AUD/USD: Fresh 4 Month Lows. The pair continues to work its way lower towards the key $1.0150 support level with the pair having traded at the lowest level in over 4 months yesterday. Below the $1.0150 support is expected to target sub parity levels. The $1.0374-98 region remains key resistance with a close above needed to turn focus higher once more. The lower Bollinger band is heading lower again with spikes below expected while the 21-DMA caps.
RES 4: $1.0477 – High Jan 30
RES 3: $1.0398 – High Feb 6
RES 2: $1.0374 – High Feb 15
RES 1: $1.0334 – 21 day moving average
Latest price: 1.0225
SUP 1: $1.0202 – Low Oct 15
SUP 2: $1.0194 – 21 day lower Bollinger band
SUP 3: $1.0150 – Monthly low Oct 8
SUP 4: $1.0101 – Monthly low Jul 12
NZD/USD: Focus Now On 200-DMA Retests. The cross sliced through layers of support with ease yesterday as the pair traded down to fresh 2 month lows. The close below layers of support that included the 100-DMA, Ichimoku cloud and 21-WMA adds to the current bearish pressure with the 200-DMA now the immediate focus while the Nov monthly low is now the overall focus. A close above yesterday’s high is needed to relieve the immediate bearish pressure.
RES 4: $0.8534 – High Feb 15
RES 3: $0.8519 – 21 day upper Bollinger band
RES 2: $0.8416 – High Feb 25
RES 1: $0.8351 – High Feb 26
Latest price: 0.8251
SUP 1: $0.8215 – 2013 Low Jan 4
SUP 2: $0.8157 – Low Dec 26
SUP 3: $0.8147 – 200 day moving average
SUP 4: $0.8056 – Monthly low Nov 16
AUD/JPY: Edging Closer To Initial Support. The AUD/JPY dipped a little closer to the Jpy92.50 support overnight as daily tech studies continue their biggest correction from overbought levels since mid Nov. We now look for a close back above yesterday’s high to relieve the current bearish pressure and hint at a retest of the 2013 high. A close below the Jpy92.50 level sees focus turn to retests of the 100 and 200-DMA’s.
RES 4: Jpy98.23 – High Aug 11 2008
RES 3: Jpy97.63 – 2013 high Feb 22
RES 2: Jpy97.26 – High Feb 25
RES 1: Jpy95.30 – High Feb 26
Latest price: 94.07
SUP 1: Jpy92.50 – Low Jan 16
SUP 2: Jpy92.20 – Ichimoku cloud top
SUP 3: Jpy91.21 – Low Jan 8
SUP 4: Jpy90.67 – 38.2% Retracement of Jpy79.42-97.63 move
USD/KRW: Spike Higher Lacked Follow Through. The pair managed a spike above the previous initial resistance at Krw1090.9 but so far has lacked follow through. The pair looks content to remain confined to the recent Krw1077-1099 range as O/S daily tech studies correct. A close below Krw1077.0 is needed to see focus return to retests of 2013 lows. Topside the double daily top around the Krw1098.6 level remains key with a close above needed to shift focus to the Krw1110-18 region.
RES 4: Krw1109.7 – Previous daily support now resistance
RES 3: Krw1107.4 – High Oct 23
RES 2: Krw1098.6 – High Feb 1
RES 1: Krw1096.3 – 21 day upper Bollinger band
Latest price: 1089.3
SUP 1: Krw1079.2 – 21 day lower Bollinger band
SUP 2: Krw1077.0 – Low Feb 20
SUP 3: Krw1069.8 – Low Jan 25
SUP 4: Krw1061.3 – Low Jan 22
USD/SGD: An Inside Day. USD/SGD managed an inside day yesterday as the pair holds above the rising channel base and remains capped by the 200-DMA (Sgd1.2406). Relatively flat Bollinger bands are hinting at continued sideways trading with the pair needing to close above the Feb 12 highs to see focus remain on higher levels and initially the rising daily channel top. Downside USD/SGD needs to close below the Jan 30 low to shift focus back to the Sgd1.2198-23 region.
RES 4: Sgd1.2523 – Rising daily channel top
RES 3: Sgd1.2479 – 100 week moving average
RES 2: Sgd1.2454 – High Feb 12
RES 1: Sgd1.2424 – 21 day upper Bollinger band
Latest price: 1.2387
SUP 1: Sgd1.2377 – Rising daily channel base
SUP 2: Sgd1.2334 – Low Jan 30
SUP 3: Sgd1.2309 – Previous daily resistance now support
SUP 4: Sgd1.2223 – Low Jan 11
EasyForexNews Research Team