AUD/USD: $1.0330-50 Region Key Support. Fresh 4 week highs for the pair yesterday with initial support now seen at $1.0418, although the $1.0330-50 region remains key with 21, 100 ($1.0347) & 200-DMA’s ($1.0335) clustered in this region as well as a double daily bottom ($1.0332-34). A close below is needed to shift focus away from retests of the Sept monthly highs and back to Oct monthly lows.
RES 4: $1.0624 – Monthly high Sept 14
RES 3: $1.0518 – High Sept 21
RES 2: $1.0480 – High Nov 6
RES 1: $1.0451 – 21 day upper Bollinger band
LATEST PRICE: 1.0416
SUP 1: $1.0402 – Low Nov 7
SUP 2: $1.0335 – 21 day moving average
SUP 3: $1.0290 – Alternating support/resistance
SUP 4: $1.0219 – 21 day lower Bollinger band
NZD/USD: Below 21-DMA Needed To Refocus Lower. Technically the Kiwi underwent a bearish key day reversal yesterday but we look for a close below the Nov 6 highs to relieve the immediate topside pressure and below the 21-DMA needed to refocus lower. Until this occurs spikes above the upper Bollinger band (5 in the past 5 days) are expected to continue with Sept highs targeted.
RES 4: $0.8568 – Monthly high Aug 31 2011
RES 3: $0.8469 – 2012 high Feb 29 2012
RES 2: $0.8356 – Monthly high Sept 28
RES 1: $0.8285 – 21 day upper Bollinger band
LATEST PRICE: 0.8256
SUP 1: $0.8232 – Low Nov 6
SUP 2: $0.8201 – 21 day moving average
SUP 3: $0.8103 – Monthly low Oct 23
AUD/JPY: Topside Looking Less Convincing. Minor fresh 6 month highs for the pair yesterday followed up by a retest of Nov 5 lows see AUD/JPY risking a further correction back towards 21 (Jpy82.20) and 200-DMA’s (Jpy82.30). We look for a close below the Oct 30 lows as confirmation of a break of these MA’s which then shifts focus back to retests of the Oct monthly lows.
RES 4: Jpy87.57 – High Mar 27
RES 3: Jpy86.81 – High Apr 2
RES 2: Jpy84.81 – High Apr 13
RES 1: Jpy84.36 – 21 day upper Bollinger band
LATEST PRICE: 83.28
SUP 1: Jpy82.96 – Low Nov 5
SUP 2: Jpy81.99 – Low Oct 30
SUP 3: Jpy81.65 – Low Oct 22
SUP 4: Jpy81.26 – Previous daily resistance now support
USD/KRW: Fresh 2012 Lows Continue. We will continue to use the falling channel base as a rough guide to immediate downside targets as USD/KRW sets fresh 2012 and 12 month lows. Daily techs remain very O/S but until a close above Nov 5 highs is seen pressure remains on lower levels. Topside we look for a close above the 21-DMA to see immediate focus turn to tests of the Krw1117-11125 region.
RES 4: Krw1117.4 – High Oct 11
RES 3: Krw1109.9 – Previous daily support now resistance
RES 2: Krw1101.0 – 21 day moving average
RES 1: Krw1094.3 – High Nov 5
LATEST PRICE: 1090.3
SUP 1: Krw1084.1 – 2012 low Nov 7
SUP 2: Krw1069.3 – Falling daily channel base
SUP 3: Krw1060.4 – Monthly low Sept 2
SUP 4: Krw1048.3 – 2011 low Aug 1
USD/SGD: Bollinger Bands Narrowing. USD/SGD is currently straddling the 21-DMA as Bollinger bands continue to narrow which could be hinting at a breakout sometime in the near future. A close above the Nov 5 highs remains needed to confirm an end the 5 month down trend and while the Nov 1 lows support this is the favoured scenario. Below Sgd1.2187 would negate this view.
RES 4: Sgd1.2372 – High Sept 11
RES 3: Sgd1.2339 – High Sept 26
RES 2: Sgd1.2283 – 21 day upper Bollinger band
RES 1: Sgd1.2267 – High Nov 5
LATEST PRICE: 1.2225
SUP 1: Sgd1.2187 – Low Nov 1
SUP 2: Sgd1.2160 – 21 day lower Bollinger band
SUP 3: Sgd1.2153 – 2012 low Oct 22 2012
SUP 4: Sgd1.2049 – Low Sept 6 2011
EasyForexNews Research Team