Losses following closes below both 100 & 55-DMAs continued Friday with the USD/SGD closing below the 21-DMA. The close below the 21-DMA adds weight to the bearish case but bears will now look for a close below Friday’s Sgd1.2435 low to confirm immediate focus on the 2014 lows. The 55-DMA remains initial resistance with bulls needing a close above to ease bearish pressure a little and above Sgd1.2512 to shift focus higher.
RES 4: Sgd1.2551 – High Aug 8
RES 3: Sgd1.2528 – High Aug 11
RES 2: Sgd1.2512 – High Aug 13
RES 1: Sgd1.2471 – 55-DMA
LPRICE: Sgd1.2443
SUP 1: Sgd1.2435 – Low Aug 15
SUP 2: Sgd1.2368 – Bollinger band base
SUP 3: Sgd1.2365 – 2014 Low July 23
SUP 4: Sgd1.2342 – Monthly low Oct 2013
USD/KRW managed a brief pop above the 21-DMA (Krw1028.8) before correcting sharply lower with the close back below the 55-DMA adding significant weight to the bearish case. Focus has returned to the Krw1008.4-1015.1 support region with daily studies having room to move before becoming O/S. Bulls need a close above Krw1026.1 to ease bearish pressure and above Krw1032.8 to shift focus back to the Krw1042.0-1050.6 region with the 200-DMA at Krw1047.5.
RES 4: Krw1042.0 – High Apr 22
RES 3: Krw1032.8 – High Aug 11
RES 2: Krw1031.3 – High Aug 14
RES 1: Krw1026.1 – Low Aug 12 now resistance
LPRICE: Krw1021.0
SUP 1: Krw1015.1 – Low July 11
SUP 2: Krw1008.4 – 2014 Low July 4
SUP 3: Krw1000.0 – Psychological support
SUP 4: Krw995.4 – Monthly low July 10 2008
The move lower accelerated to end the week with the USD/MYR trading at fresh 2014 and 9 month lows. The first weekly close below the 100-WMA since late May 2013 adds additional weight to the bearish case with bears now focused on the Myr3.1243-95 region with the 200-WMA at Myr3.1243. Initial resistance is noted at previous 2014 lows but bulls look for a close above Myr3.1757 to ease bearish pressure and above the 21-DMA to hint at a bigger bounce.
RES 4: Myr3.2025 – High Aug 11
RES 3: Myr3.1861 – 21-DMA
RES 2: Myr3.1757 – Low July 31 now resistance
RES 1: Myr3.1645 – Previous 2014 low now resistance
LPRICE: Myr3.1561
SUP 1: Myr3.1530 – 2014 Low Aug 15
SUP 2: Myr3.1295 – Monthly low Oct 28 2013
SUP 3: Myr3.1243 – 200-WMA
SUP 4: Myr3.1120 – Low June 14
In addition to another weekly close below the 100-WMA (Cnh6.1637) USD/CNH dipped below the 200-DMA (Cnh6.1466) for the first time since late Feb Friday before finding support at the falling daily channel base. Daily techs remain at O/S levels which are the key concern for bears but while Cnh6.1706 caps initial focus remains on the 55-WMA with a close below then targeting the Cnh6.0885-0925 region
RES 4: Cnh6.1954 – High July 25
RES 3: Cnh6.1826 – High July 29
RES 2: Cnh6.1745 – 21-DMA
RES 1: Cnh6.1706 – High Aug 6
LPRICE: Cnh6.1471
SUP 1: Cnh6.1426 – Falling daily channel base
SUP 2: Cnh6.1395 – Bollinger band base
SUP 3: Cnh6.1356 – 55-WMA
SUP 4: Cnh6.1309 – Low Mar 13
The break below the previous Php43.810 support and the close below the 55-DMA added weight to the bearish case with bears looking for a close below Php43.505 to confirm a break of the 21-DMA (Php43.615) and focus on the 2014 low. Bulls need a close above Php43.810 to ease bearish pressure and above Php44.280 to shift focus to the Php44.790-45.33 region. Daily studies have room to move before becoming O/S is an issue.
RES 4: Php44.610 – High Apr 30
RES 3: Php44.280 – High Aug 8
RES 2: Php43.998 – 100-DMA
RES 1: Php43.810 – Low Aug 7 now resistance
LPRICE: Php43.671
SUP 1: Php43.505 – Low Aug 5
SUP 2: Php43.190 – 2014 Low July 24
SUP 3: Php43.109 – Bollinger band base
SUP 4: Php42.971 – 200-WMA
Bears remain firmly focused on the 2014 low and then 100 (Thb31.27) and 200-WMAs (Thb30.98) with initial resistance noted in the Thb31.98-32.03 region. Bulls look for a close above Thb32.03 to ease bearish pressure and above Thb32.13 to shift focus back to layers of resistance in the Thb32.23-37 region where 55, 100 & 200-DMAs are located. Bears will look for a close below Thb31.72 to reconfirm bearish focus this week.
RES 4: Thb32.34 – High Aug 8
RES 3: Thb32.13 – High Aug 11
RES 2: Thb32.03 – Previous daily support now resistance
RES 1: Thb31.98 – 21-DMA
LPRICE: Thb31.80
SUP 1: Thb31.72 – 2014 Low July 22
SUP 2: Thb31.66 – Bollinger band base
SUP 3: Thb31.40 – Low Nov 14 2013
SUP 4: Thb31.16 – Low Nov 6 2013
