AUD/USD: 200-DMA Test Remains Favoured. The pair continues to remain heavy with immediate focus on retests of the 200-DMA as daily RSI, Slow Stochastic and Momentum indicators begin to unwind from overbought levels. A close below the 200-DMA is needed to retain focus on lower levels with a test of the Sept lows then favoured. Topside a close above Sept 21 highs is needed to relieve downside pressure.
RES 4: $1.0690 – High Mar 6
RES 3: $1.0624 – High Sept 18
RES 2: $1.0582 – 21 day upper Bollinger band
RES 1: $1.0518 – High Sept 21
LATEST PRICE: 1.0425
SUP 1: $1.0368 – Low Sept 20
SUP 2: $1.0339 – 200 day moving average
SUP 3: $1.0276 – Low Sept 7
SUP 4: $1.0165 – Low Sept 5
NZD/USD: Daily Tech Studies Correcting From Overbought. The NZD dipped towards the pivotal $0.8170 Sept 12 support overnight with a close below needed to see focus shift lower to retests of the 200-DMA and then the Sept lows below. Daily tech studies are correcting from overbought levels and should continue to weigh on the pair with above Sept 14 highs needed to kick start topside momentum.
RES 4: $0.8469 – 2012 high Feb 2012
RES 3: $0.8390 – 21 day upper Bollinger band
RES 2: $0.8353 – High Sept 14
RES 1: $0.8247 – Hourly resistance Sept 24
LATEST PRICE: 0.8222
SUP 1: $0.8170 – Low Sept 12
SUP 2: $0.8083 – Double daily bottom Sept 10 & 11
SUP 3: $0.8038 – 200 day moving average
SUP 4: $0.8013 – 38.2% retracement of 0.7461-0.8353 move
AUD/JPY: 100-DMA Lurking Just Below Market. The pair remains heavy within the Ichimoku cloud as overbought daily tech studies unwind, and dipped below Friday’s low by a pip as it continues to hesitate ahead of the 100-DMA. A close below the 100-DMA confirms the current downside focus and is expected to see the July monthly lows retested.
RES 4: Jpy84.81 – High April 13
RES 3: Jpy83.56 – Monthly high Aug 21
RES 2: Jpy83.10 – High Sept 14
RES 1: Jpy82.30 – High Sept 21
LATEST PRICE: 81.11
SUP 1: Jpy80.98 – Low Sept 24
SUP 2: Jpy80.69 – 100 day moving average
SUP 3: Jpy79.92 – 21 day lower Bollinger band
SUP 4: Jpy79.56 – Monthly low July 25
USD/KRW: Range Trading Continues. USD/KRW started the week true to form, remaining confined to the current Krw1112.8-1124.8 range. A break topside sees the falling daily trendline around Krw1130.6 and the Ichimoku cloud base at Krw1135.8 come into play. Overall the 200-DMA remains key topside. While the 200-DMA caps overall focus is on lower levels and above sees 2012 highs back in focus.
RES 4: Krw1158.1 – High July 12
RES 3: Krw1139.9 – 200 day moving average
RES 2: Krw1136.4 – Ichimoku cloud base
RES 1: Krw1124.8 – Previous key daily support now resistance
LATEST PRICE: 1120.7
SUP 1: Krw1112.8 – 2012 Low Mar 2
SUP 2: Krw1110.4 – Low Nov 4 2011
SUP 3: Krw1100.2 – Low Oct 31 2011
SUP 4: Krw1091.5 – Falling daily channel base
USD/SGD: Bouncing Towards Pivotal Resistance. The bounce towards the pivotal Sept 10 highs continues with the 21-DMA also noted coming in around this level today. Initial support is now seen at the Sept 24 lows with a close below needed to relieve topside pressure and shift focus back to fresh 2012 lows. Above Sgd1.2371 sees immediate focus shift to retests of the falling daily channel top around Sgd1.2439.
RES 4: Sgd1.2507 – Monthly high Sept 3
RES 3: Sgd1.2439 – Falling daily channel top from June 1 highs
RES 2: Sgd1.2371 – High Sept 10
RES 1: Sgd1.2312 – High Sept 13
LATEST PRICE: 1.2278
SUP 1: Sgd1.2223 – Low Sept 24 2012
SUP 2: Sgd1.2175 – Low Sept 14 2012
SUP 3: Sgd1.2133 – Low Sept 9 2011
SUP 4: Sgd1.2002 – Double daily bottom Aug 16 & 17 2011
EasyForexNews Research Team