AUD/USD: Initial Support Confirms Significance. The pair briefly dipped below the 50% Fibo level yesterday before bouncing back towards initial resistance reinforcing the significance of the $1.0346-52 region. Topside the pair needs to close above initial resistance to take the immediate focus away from continued tests of the $1.0346-52 region and a potential continuation lower that targets the 2013 lows overall. A close above $1.0439 sees the pair look to retest the $1.0495-00 region.
RES 4: $1.0578 – Double Daily Top Jan 16 & 22
RES 3: $1.0511 – 21 day upper Bollinger band
RES 2: $1.0497 – Monthly high Mar 26
RES 1: $1.0439 – High Apr 5
Latest price: 1.0410
SUP 1: $1.0346 – Low Mar 18
SUP 2: $1.0352 – 50% Retracement of $1.0117-1.0497 move
SUP 3: $1.0268 – Low Mar 12
SUP 4: $1.0205 – Low Mar 11
NZD/USD: Fresh 7 Week Highs. The cross managed fresh 7 week highs as it continues to head towards the Feb 19 highs. Correcting overbought daily tech studies could be an issue and see the pair struggle to hold onto gains in the $0.8489-0.8534 region hold above initial support with immediate focus remaining on retests of the Feb 19 high. Back below the Apr 4 support is needed to relieve the immediate bullish focus while the Mar 25 low remains key.
RES 4: $0.8568 – High Aug 31
RES 3: $0.8534 – 2013 high Feb 15
RES 2: $0.8489 – High Feb 19
RES 1: $0.8474 – High Apr 8
Latest price: 0.8459
SUP 1: $0.8407 – Low Apr 8
SUP 2: $0.8365 – Low Apr 4
SUP 3: $0.8337 – Low Mar 25
SUP 4: $0.8292 – Previous daily resistance now support
AUD/JPY: Rising Daily Channel Top Just Above. There is no stopping AUD/JPY at the moment as it charges towards the rising long term channel top which now comes in around Jpy104.10. The pair is currently targeting a test of the Jpy105.0 psychological resistance level and then the 2007 highs above. Given the previous significance of the Jpuy100.00 level as resistance it is now key support with a close below needed to remove the focus from the Jpy105.00 level.
RES 4: Jpy107.9 – 2007 high Oct 31
RES 3: Jpy105.0 – Psychological resistance
RES 2: Jpy104.5 – 2008 high Jul 21
RES 1: Jpy104.1 – Rising long term channel top
Latest price: 103.40
SUP 1: Jpy102.0 – Hourly support Apr 8
SUP 2: Jpy99.98 – Low Apr 5
SUP 3: Jpy96.95 – Rising daily trend line
SUP 4: Jpy95.32 – Ichimoku cloud top
USD/KRW: Apr 5 Lows Remain Initial Support. USD/KRW continues to head higher with the pair having reached 8 month highs so far. A close back below the Apr 5 low is needed to relieve the immediate bullish focus while back below the Mar 14 low is needed to shift overall focus lower and back to retests of the 2012 lows. For now initial focus remains on the July 25 highs and the July monthly high above. Daily tech studies are approaching overbought levels but are not there yet.
RES 4: Krw1165.1 – High June 25 2012
RES 3: Krw1158.1 – Monthly high July 12 2012
RES 2: Krw1153.5 – High July 25 2012
RES 1: Krw1147.2 – High Apr 8
Latest price: 1142.4
SUP 1: Krw1124.7 – Low Apr 5
SUP 2: Krw1110.9 – Low Apr 2
SUP 3: Krw1103.6 – 200 day moving average
SUP 4: Krw1101.7 – Low Mar 14
USD/SGD: Pressure Remains On Initial Resistance. USD/SGD appears to be finding some support from correcting oversold daily tech studies as it continues to pressure the initial resistance level. Overall we continue to look for a close back above the 21-DMA to see focus return to the 2013 high. The Sgd1.2309-35 region remains key support for the pair with the 100-DMA (Sgd1.2327) also noted in this region and a close below needed to target the 2012 low.
RES 4: Sgd1.2556 – High Aug 28
RES 3: Sgd1.2529 – 2013 High Mar 20
RES 2: Sgd1.2448 – 21 day moving average
RES 1: Sgd1.2427 – High Apr 4
Latest price: 1.2423
SUP 1: Sgd1.2374 – Ichimoku cloud top
SUP 2: Sgd1.2357 – 200 day moving average
SUP 3: Sgd1.2334 – Low Jan 30
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team