AUD/USD: Focus Turns Lower. Immediate focus now turns to the Mar 18 low with the 21-DMA ($1.0339) noted just below and the 38.2% Fibonacci retracement of the $1.0117-1.0497 move noted just above at $1.0352. A close back above yesterday’s high is now needed to see focus turn higher once more, but it appears that correcting O/B daily tech studies will continue to weigh for the time being. A close below initial support would see the 2013 lows become the overall target.
RES 4: $1.0578 – Double Daily Top Jan 16 & 22
RES 3: $1.0528 – 21 day upper Bollinger band
RES 2: $1.0485 – Monthly high Mar 26
RES 1: $1.0455 – High Mar 28
Latest price: 1.0412
SUP 1: $1.0346 – Low Mar 18
SUP 2: $1.0268 – Low Mar 12
SUP 3: $1.0205 – Low Mar 11
SUP 4: $1.0150 – 21 day lower Bollinger band
NZD/USD: Holding Above Initial Support For Now. The pair continues to hold above the initial support noted at $0.8337 and we will continue to look for a close below the Mar 25 high to relieve bullish pressure, while back below the $0.8292 support is needed to see focus return to 2013 lows. The 21 day upper Bolli continues to head higher and potential for spikes above remains until a close below initial support is seen.
RES 4: $0.8534 – 2013 high Feb 15
RES 3: $0.8489 – High Feb 19
RES 2: $0.8416 – High Feb 25
RES 1: $0.8396 – High Mar 27
Latest price: 0.8363
SUP 1: $0.8337 – Low Mar 25
SUP 2: $0.8292 – Previous daily resistance now support
SUP 3: $0.8157 – Low Dec 26
SUP 4: $0.8127 – 100 week moving average
AUD/JPY: Upper Bollinger Band Turns Lower. The cross has dipped back towards the lower end of the recently defining Jpy97.60-99.96 range dipping below the 21-DMA in the process. A close below the Mar 18 low remains needed to shift immediate focus back to the Mar 1 low and then the key Jpy92.50 support from Jan 16 below. The 21 day upper Bollinger band is now heading lower which remains a concern for those looking for a break higher.
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 – 2013 high Mar 14
Latest price: 97.98
SUP 1: Jpy97.60 – Low Mar 18
SUP 2: Jpy95.53 – Ichimoku cloud top
SUP 3: Jpy94.45 – Low Mar 1
SUP 4: Jpy92.50 – Low Jan 16
USD/KRW: Bouncing Back Towards Initial Resistance. The 200-DMA confirmed its significance as support with the pair continuing to bounce back towards initial resistance following Tuesday’s test. Correcting overbought daily tech studies remain a concern but while the Mar 14 support remains in play retests of the 50% Fibonacci retracement level remain targeted with a test of the rising daily channel top targeted. Back below the Mar 14 support sees immediate focus turn to retests of Krw1077-82.
RES 4: Krw1136.2 – 61.8% retracement of 1186.7-1054.5 move
RES 3: Krw1130.3 – Rising daily channel top
RES 2: Krw1124.8 – Previous daily support now resistance
RES 1: Krw1120.6 – 50% retracement of 1186.7-1054.5 move
Latest price: 1114.6
SUP 1: Krw1104.6 – 200 day moving average
SUP 2: Krw1101.7 – Low Mar 14
SUP 3: Krw1095.8 – Rising daily channel base
SUP 4: Krw1081.6 – Low Feb 28
USD/SGD: Remains Heavy. USD/SGD continues to find support just below the Sgd1.2400 level but we will continue to look for a close back above the 21-DMA to see focus return to 2013 highs and then the July 12 highs above. While the 21-DMA caps potential exists for a deeper correction although layers of support in the Sgd1.2370-90 region appear to be prompting some buying for now. Overall the pair looks heavy with spikes below the lower Bollinger expected to commence.
RES 4: Sgd1.2644 – High July 12
RES 3: Sgd1.2556 – High Aug 28
RES 2: Sgd1.2529 – 2013 High Mar 20
RES 1: Sgd1.2463 – 21 day moving average
Latest price: 1.2407
SUP 1: Sgd1.2397 – Low Mar 28
SUP 2: Sgd1.2392 – 21 day lower Bollinger band
SUP 3: Sgd1.2334 – Low Jan 30
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team