AUD/USD: 61.8% Fibonacci Level Caps Again. The pair managed to dip but failed to close below the Mar 15 low before bouncing back towards the 61.8% Fibonacci retracement level. As a result we will now look for a close below yesterday’s low to relieve the current bullish pressure that is targeting a test of the $1.0457-77 region. The upper 21 day Bollinger band continues to head higher with spikes above expected to continue until a close back below $1.0346 is seen.
RES 4: $1.0578 – Double Daily Top Jan 16 & 22
RES 3: $1.0477 – High Jan 30
RES 2: $1.0457 – High Feb 5
RES 1: $1.0414 – 61.8% retracement of $1.0598-1.0117 move
Latest price: 1.0395
SUP 1: $1.0346 – Low Mar 18
SUP 2: $1.0268 – Low Mar 12
SUP 3: $1.0205 – Low Mar 11
SUP 4: $1.0154 – 21 day lower Bollinger band
NZD/USD: An Inside Day To Start The Week. The cross managed an inside day to start the week as the Mar 8 initial resistance level remains in place with the 21 day moving average also coming in at the same level today and adding significance to the initial resistance. A close above is needed to see focus return to retests of the Feb 26 high and then the 2013 high above that. While initial resistance remains in play focus will remain on potential retests of the Dec 26 lows.
RES 4: $0.8416 – High Feb 25
RES 3: $0.8351 – High Feb 26
RES 2: $0.8322 – Ichimoku Cloud Base
RES 1: $0.8292 – High Mar 8
Latest price: 0.8255
SUP 1: $0.8157 – Low Dec 26
SUP 2: $0.8150 – 21 day lower Bollinger band
SUP 3: $0.8124 – 100 week moving average
SUP 4: $0.8056 – Monthly low Nov 16
AUD/JPY: Bounces From Feb Monthly High. Despite the sharp dip to start the week, the AUD/JPY remains little changed from Friday’s closing level, having bounced from yesterday’s low, which just happened to be around the same level as the Feb monthly high, give or take a few pips. As a result we will now look for a close back below yesterday’s low to relieve the immediate bullish pressure that is targeting tests of the key Jpy100.00 psychological resistance.
RES 4: Jpy104.5 – 2008 high Jul 21
RES 3: Jpy100.7 – High Aug 5 2008
RES 2: Jpy100.0 – Psychological Resistance
RES 1: Jpy99.96 – High Mar 14
Latest price: 99.26
SUP 1: Jpy97.60 – Low Mar 18
SUP 2: Jpy96.77 – 21 day moving average
SUP 3: Jpy94.45 – Low Mar 1
SUP 4: Jpy92.50 – Low Jan 16
USD/KRW: Fresh 5 Month Highs. Fresh 5 month highs for USD/KRW to start the week as the pair continues to target retests of the Krw1120-25 region. The pair managed to close above the sharply rising 21 day upper Bollinger band (Krw111.3) so we may see it pause a little as the upper Bolli catches up. The 200-DMA remains initial support, but we will look for a close back below the Mar 14 low to confirm a break of the 200-DMA with the rising daily channel base then becoming the focus.
RES 4: Krw1136.2 – 61.8% retracement of 1186.7-1054.5 move
RES 3: Krw1124.8 – Previous daily support now resistance
RES 2: Krw1120.6 – 50% retracement of 1186.7-1054.5 move
RES 1: Krw1117.4 – High Oct 11
Latest price: 1113.2
SUP 1: Krw1106.5 – 200 day moving average
SUP 2: Krw1101.7 – Low Mar 14
SUP 3: Krw1094.1 – Low Mar 12
SUP 4: Krw1089.3 – Rising daily channel base
USD/SGD: Overbought Daily Tech Studies A Concern. Another spike towards to last week’s and the 2013 high to start the week with the 21 day upper Bollinger band coming in around this level. Correcting overbought daily Slow stochastic and RSI indicators could be weighing on the pair a little and could see a deeper correction back towards the Mar 4 lows. We will continue to look for a close back below the Mar 4 lows to remove topside focus and see the pair initially target the Sgd1.2309-34 support region.
RES 4: Sgd1.2644 – High July 25
RES 3: Sgd1.2598 – Rising daily channel top
RES 2: Sgd1.2556 – High Aug 28
RES 1: Sgd1.2527 – 2013 High Mar 14
Latest price: 1.2492
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