Fresh 2014 and 4+ year highs again Wednesday see bulls focused on the rising daily channel top although the Bollinger band top is expected to limit follow through. Initial support remains at Tuesday’s low with bears needing a close below to ease bullish pressure. Overall a close below Sgd1.3000 remains needed to hint at a shift lower in focus with below the 55-DMA confirming.
RES 4: Sgd1.3398 – Rising daily trend line projection
RES 3: Sgd1.3358 – Rising daily channel top
RES 2: Sgd1.3295 – High Sept 22 2010
RES 1: Sgd1.3256 – 2014 High Dec 24
LPRICE: Sgd1.3230
SUP 1: Sgd1.3177 – Low Dec 23
SUP 2: Sgd1.3077 – Alternating daily support/resistance
SUP 3: Sgd1.3000 – Low Dec 17
SUP 4: Sgd1.2955 – Low Nov 27, 55-DMA
USD/KRW managed a spike above the 21-DMA (Krw1104.4) after having recently been capped at this level although USD/KRW retreated from the Krw1108.6 resistance to close below the 21-DMA. Bulls continue to look for a close above Krw1108.6 to confirm a break the 21-DMA and to shift immediate focus back to the
2014 high with the Bollinger band top noted just below. Bears need a close below Krw1094.3 to confirm bearish pressure with below Krw1080.7 needed to confirm a break of the 55-DMA and target Krw1048.8-1063.3.
RES 4: Krw1121.7 – 2014 High Dec 8
RES 3: Krw1119.2 – Bollinger band top
RES 2: Krw1114.8 – High Dec 9
RES 1: Krw1108.6 – High Dec 10
LPRICE: Krw1102.5
SUP 1: Krw1094.3 – Low Dec 22
SUP 2: Krw1080.7 – Low Dec 17
SUP 3: Krw1074.7 – 61.8% Fibonacci 1045.6-1121.8
SUP 4: Krw1071.5 – Low Nov 3
The pullback from recent 2014 highs has now found support around the Myr3.4650 level with the Myr3.4385-3.4650 region seen as key support. Bears look for a close below this region to confirm a break of the 21-DMA and to shift immediate focus to the Myr3.3680-3.4040 support region. While Myr3.4650 supports bulls retain the upper hand with a break above Myr3.5090 targeting Myr3.5480-3.5785. Correcting
O/B daily studies remain the key concern
RES 4: Myr3.5785 – High July 17 2009
RES 3: Myr3.5491 – Bollinger band top
RES 2: Myr3.5480 – High Aug 19 2009
RES 1: Myr3.5090 – High Sept 14 2009
LPRICE: Myr3.4951
SUP 1: Myr3.4650 – Low Dec 18
SUP 2: Myr3.4586 – 21-DMA
SUP 3: Myr3.4385 – Previous 2014 High Dec 1 now support
SUP 4: Myr3.4040 – Low Dec 1
Recent pressure on the Cnh6.2053 level resulted in a break higher that reconfirmed the bullish bias with immediate focus on the Cnh6.2360 level and overall focus to the Cnh6.2551-3.2709 region. Bears need a close below Cnh6.2053 to ease bullish pressure and below Cnh6.1855 to shift overall focus lower. The Bollinger band top and O/B daily studies remain key concerns for bulls and are likely to limit follow through.
RES 4: Cnh6.2632 – Monthly high June 5
RES 3: Cnh6.2551 – 200-WMA
RES 2: Cnh6.2402 – Bollinger band top
RES 1: Cnh6.2360 – High June 18
LPRICE: Cnh6.2234
SUP 1: Cnh6.2135 – Low Dec 22
SUP 2: Cnh6.2053 – High Dec 9
SUP 3: Cnh6.1855 – Low Dec 12
SUP 4: Cnh6.1680 – High Dec 1 now support
The Php44.870 resistance level remains key with bulls needing a close above to confirm breaks of 21 & 55- DMAs and to shift immediate focus back to the Nov monthly high. While Php44.870 caps bears retain the upper hand with focus remaining on the Php44.277-470 region where 100 & 200-DMAs are located. Overall
the Php44.470 & Php44.870 levels are seen as key with breaks of either side dictating direction.
RES 4: Php45.150 – Monthly High Nov 20
RES 3: Php44.985 – High Nov 25
RES 2: Php44.950 – Ichimoku cloud top
RES 1: Php44.870 – High Dec 16
LPRICE: Php44.681
SUP 1: Php44.470 – Low Dec 11
SUP 2: Php44.443 – 100-DMA
SUP 3: Php44.360 – Low Apr 14
SUP 4: Php44.277 – 200-DMA
Despite the pullback from ahead of the 2014 high the rising daily channel base off the Oct low continues to support. Bears need a close below the channel base to confirm an easing of bullish pressure with below Thb32.69 then needed to confirm a break of the 55-DMA (Thb32.70) and a shift lower in focus. While the channel base supports bulls continue to target retests of the 2014 high with the Bollinger band top the key
concern
RES 4: Thb33.22 – High Feb 22 2010
RES 3: Thb33.13 – 2014 High Jan 6
RES 2: Thb33.10 – High Dec 8
RES 1: Thb33.01 – Bollinger band top
LPRICE: Thb32.85
SUP 1: Thb32.84 – Rising daily channel base
SUP 2: Thb32.73 – Low Dec 11
SUP 3: Thb32.69 – Low Nov 10
SUP 4: Thb32.55 – Low Nov 4
The correction from recent 2014 and record highs has begun to pause ahead of the Idr12365-12390 region where the 21-DMA is located. Bulls continue to look for a close above Idr12545 to confirm an easing of bearish pressure and above Idr12660 needed to shift focus back to 2014 highs. Bears now look for a close below Idr12365 to confirm a break of the 21-DMA and see bears targeting the Idr12216-12250 region
where the 55-DMA is located.
RES 4: Idr12930 – 2014 High Dec 16
RES 3: Idr12695 – Bollinger band top
RES 2: Idr12660 – High Dec 18
RES 1: Idr12545 – High Dec 19
LPRICE: Idr12464
SUP 1: Idr12420 – Low Dec 22
SUP 2: Idr12365 – High Dec 8 now support
SUP 3: Idr12290 – Low Dec 5
SUP 4: Idr12250 – High Oct 16 now support