AUD/USD: $1.0387-1.0497 Defines To The Pip. The $1.0387-1.0497 range has defined perfectly for the AUD/USD with the pair having bounced from the 200-DMA after having put in the double daily top at $1.0497 on Wednesday. The 21-DMA ($1.0391) comes in just above the 200-DMA and the $1.0387 support today adding significance to the $1.0387-91 region. We look for a close below this support region to shift focus back to the Mar 12 lows while above $1.0497 shifts focus higher.
RES 4: $1.0598 – Double Daily Top & 2013 high Jan 10 & 11
RES 3: $1.0578 – Double Daily Top Jan 16 & 22
RES 2: $1.0535 – 21 day upper Bollinger band
RES 1: $1.0497 – Monthly high Mar 26
Latest price: 1.0403
SUP 1: $1.0389 – 200 day moving average
SUP 2: $1.0346 – Low Mar 18
SUP 3: $1.0268 – Low Mar 12
SUP 4: $1.0205 – Low Mar 11
NZD/USD: Bounces From Around Initial Support. The pair dipped below the Apr 2 low by a couple of pips before bouncing once more with immediate focus remaining on the $0.8489-34 resistance region. Continued tests of the sharply rising 21 day upper Bollinger band remain favoured until a close back below the Mar 25 low is seen. Below the Mar 25 low is needed to shift focus back to the 2013 lows. Daily tech studies are looking to correct from O/B levels which is worth noting.
RES 4: $0.8568 – High Aug 31
RES 3: $0.8534 – 2013 high Feb 15
RES 2: $0.8489 – High Feb 19
RES 1: $0.8460 – 21 day upper Bollinger band
Latest price: 0.8424
SUP 1: $0.8365 – Low Apr 4
SUP 2: $0.8337 – Low Mar 25
SUP 3: $0.8292 – Previous daily resistance now support
SUP 4: $0.8157 – Monthly low Dec 26
AUD/JPY: Highest Levels Since Aug 2008. AUD/JPY has bounced very sharply from above the rising daily trend line after finding support around the Jpy96.95-00 region this week. As a result the pair has traded above the key Jpy100.00 resistance level for the first time since early Aug 2008. The risk is now that the pair starts to work its way towards Jpy105.00. The long term rising channel on the weekly chart is indicating a move up to the Jpy104.00 level at present.
RES 4: Jpy104.5 – 2008 high Jul 21
RES 3: Jpy103.4 – High Jul 28
RES 2: Jpy104.0 – Rising long term channel top
RES 1: Jpy100.9 – High Aug 4 2008
Latest price: 100.3
SUP 1: Jpy99.25 – Hourly support Apr 4
SUP 2: Jpy96.95 – Low Apr 2
SUP 3: Jpy96.67 – Rising daily trend line
SUP 4: Jpy95.46 – Ichimoku cloud top
USD/KRW: Spikes Towards Rising Daily Channel Top. The cross again set fresh 6 month highs as the pair spiked above the 21 day upper Bollinger band and fell just short of our initial target at the
rising daily channel top. With the 21-DMA coming in around the Apr 2 lows it increases the significance of the Apr 2 support and a close back below this level remains needed to relieve the current bullish pressure. Overall a close below the rising daily channel base is needed to shift focus lower.
RES 4: Krw1136.2 – 61.8% retracement of 1186.7-1054.5 move
RES 3: Krw1134.3 – Rising daily channel top
RES 2: Krw1131.8 – High Apr 4
RES 1: Krw1129.2 – 21 day upper Bollinger band
Latest price: 1119.4
SUP 1: Krw1110.9 – Low Apr 2
SUP 2: Krw1103.7 – 200 day moving average
SUP 3: Krw1101.7 – Low Mar 14
SUP 4: Krw1099.9 – Rising daily channel base
USD/SGD: 21-DMA Remains Key Resistance. USD/SGD managed to trade above the Apr 1 high by a couple of pips and we will continue to look for a close above this region to relieve the immediate bearish focus with the Sgd1.2359-70 region remaining initial support. Overall the pair needs to close above the 21-DMA to shift focus back to the double daily top around the 2013 high. On the downside the Sgd1.2309-34 region remains key with a close below needed to target 2012 lows.
RES 4: Sgd1.2556 – High Aug 28
RES 3: Sgd1.2529 – 2013 High Mar 20
RES 2: Sgd1.2452 – 21 day moving average
RES 1: Sgd1.2427 – High Apr 1
Latest price: 1.2398
SUP 1: Sgd1.2370 – Ichimoku cloud top
SUP 2: Sgd1.2359 – 200 day moving average
SUP 3: Sgd1.2334 – Low Jan 30
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team