AUD/USD: Lack Of Follow Through Selling A Concern. The pair managed to trade at the lowest levels since mid July overnight before bouncing to end the session on its highs. The lack of follow through on the move below the previous $1.0150 support is a concern when combined with oversold daily tech studies but we will continue to look for a close above the 21-DMA to relieve the current bearish pressure. While the pair remains below the 21-DMA we will now target the July monthly low.
RES 4: $1.0477 – High Jan 30
RES 3: $1.0398 – High Feb 6
RES 2: $1.0374 – High Feb 15
RES 1: $1.0292 – 21 day moving average
Latest price: 1.0201
SUP 1: $1.0165 – 21 day lower Bollinger band
SUP 2: $1.0117 – Low Mar 4
SUP 3: $1.0101 – Monthly low Jul 12
SUP 4: $0.9972 – Low June 26
NZD/USD: 100-DMA Remains Initial Resistance. The bounce from fresh 2013 lows to end the session on its highs doesn’t bode well for the continuation lower with the 200-DMA targeted. We will continue to look for a close back above the 100-DMA to relieve the current bearish pressure and see focus turn higher to retests of the Feb 25 high. Daily tech studies are looking to correct from oversold levels which could add to support on further dips.
RES 4: $0.8527 – 21 day upper Bollinger band
RES 3: $0.8416 – High Feb 25
RES 2: $0.8351 – High Feb 26
RES 1: $0.8298 – 100 day moving average
Latest price: 0.8281
SUP 1: $0.8194 – 2013 Low Mar 4
SUP 2: $0.8162 – 200 day moving average
SUP 3: $0.8157 – Low Dec 26
SUP 4: $0.8056 – Monthly low Nov 16
AUD/JPY: Inside Day Yesterday. The AUD/JPY continues to hesitate ahead of the 21-DMA but found support ahead of the Mar 1 low yesterday. While the 21-DMA caps we will continue to look for tests of the Jan 16 low while back above the 21-DMA sees fresh 2013 highs targeted. Daily tech studies have begun to correct from oversold levels and have room to move topside should another leg higher unfold.
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: Jpy95.92 – 21 day moving average
Latest price: 95.34
SUP 1: Jpy94.45 – Low Mar 1
SUP 2: Jpy92.50 – Low Jan 16
SUP 3: Jpy91.21 – Low Jan 8
SUP 4: Jpy90.67 – 38.2% Retracement of Jpy79.42-97.63 move
USD/KRW: Bollinger Bands Remain Flat. The pair spiked to fresh 3 week highs on Monday but the spike higher has so far lacked follow through. For now the Krw1077-1099 range is expected to continue to define. While the Krw1079.5 level supports a retest of the double daily top around the Krw1098.6 level remains favoured with a break above then seeing the 200-DMA (Krw1110.8) come back into the picture. Downside, a close below the Feb 20 low is needed to shift focus lower.
RES 4: Krw1107.4 – High Oct 23
RES 3: Krw1098.6 – High Feb 1
RES 2: Krw1096.0 – 21 day upper Bollinger band
RES 1: Krw1094.0 – High Mar 4
Latest price: 1091.2
SUP 1: Krw1079.5 – 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: Closes Above 200-DMA. The cross followed up the close above the 200-DMA with a spike to fresh 5 month highs with initial focus on retests of the Sgd1.2545-55 region. Initial support is now seen at yesterday’s lows with a close below needed to relieve the current bullish pressure that appears to be gaining some support from correcting modestly oversold daily tech studies. The Jan 30 lows remain key with a close below shifting focus back to the Sgd1.2198-23 region.
RES 4: Sgd1.2644 – High July 25
RES 3: Sgd1.2556 – High Aug 28
RES 2: Sgd1.2545 – Rising daily channel top
RES 1: Sgd1.2485 – High Mar 4
Latest price: 1.2424
SUP 1: Sgd1.2424 – Low Mar 4
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