AUD/USD: Focus Turns To Layers Of Resistance $1.0578-24. The pair managed fresh 2 month highs overnight before pausing at the 21 day upper Bollinger band. Focus has now turned to the layers of resistance in the $1.0578-1.0624 region with a number of double daily tops and the 2013 highs noted. We will now look for a close back below yesterday’s low to relieve the immediate bullish focus while a close below the Mar 18 low is needed to see focus return to retests of the 2013 low.
RES 4: $1.0624 – High Sept 14 2012
RES 3: $1.0598 – 2013 high Jan 10 & 11
RES 2: $1.0578 – Double Daily Top Jan 16 & 22
RES 1: $1.0511 – 21 day upper Bollinger band
Latest price: 1.0489
SUP 1: $1.0407 – Low Apr 9
SUP 2: $1.0346 – Low Mar 18
SUP 3: $1.0268 – Low Mar 12
SUP 4: $1.0205 – Low Mar 11
NZD/USD: Move Higher Continues. The cross traded at the highest level since Aug 2011 overnight with a relatively bullish NY close just below the session highs. Initial support is now seen at yesterday’s low but we will continue to look for a close back below the Mar 25 support to see focus return to the 2013 lows with the 100-DMA ($0.8336) and the 21-DMA ($0.8345) noted in this area and increasing significance of the support.
RES 4: $0.8840 – 2011 High Aug 1
RES 3: $0.8783 – High Aug 2 2011
RES 2: $0.8677 – High Aug 3 2011
RES 1: $0.8568 – High Aug 31 2011
Latest price: 0.8534
SUP 1: $0.8460 – Low Apr 9
SUP 2: $0.8407 – Low Apr 8
SUP 3: $0.8365 – Low Apr 4
SUP 4: $0.8337 – Low Mar 25
AUD/JPY: Pauses Ahead Of 2008 High. The AUD fell just short of the 2008 highs overnight, topping out around the Jpy104.30 level as it continues to make headway towards the Jpy105.00 psychological resistance level. Initial support remains at the Jpy102.00 level but given the previous significance of the Jpy100.00 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: Jpy104.3 – High Apr 9
Latest price: 103.87
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: Jpy95.33 – Ichimoku cloud top
USD/KRW: Pulls Back From Recent Highs. USD/KRW has taken its first backward step in almost a week with it dipping and closing on session lows. 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. 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: 1136.7
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: Fails Ahead Of Initial Resistance Again. USD has again confirmed the significance of the Sgd1.2427 resistance level having again pulled back from this level yesterday. Overall we will 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 (Sgd1.2328) 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: Sgd1.2443 – 21 day moving average
RES 1: Sgd1.2427 – High Apr 4
Latest price: 1.2393
SUP 1: Sgd1.2380 – Ichimoku cloud top
SUP 2: Sgd1.2356 – 200 day moving average
SUP 3: Sgd1.2334 – Low Jan 30
SUP 4: Sgd1.2309 – Previous daily resistance now support
EasyForexNews Research Team