AUD/USD: Layers Of Resistance Likely To Slow Attempts Higher. Layers of resistance remain for the AUD/USD within the $1.0358-02 region including the 200-DMA ($1.0389), 100-DMA ($1.0402), 21-DMA ($1.0396) and daily highs. While this region caps hopes remain for a retest of the 2013 lows whereas a break above is needed to see the 2013 highs targeted once more. It should be remembered that the AUD/USD has largely remained confined to a $1.101-1.0625 range since July 2012.
RES 4: $1.0478 – Previous daily support now resistance
RES 3: $1.0445 – Hourly resistance Apr 15
RES 2: $1.0398 – 200 day moving average
RES 1: $1.0358 – High Apr 19
Latest price: 1.0291
SUP 1: $1.0222 – Low Mar 23
SUP 2: $1.0205 – Low Mar 11
SUP 3: $1.0117 – 2013 Low Mar 4
SUP 4: $1.0101 – Low July 12 2012
NZD/USD: Pulls Back Sharply From Day’s Highs. The pair managed a spike above the previously mentioned initial resistance at $0.8520 yesterday but the close back below and well off the day’s highs sees the pair looking heavy to start the new day. We will look for a move below yesterday’s low to confirm a false break higher and hint at a retest of the 100-DMA and lows set earlier in the week. Above the $0.8561 level is now needed to confirm a shift in focus back to 2013 highs.
RES 4: $0.8840 – 2011 High Aug 1
RES 3: $0.8676 – 2013 High Apr 11
RES 2: $0.8594 – 21 day upper Bollinger band
RES 1: $0.8561 – High Apr 26
Latest price: 0.8501
SUP 1: $0.8470 – Low Apr 26
SUP 2: $0.8367 – 100 day moving average
SUP 3: $0.8337 – Low Mar 25
SUP 4: $0.8292 – Previous daily resistance now support
AUD/JPY: Rising 21-DMA Remains Initial Support. The rolling top developing on the hourly time frame sees AUD/JPY looking a little heavy but a close below the 21-DMA is needed to remove the immediate focus from further tests of the Apr 22 high. Overall the rising daily trend line that comes in around the Jpy98.85 level remains key for the continuation of the move higher and while it supports retests of the 2013 highs remain possible.
RES 4: Jpy105.9 – 21 day upper Bollinger band
RES 3: Jpy105.4 – 2013 high Apr 11
RES 2: Jpy103.8 – High Apr 15
RES 1: Jpy102.9 – High Apr 22
Latest price: 102.1
SUP 1: Jpy101.2 – 21 day moving average
SUP 2: Jpy99.95 – Low Apr 18
SUP 3: Jpy98.94 – Low Apr 16
SUP 4: Jpy98.85 – Rising daily trend line
USD/KRW: Fresh 4 Week Lows. The cross traded at 4 week lows yesterday and closed below the previous Krw1110.9 support. As a result, immediate focus turns to tests of the key Krw1101.7-1102.5 support region with the 200-DMA noted at Krw1102.5. A break below then sees focus turn to tests of the Krw1077-81 region. Topside the pair needs to close above the Apr 18 resistance level to see focus return the 2013 highs.
RES 4: Krw1147.2 – High Apr 8
RES 3: Krw1136.4 – 200 week moving average
RES 2: Krw1133.6 – High Apr 12
RES 1: Krw1125.5 – High Apr 18
Latest price: 1110.0
SUP 1: Krw1102.5 – 200 day moving average
SUP 2: Krw1101.7 – Low Mar 14
SUP 3: Krw1094.1 – Low Mar 12
SUP 4: Krw1091.0 – 100 day moving average
USD/SGD: Closely Watching Apr 22 Lows Today. USD has reversed sharply lower following the fresh 4 weeks highs on Wednesday. The sharp reversal bounced from the Apr 22 support and we will now look for a close below the Sgd1.2369 level to confirm focus has shifted lower once more. While the Apr 22 low supports we will continue to hold out hope for further spikes towards the Sgd1.2430-36 region with the 21 day upper Bollinger band noted at Sgd1.2430.
RES 4: Sgd1.2556 – High Aug 28 2012
RES 3: Sgd1.2529 – 2013 High Mar 20
RES 2: Sgd1.2461 – Previous daily support now resistance
RES 1: Sgd1.2436 – High Apr 24
Latest price: 1.2388
SUP 1: Sgd1.2369 – Low Apr 22
SUP 2: Sgd1.2350 – 21 day lower Bollinger band
SUP 3: Sgd1.2309 – Previous daily resistance now support
SUP 4: Sgd1.2224 – Low Jan 10
EasyForexNews Research Team