region with the 21-WMA, 100-DMA & Bollinger band top capping Friday’s rally. Immediate focus shifts to the key 21-DMA support to start the new week with O/B daily studies looking to correct lower adding weight to the bearish case. Below the 21-DMA is needed to confirm an end to bullish hopes and target 2014 lows. Bulls need a close above the 200-DMA to confirm bullish focus.

RES 4: Thb32.54 – High June 27

RES 3: Thb32.46 – High July 2

RES 2: Thb32.36 – 200-DMA

RES 1: Thb32.34 – 21-WMA, 100-DMA, Bollinger band top

LPRICE: Thb32.11

SUP 1: Thb32.02 – 21-DMA

SUP 2: Thb31.89 – High July 25 now support

SUP 3: Thb31.72 – 2014 Low July 22

SUP 4: Thb31.70 – Bollinger band base

The 200-DMA is seen as initial support for USD/IDR to start the new week but bears will need to see a close below Idr11680 to confirm an easing of bullish pressure. Overall bears look for a close below the 55-WMA (Idr11543) to end bullish hopes and shift overall focus back to the Idr11250-338 region. While Idr11680 supports bulls remained focused on a test of the Idr12105 June monthly high.

RES 4: Idr12105 – Monthly High June 27

RES 3: Idr11965 – Monthly High July 3

RES 2: Idr11881 – Ichimoku cloud top

RES 1: Idr11835 – High Aug 8

LPRICE: Idr11771

SUP 1: Idr11744 – 200-DMA

SUP 2: Idr11680 – Low Aug 5

SUP 3: Idr11646 – 21-DMA

SUP 4: Idr11617 – 100-DMA