AUD/USD: The $0.9695 resistance level confirmed its significance yesterday with the pair having repeatedly failed on attempts to break above this level and stops now noted above. A close above this level is needed to indicate that a correction higher is underway with the immediate focus then shifting to a test of the May 21 high. Overall a close above the $1.0096 level is needed to see focus return to the $1.0380-00 region.
R 4: $0.9918 – High May 15
R 3: $0.9838 – High May 21
R 2: $0.9770 – High May 23
R 1: $0.9695 – High May 28
Latest price: 0.9660
S 1: $0.9530 – Low May 29
S 2: $0.9488 – Low Oct 5 2011
S 3: $0.9442 – 21 day lower Bollinger band
S 4: $0.9397 – 2011 low Oct 4
NZD/USD: The pair dipped to fresh 2013 lows and the lowest level traded since Sept 2012 before bouncing overnight. The $0.8211 May 21 high remains key for the pair with a close above needed to hint at a correction being underway. Layers of resistance remain in the $0.8287-0.8356 region including 100 and 200-DMA’s as well as daily highs and lows, and should prove tough going if a bounce occurs.
R 4: $0.8317 – High May 13
R 3: $0.8287 – 200 day moving average
R 2: $0.8211 – High May 21
R 1: $0.8154 – High May 29
Latest price: 0.8078
S 1: $0.8008 – 2013 low May 30
S 2: $0.7917 – Low Sept 5 2012
S 3: $0.7813 – Low July 25 2012
S 4: $0.7755 – 200 week moving average
AUD/JPY: The cross continues to pressure the Jpy96.90-95 region and with the bounces getting shallower an eventual break lower remains favoured until the pair can manage a close back above the Jpy99.48 resistance level.. The falling daily channel base comes in just below the March monthly low today and makes an ideal downside target with a break below then seeing the 200-DMA come into the picture.
R 4: Jpy102.3 – High May 3
R 3: Jpy101.6 – High May 15
R 2: Jpy100.1 – 21 day moving average
R 1: Jpy99.48 – High May 24
Latest price: 97.45
S 1: Jpy96.93 – Low May 30
S 2: Jpy94.00 – Falling daily channel base
S 3: Jpy92.50 – Low Jan 16
S 4: Jpy91.27 – 200 day moving average
USD/KRW: The pair has put in a lower daily high and low and combined with the correcting overbought daily tech studies could be setting up for a correction lower. We will now look for a close back below the Krw1120.4 low from May 28 to relieve the immediate bullish focus that continues to target a retest of the 2013 high. Overall the pair needs to close back below the 200-DMA to see focus shift lower to the Krw1077-82 support region.
R 4: Krw1153.5 – High July 25 2012
R 3: Krw1147.2 – 2013 high Apr 8
R 2: Krw1140.6 – 21 day upper Bollinger band
R 1: Krw1133.6 – High Apr 12
Latest price: 1125.8
S 1: Krw1120.4 – Low May 28
S 2: Krw1110.5 – Low May 21
S 3: Krw1105.0 – Previous daily resistance now support
S 4: Krw1099.5 – 200 day moving average
USD/SGD: The cross has broken and closed below the Sgd1.2579 support level which now favours a continuation lower with the immediate focus on the Sgd1.2494-07 support region. A close below the 21-DMA is now needed to signal a deeper correction back to the key Sgd1.2421-40 support region. Topside the pair now needs to close at fresh 2013 highs to kick start topside momentum and see overall focus return to the 200-WMA at Sgsd1.2968.
R 4: Sgd1.2846 – High June 25 2012
R 3: Sgd1.2768 – 21 day upper Bollinger band
R 2: Sgd1.2748 – High July 6 2012
R 1: Sgd1.2728 – High July 12-13 2012
Latest price: 1.2577
S 1: Sgd1.2550 – 38.2% retracement of 1.2268-1.2699 move
S 2: Sgd1.2507 – Low May 17
S 3: Sgd1.2494 – 21 day moving average
S 4: Sgd1.2440 – Low May 16