AUD/USD: The pair dipped to fresh 2013 lows and the lowest level since Oct 2011 overnight again before bouncing sharply. The lack of follow through and sharp bounce now sees the focus return to the June 3 high with the 21-DMA now noted just below around $0.9753. A close above the $0.9791 level remains needed to hint at a bigger bounce back to the $1.0021-96 region with the 61.8% Fibo of the $1.0382-0.9437 move noted at $1.0021.
R 4: $0.9918 – High May 15
R 3: $0.9838 – High May 21
R 2: $0.9791 – High June 3
R 1: $0.9665 – High June 6
Latest price: 0.9565
S 1: $0.9458 – 21 day lower Bollinger band
S 2: $0.9437 – 2013 low June 6
S 3: $0.9397 – 2011 Low Oct 4
S 4: $0.9290 – Low Sept 13 2010
NZD/USD: The $0.8154-0.8211 resistance region remains key for the NZD, with the 21-DMA noted just below at $0.8126, and a close above needed to remove the overall focus from a test of the 200-WMA. Following yesterday’s dip to fresh 2013 lows and the lowest level since Sept 2012, and the subsequent sharp bounce, the risk of a test of the $0.8154-0.8211 region has increased greatly as oversold daily tech studies slowly correct higher.
R 4: $0.8211 – High May 21
R 3: $0.8154 – High May 29
R 2: $0.8126 – 21 day moving average
R 1: $0.8095 – High June 6
Latest price: 0.7990
S 1: $0.7916 – 21 day lower Bollinger band
S 2: $0.7903 – 2013 low June 5
S 3: $0.7813 – Low July 25 2012
S 4: $0.7761 – 200 week moving average
AUD/JPY: Initial objective at the falling daily channel base was achieved overnight and the pair remains on track to test the 200-DMA. A close back above the Jpy96.02 resistance level is needed to relieve the immediate bearish pressure while a close back above the Jpy99.48 level is now needed to confirm a break of the 21-DMA and falling daily channel top and see overall focus shift back to the Jpy102.90 level.
R 4: Jpy98.78 – 21 day moving average
R 3: Jpy97.93 – High May 30
R 2: Jpy96.02 – Previous daily support now resistance
R 1: Jpy94.66 – High June 6
Latest price: 93.15
S 1: Jpy92.50 – Low Jan 16
S 2: Jpy91.62 – 200 day moving average
S 3: Jpy91.13 – Low Jan 3
S 4: Jpy88.82 – Low Dec 31 2012
USD/KRW: The pair continues to correct from the May monthly high and is now expected to break below the Krw1110.5 support level with immediate focus on the Krw1099.1-1105.0 support region. Layers of support are noted in this region including 100 and 200-DMA’s and an alternating daily support/resistance level. A close below would see the immediate focus ratchet lower to the Krw1077-81 support region. Daily tech studies have room to move before becoming oversold.
R 4: Krw1147.2 – 2013 high Apr 8
R 3: Krw1137.1 – Monthly high May 29
R 2: Krw1136.3 – 21 day upper Bollinger band
R 1: Krw1125.4 – High June 5
Latest price: 1112.5
S 1: Krw1110.5 – Low May 21
S 2: Krw1105.0 – Previous daily resistance now support
S 3: Krw1099.1 – 200 day moving average
S 4: Krw1082.1 – Monthly low May 8
USD/SGD: The cross has again paused at the 61.8% Fibonacci retracement of the Sgd1.2268-1.2699 move and remains heavy with a continuation lower favoured that sees the 200-DMA tested. The pair needs to close back above the Sgd1.2670 resistance level to relieve the current bearish focus while back above the June 3 high is needed to see focus return to tests of the 2013 high. The move lower has seen the pair close back below the 100-WMA (Sgd1.2493).
R 4: Sgd1.2728 – High July 12-13 2012
R 3: Sgd1.2637 – High June 3
R 2: Sgd1.2670 – Previous daily support now resistance
R 1: Sgd1.2556 – High June 5
Latest price: 1.2450
S 1: Sgd1.2442 – 61.8% retracement of 1.2268-1.2699 move
S 2: Sgd1.2424 – 100 day moving average
S 3: Sgd1.2359 – Previous daily resistance now support
S 4: Sgd1.2337 – 200 day moving average