AUD/USD: Initial Support Seen At Yesterday’s Low. The pair continues its move towards the layers of resistance in the $1.0578-1.0624 region with a bullish NY close just below the session highs. A close back below the Apr 10 low is needed to relieve the immediate bullish focus but we will continue to look for a close below the Mar 18 low to shift focus lower. The pair has closed well above the sharply rising 21 day upper Bollinger ($1.0525) and may pause to allow it to catch up a little.
RES 4: $1.0690 – High Mar 6 2012
RES 3: $1.0624 – High Sept 14 2012
RES 2: $1.0598 – 2013 high Jan 10 & 11
RES 1: $1.0578 – Double Daily Top Jan 16 & 22
Latest price: 1.0541
SUP 1: $1.0478 – Low Apr 10
SUP 2: $1.0407 – Low Apr 9
SUP 3: $1.0346 – Low Mar 18
SUP 4: $1.0268 – Low Mar 12
AUD/JPY: 2011 Highs Now Targeted. The cross continues to charge higher with the 2007 from Oct 31 now targeted. With the pair closing above the Jpy105.00 level and just off NY highs there is a real possibility that the Jpy110.00 psychological level will be tested in the near future. We will look for a close back below the Apr 9 low to relieve the immediate bullish pressure. Overall a close back below the Jpy100.00 region is needed to hint at a deeper correction.
RES 4: Jpy120.0 – Psychological resistance
RES 3: Jpy115.0 – Psychological resistance
RES 2: Jpy110.0 – Psychological resistance
RES 1: Jpy107.9 – 2007 high Oct 31
Latest price: 105.17
SUP 1: Jpy102.9 – Low Apr 9
SUP 2: Jpy102.0 – Hourly support Apr 8
SUP 3: Jpy99.98 – Low Apr 5
SUP 4: Jpy97.88 – Rising daily trend line
NZD/USD: Bullish NY Close. The NZD continues to target the 2011 highs from Aug 1 with the next resistance level noted at the rising weekly channel top coming in around the $0.8632 level. Initial support is seen at the Apr 10 low with back below the $0.8365 level is needed to end topside hopes and shift focus back to the 2013 lows. Daily tech studies are in overbought territory but we will ignore these until the pair closes below yesterday’s low.
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: $0.8632 – Rising weekly channel top
Latest price: 0.8579
SUP 1: $0.8517 – Low Apr 10
SUP 2: $0.8460 – Low Apr 9
SUP 3: $0.8407 – Low Apr 8
SUP 4: $0.8365 – Low Apr 4
USD/KRW: Apr 5 Lows Remain Initial Support. USD/KRW continues its pullback from recent highs with the Apr 5 lows remaining initial support. With the 21-DMA just below the initial support we will look for a close below to see the pair target a test of the 200-DMA and a possible deeper correction that targets the 100-DMA (Krw1087.0). The 21 day upper Bollinger band (Krw1138.7) continues to head higher with spikes above expected to continue while the Apr 5 low supports.
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: 1129.7
SUP 1: Krw1124.7 – Low Apr 5
SUP 2: Krw1118.6 – 21 day moving average
SUP 3: Krw1110.9 – Low Apr 2
SUP 4: Krw1103.6 – 200 day moving average
USD/SGD: Sgd1.2309-35 Region Key Support. The Sgd1.2427 level remains the well tested initial resistance level as the pair continues to find support above the 200-DMA. The pair has closed within the Ichimoku cloud for the first time since Jan 2013 adding weight to the bearish case. The Sgd1.2309-35 region remains key support for the pair with the 100-DMA (Sgd1.2330) also noted in this region and a close below needed to target the 2012 low. Above the 21-DMA shifts focus to 2013 highs.
RES 4: Sgd1.2556 – High Aug 28
RES 3: Sgd1.2529 – 2013 High Mar 20
RES 2: Sgd1.2439 – 21 day moving average
RES 1: Sgd1.2427 – High Apr 4
Latest price: 1.2381
SUP 1: Sgd1.2354 – 200 day moving average
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