AUD/USD: Bearish Close, Focus Turns To Oct Lows. The AUD/USD has closed below the $1.0290 support we previously mentioned and this now sees focus ratchet lower to the key $1.0150 support level that has previously supported on major corrections following topside failures. Daily tech studies remain oversold but the pair remains heavy with a close above yesterday’s high needed to relieve the current bearish pressure, while above Jan 30 highs is needed to shift focus higher once more.
RES 4: $1.0487 – 21 day moving average
RES 3: $1.0477 – High Jan 30
RES 2: $1.0398 – High Feb 6
RES 1: $1.0337 – High Feb 7
Latest price: 1.0280
SUP 1: $1.0238 – Low Oct 23
SUP 2: $1.0150 – Monthly low Oct 8
SUP 3: $1.0101 – Monthly low Jul 12
SUP 4: $0.9972 – Low Jun 25
NZD/USD: Pausing Ahead Of Layers Of Support. The pair took out the 21-DMA and has paused just ahead of layers of support in the $0.8265-81 region with the Ichimoku cloud base noted at $0.8265 and the pair having spent little time below the cloud in the past 6 months. Below the cloud base would see the 200-DMA ($0.8106) become the target. Topside the pair needs to close back above yesterday’s highs to relieve the immediate bearish pressure.
RES 4: $0.8568 – Monthly high Aug 31 2011
RES 3: $0.8487 – High Feb 1
RES 2: $0.8473 – 21 day upper Bollinger band
RES 1: $0.8400 – High Feb 7
Latest price: 0.8330
SUP 1: $0.8281 – Weekly low Jan 28
SUP 2: $0.8274 – 100 day moving average
SUP 3: $0.8265 – Ichimoku cloud base
SUP 4: $0.8215 – 2013 low Jan 4
AUD/JPY: Decent Correction Possible. The dip below the Feb 5 low following the double daily top and combined with very overbought daily tech studies could be hinting at a correction but we will continue to look to the Jan 28 low as the pivotal support. Back below the Jan 28 low would see focus turn to the early Jan support levels around the Jpy91.10-20 region. We will now look for a close below yesterday’s low as further evidence that a correction may be unfolding.
RES 4: Jpy100.9 – High Aug 4 2008
RES 3: Jpy99.93 – High Aug 7 2008
RES 2: Jpy98.23 – High Aug 11 2008
RES 1: Jpy97.40 – High Feb 5 & 6
Latest price: 96.23
SUP 1: Jpy95.85 – Low Feb 7
SUP 2: Jpy95.08 – Previous daily resistance now support
SUP 3: Jpy94.94 – 21 day moving average
SUP 4: Jpy94.13 – Low Jan 28
USD/KRW: Hinting At A Spike Higher. USD/KRW is hinting at a spike higher despite the very overbought daily Slow Stochastic, RSI and Momentum indicators. Given the sequence of higher daily lows and highs we will continue to look for a close back below the Jan 28 low to relieve the current bullish pressure and shift focus away from an overall test of the 200-DMA. While Krw1079.7 supports further spikes above the upper Bollinger (Krw1103.4) are favoured.
RES 4: Krw1123.9 – High Sept 20
RES 3: Krw1116.6 – 200 day moving average
RES 2: Krw1109.7 – Previous daily support now resistance
RES 1: Krw1098.6 – High Feb 1
Latest price: 1092.7
SUP 1: Krw1079.7 – Low Jan 28
SUP 2: Krw1069.8 – Low Jan 25
SUP 3: Krw1061.3 – Low Jan 22
SUP 4: Krw1054.5 – 2013 low Jan 11
USD/SGD: Sgd1.2334 Remains Pivotal Support. USD/SGD continues to consolidate below the 200-DMA and the Feb 1 high (Sgd1.2432) with back below the Jan 30 low needed to end the current topside aspirations. While the Jan 30 low supports and the 21 day upper Bollinger band (Sgd1.2436), spikes above the upper Bolli and 200-DMA are expected to continue. A close above the 200-DMA would see immediate focus turn to Aug monthly highs.
RES 4: Sgd1.2644 – High July 25
RES 3: Sgd1.2556 – Monthly high Aug 28
RES 2: Sgd1.2487 – 100 week moving average
RES 1: Sgd1.2420 – 200 day moving average
Latest price: 1.2396
SUP 1: Sgd1.2334 – Low Jan 30
SUP 2: Sgd1.2309 – Previous daily resistance now support
SUP 3: Sgd1.2223 – Low Jan 11
SUP 4: Sgd1.2198 – Monthly low Jan 2
EasyForexNews Research Team