AUD/USD: Layers Of Resistance $1.0578-1.0624. The close back above yesterday’s initial resistance level removes the immediate downside pressure and combined with correcting oversold daily tech studies increases the likelihood of a move higher that tests the Jan 30 high. Topside the $1.0578-1.0624 region remains key with layers of resistance noted including double daily tops and the upper 21 day Bollinger band. Downside the pair needs to close back below yesterday’s lows to refocus lower.
RES 4: $1.0578 – High Jan 16
RES 3: $1.0477 – High Jan 30
RES 2: $1.0426 – 21 day moving average
RES 1: $1.0398 – High Feb 6
Latest price: 1.0354
SUP 1: $1.0306 – Low Feb 13
SUP 2: $1.0228 – Low Feb 12
SUP 3: $1.0150 – Monthly low Oct 8
SUP 4: $1.0101 – Monthly low Jul 12
NZD/USD: Spikes Above Upper Bollinger Expected. The pair continues to work its way towards the Feb monthly high with the 21 day upper Bollinger band now heading higher and hinting that the topside move has further to run and as a result we now look for spikes above the upper Bollinger to recommence. Back below the 21-DMA ($0.8391) is needed to end the current topside focus and see the $0.8265-81 support region targeted once more.
RES 4: $0.8783 – 2011 high Aug 1 2011
RES 3: $0.8568 – Monthly high Aug 31 2011
RES 2: $0.8487 – High Feb 1
RES 1: $0.8461 – 21 day upper Bollinger band
Latest price: 0.8456
SUP 1: $0.8391 – 21 day moving average
SUP 2: $0.8281 – Weekly low Jan 28
SUP 3: $0.8265 – Ichimoku cloud base
SUP 4: $0.8215 – Low Jan 4
AUD/JPY: Continues To Consolidate. The cross continues to trade sideways within the defining Jpy95.08-97.40 range with a break of either side expected to indicate the next move. While the pair remains supported at the Jpy95.08 level further attempts higher towards the psychological jpy100.00 level remain favoured whereas back below the Jpy95.08 level hints at a deeper correction.
RES 4: Jpy103.4 – High Jul 28 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: 96.82
SUP 1: Jpy95.08 – Previous daily resistance now support
SUP 2: Jpy94.13 – Low Jan 28
SUP 3: Jpy92.50 – Low Jan 16
SUP 4: Jpy91.13 – Low Jan 3
USD/KRW: Daily Tech Studies Correcting Slowly. USD/KRW continued its pullback from the double daily top at Krw1098.6 with a test of the key Krw1079.7 support level currently favoured. Increasing the significance of this support is the 21-DMA which comes in just above at Krw1080.3 today. Back below this region sees the pair focus on retests of the 2012 lows. Daily tech studies are currently correcting from very overbought levels and weighing on the pair.
RES 4: Krw1123.9 – High Sept 20
RES 3: Krw1115.5 – 200 day moving average
RES 2: Krw1109.7 – Previous daily support now resistance
RES 1: Krw1098.6 – High Feb 1
Latest price: 1087.6
SUP 1: Krw1084.1 – Low Feb 4
SUP 2: Krw1079.7 – Low Jan 28
SUP 3: Krw1069.8 – Low Jan 25
SUP 4: Krw1061.3 – Low Jan 22
USD/SGD: Jan 30 Low Key Support. USD/SGD continues to correct from the failed attempt higher earlier in the week and a retest of the key Sgd1.2334 support from Jan 30 remains favoured. Back below the initial support sees focus turn to Jan 11 lows and then the 2012 lows beneath. Topside the pair needs to close above the Feb 12 high to kick start bullish momentum but momentum divergence and correcting overbought daily tech studies may continue to weigh for now.
RES 4: Sgd1.2644 – High July 25
RES 3: Sgd1.2556 – Monthly high Aug 28
RES 2: Sgd1.2484 – 100 week moving average
RES 1: Sgd1.2454 – High Feb 12
Latest price: 1.2368
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