AUD/USD: Continuation Lower Now Favoured. The pair dipped below the 21-DMA yesterday for the first time since late Nov and we will now look for a close below the Dec 11 low as confirmation of a break of the 21-DMA and the resulting shift lower in focus. A close back above the Dec 19 highs remains needed to kick start topside momentum and see focus return to Dec monthly highs and then 2012 highs above. Overall a continuation lower is now favoured.
RES 4: $1.0693 – High Mar 7
RES 3: $1.0624 – Monthly high Sept 14
RES 2: $1.0583 – High Dec 12
RES 1: $1.0535 – High Dec 19
LATEST PRICE: 1.0486
SUP 1: $1.0463 – Low Dec 11
SUP 2: $1.0442 – Low Dec 6
SUP 3: $1.0406 – 100 day moving average
SUP 4: $1.0393 – 21 day lower Bollinger band
NZD/USD: Break Below 21-DMA Now Favoured. The cross remains heavy and continues to edge closer to the 21-DMA with a close below needed to confirm a shift in focus back to the Nov monthly lows ($0.8056) with the 200-DMA coming in just above ($0.8076). The continuation lower is now favoured until the pair can manage a close back above the Dec 19 highs which is needed to retain focus on 2012 highs.
RES 4: $0.8677 – High Aug 3 2011
RES 3: $0.8568 – High Aug 31 2011
RES 2: $0.8474 – 2012 high Dec 14
RES 1: $0.8420 – High Dec 19
LATEST PRICE: 0.8338
SUP 1: $0.8309 – 21 day moving average
SUP 2: $0.8284 – Low Dec 6
SUP 3: $0.8215 – Low Dec 4
SUP 4: $0.8195 – 100 day moving average
AUD/JPY: Holding Above Initial Support For Now. AUD/JPY has ended the bullish run of consecutive higher daily lows but we will continue to look for a close below the initial support at Jpy87.70 to ease immediate topside pressure with below the 21-DMA needed to shift immediate focus back to Nov 28 lows and overall focus back to Nov monthly lows. While initial support remains in play potential for fresh 2012 highs remains.
RES 4: Jpy90.74 – Monthly high Sept 28 2008
RES 3: Jpy90.02 – 2011 high Apr 11 2011
RES 2: Jpy89.63 – High Apr 28 2011
RES 1: Jpy89.04 – 2012 high Dec 14
LATEST PRICE: 88.50
SUP 1: Jpy87.70 – Hourly support Dec 13
SUP 2: Jpy86.90 – Low Dec 12
SUP 3: Jpy86.73 – 21 day moving average
SUP 4: Jpy85.27 – Low Nov 28
USD/KRW: Narrow Ranges Persist. USD/KRW remains confined to narrow ranges as it gently bounces from the recent fresh 2012 lows. The 21-DMA remains initial resistance with a close above needed to relieve the immediate bearish focus but overall we will continue to look for a close above the Nov 16 high to end the down trend that has been in play since June. A Krw1070-1080 range is favoured until year end.
RES 4: Krw1109.9 – Previous daily support now resistance
RES 3: Krw1094.4 – High Nov 16
RES 2: Krw1090.4 – 21 day upper Bollinger band
RES 1: Krw1079.9 – 21 day moving average
LATEST PRICE: 1074.9
SUP 1: Krw1071.2 – 2012 low Dec 18
SUP 2: Krw1060.4 – Monthly low Sept 2
SUP 3: Krw1048.3 – 2011 low Aug 1
SUP 4: Krw1048.0 – Falling daily channel base
USD/SGD: 21-DMA Caps Bounce. USD/SGD remained capped at the 21-DMA yesterday but we will continue to look for a close above the Nov 28 high to shift overall focus away from fresh 2012 lows. While the Nov 28 highs continue to cap initial focus remains on spikes below the 21 day lower Bollinger band. Narrow ranges are expected to continue as 2012 comes to a close.
RES 4: Sgd1.2296 – High Nov 16
RES 3: Sgd1.2271 – Double daily top Nov 19 & 21
RES 2: Sgd1.2243 – High Nov 28
RES 1: Sgd1.2205 – 21 day moving average
LATEST PRICE: 1.2184
SUP 1: Sgd1.2168 – 21 day lower Bollinger band
SUP 2: Sgd1.2153 – 2012 low Oct 22 2012
SUP 3: Sgd1.2074 – Low Sept 8 2011
SUP 4: Sgd1.2021 – Low Aug 31 2011
EasyForexNews Research Team